Indiabulls Real Estate Ltd., one of the largest listed real estate companies in India, reported a dip in its consolidated net profit for the second-quarter ended September 30, 2008, despite an increase in revenue.
Consolidated Results
The New Delhi-based company posted second-quarter consolidated net profit of Rs.8.00 crores, down 77% from Rs.34.15 crores in the second-quarter 2007. Quarterly earnings per share, after extraordinary items, plunged 95% to Rs.0.06 from Re.1.23 in the previous year quarter.
During the quarter revenue from operations surged 223% to Rs.81.56 crores from Rs.25.27 crores in the year-ago quarter, while other income rose 18% to Rs.62.26 crores from Rs.52.95 crores for the same period last year.
During the quarter, revenue from Real Estate Projects Advisory, Construction and Development of Real Estate projects increased 243% to Rs.70.04 from Rs.20.41 crores in the corresponding quarter last year, while revenue from Investment Advisory segment rose 108% to Rs.10.09 crores from Rs.4.86 crores in the previous year quarter, while income during the quarter from others was Rs.1.43 crores.
For the first half year, the company posted consolidated net profit of Rs.21.10 crores, down 60% from Rs.53.23 crores for the same period last year.
Net revenue from operation for the first six months grew 268% to Rs.127.43 crores from Rs.34.61 crores in the corresponding period a year-ago, while other income increased 51% to Rs.128.95 crores from Rs.85.47 crores for the six months ended September 30, 2007.
Standalone Results
Indiabulls Real Estate posted second-quarter standalone net profit of Rs.6.88 crores, down 70% from Rs.22.77 crores in the corresponding quarter last year.
During the quarter, net revenue from operations grew 127% to Rs.14.63 crores from Rs.6.44 crores in the second-quarter 2007, while other income increased 28% to Rs.34.98 crores from Rs.27.26 crores in the prior year quarter.
For the six-month period, Indiabulls net profit was Rs.13.68 crores, down 54% from Rs.29.85 crores for the comparable period a year-ago. Net revenue from operation for the first half year grew 89% to Rs.24.34 crores from Rs.12.86 crores in the first half of 2007, while other income rose 29% to Rs.58.74 crores from Rs.45.17 crores in the corresponding period last year.
During the quarter, Indiabulls Power Services Ltd., its 100% subsidiary, has entered into a memorandum of understanding with Government of Madhya Pradesh to set up 2640MW power projects in two stages in the State of Madhya Pradesh.
The company also said that Indiabulls Power Services also inked a memorandum of understanding with Government of Jharkhand to set up 1320MW (2x660MW) power project in the State of Jharkhand.
At the BSE, Indiabulls Real Estate shares are currently trading at Rs.100.70, down by Rs.30.50 or 23.25% on volume of 14.76 lakh shares.
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