Indiabulls Real Estate Q4 net profit falls down
Indiabulls Real Estate Ltd reported a 20% fall in profit for the March quarter due to slow and sluggish economic growth. Net profit declined to Rs.41.6 crore in the three months ended 31 March, from Rs.52 crore in the corresponding year-ago quarter. Total income from operations fell 21% to Rs. 327.6 crore from Rs.412 crore a year ago. The developer, which has both residential and commercial real estate projects, sold around 3.40 million sq.ft. of space in fiscal 2014, higher than about 2.82 million sq.ft. a year ago, the company mentioned.