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The real estate company's profit before tax stood at Rs 107.68 crore in Q3 December 2020, a 7.5% decline over Rs 116.42 crore in Q3 December 2019. Total tax expense fell 60% to Rs 26.98 crore in Q3 December 2020 over Q3 December 2019.
Indiabulls Real Estate said that new sales stood at Rs 990 crore while gross collections came at Rs 1003 crore in Q3 December 2020. Total net surplus from completed inventory, sold receivables and ongoing projects stood at Rs 11,394 crore. Balance projects that are currently under execution will generate additional net surplus of Rs 7,560 crore. Net surplus from office rental portfolio is Rs 1,372 crore.
“Affordability of real estate is at a multi-year high with declining interest rates. We are seeing high demand for our completed products, and continue to expect robust collections for the rest of the financial year,” the company said.
The company said it has taken proactive steps to reduce its operating expenses from 200 crore in FY 19-20 to less than 100 crore in current financial year. The company has 1,929 acres of fully paid land bank spread across Mumbai, NCR, Chennai. As government positions India as an attractive manufacturing destination, 1,424 acres of additional Nashik SEZ land can provide a significant impetus to asset monetization, it added.
Indiabulls Real Estate is engaged in the development of real estate projects and allied activities.
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