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Real estate company Indiabulls reported an increase of 25 per cent in its net profit for the third quarter ended December 2012 at Rs 52.26 crore against Rs 41.77 crore in the year-ago period. Net sales dipped 6.5 per cent and stood at Rs 325.95 crore (Rs 348.67 crore).
According to the company statement, it sold 1.125 crore square feet of space at the value of Rs 7,785 crore as on December 31, 2012.
“Out of this, cash inflows of Rs 4,735 crore are expected from prior sales linked to the construction of the projects. The company has a revenue pipeline of Rs 12,808 crore from various projects currently under execution,” said the statement.
“The company has strong cash flows due to on ground progress leading to reduction in debt and buyback of shares. Total saleable area under construction is around 1.94 crore square feet. New leased area in the third quarter of 2012-13 is 1.03 lakh square feet and the total leased area as on December 31 2012, stands at 24.3 lakh square feet, with rentals of Rs 474 crore per annum,” the statement added.
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