Indiabulls Real Estate Q2 profit jumps 4-fold to Rs. 301 crore

New Delhi: Indiabulls Real Estate Ltd (IBREL) has reported nearly four-fold jump in its consolidated net profit at Rs 301.16 crore for the second quarter of this fiscal year.

Its net profit stood at Rs 75.91 crore in the year-ago period.

Total income rose to Rs 1,101.9 crore during the July-September quarter of the 2019-20 fiscal from Rs 1,059.71 crore in the corresponding period of the previous year, the company said in a regulatory filing.

The company's net profit increased sharply mainly on account of fall in total expenses.

Indiabulls Real Estate last week announced sale of its property in London to a promoter group firm for 200 million pounds (about Rs 1,830 crore) as part of its plans to focus on the India business and cut debt.