In the first half, Indiabulls Real Estate gross collections grew by over 130 percent to 654 crore

During the first six months of the current fiscal year, Indiabulls Real Estate Ltd’s (IBREL) sales bookings increased by more than two-fold to Rs.874 crore, owing to a rebound in housing demand.

According to an investor presentation, new sales in the first half of this fiscal year totaled 874 crores, up from 368 crores in the previous year’s equivalent period.

Meanwhile, gross revenues climbed by more than 130 percent to 654 crores in the first half of this fiscal year, up from 284 crores the previous year.

Indiabulls recorded a consolidated net profit of 5.64 crores for the quarter ended September, compared to a net loss of 76 crores the previous year.

Total income increased to 381.24 crores in the second quarter of the current fiscal year, up from 50.70 crores the previous year.

The company’s consolidated debt, net of cash and liquid investments, is 967 crore as of September 30, 2021, compared to 2,025 crores as of March 31, 2020, with total sales receivables and finished inventory in hand totaling 3,369 crores.

The Mumbai-based real estate firm has also announced that Sameer Gehlaut will step down as chairman and non-executive director at the end of the year.

Gehlaut will now concentrate his efforts on Dhani Services Ltd. He told the board that he will leave as Chairman by the end of the year, and he has filed his resignation, which will take effect on December 31, 2021.