Indiabulls Real Estate Ltd.'s consolidated net loss widened during the fourth quarter.
The real estate developer reported a loss of Rs 376 crore in comparison with Rs 60 crore during the corresponding quarter of the previous fiscal, it said in an exchange filing on Tuesday.
The company had an exceptional loss of Rs 39 crore during the March quarter of FY23 due to write-off/back of payables of Rs 368 crore on a standalone basis, and write off/back of receivables of Rs 329 crore in certain subsidiaries based on the internal assessments of the new management.
The Mumbai-based firm's revenue from operations during January–March quarter declined 57% to Rs 108 crore versus Rs 253 crore year-on-year. Its total expenses rose to Rs 466.6 crore from Rs 289 crore YoY.
Indiabulls Real Estate Q4 Highlights (Consolidated YoY)
Net loss widens to Rs 376 crore from Rs 60 crore.
Revenue from operations falls 57% to Rs 108 crore vs Rs 253 crore.
Ebitda loss of Rs 355 crore from Rs 8 crore.
Shares of Indiabulls closed 0.73% lower on the BSE on Tuesday, as compared with a 0.20% rise in the benchmark Sensex.
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