Mumbai: Shares of Indiabulls Real Estate fell by over 2 per cent on Monday after the company reported a 37 per cent decline in consolidated net profit for the quarter ended March.
The stock dropped by 2.18 per cent to settle at Rs 56.10 on BSE. During the day, it lost 4.18 per cent to Rs 54.95. On NSE, it dipped by 2.26 per cent to close at Rs 56. IBREL on Monday reported 37 per cent decline in consolidated net profit at Rs 58.91 crore for the quarter ended March on higher finance cost and tax expenses.
It had posted a net profit of Rs 93.13 crore in the year-ago period, according to a regulatory filing. However, the company's income from operations increased by 9 per cent to Rs 668.99 crore from Rs 614.16 crore in the corresponding period of the previous year.
Net profit fell during the fourth quarter of last fiscal as company's finance cost increased to Rs 81.41 crore from Rs 41.15 crore in the year-ago period. Tax expenses jumped to Rs 41.69 crore from Rs 9.27 crore during the period under review.
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