Indiabulls Real Estate Q3 net dips 96 pc

Written by Agencies | Mumbai | Updated: Jan 31 2009, 00:07am hrs
Indiabulls Real Estate on Friday reported a 96.25 per cent decline in consolidated net profit at Rs 11.32 crore for the quarter ended December 31, 2008.

The company had a net profit of Rs 302.26 crore for the quarter ended December 31, 2007.

Total income of the company on a consolidated basis decreased to Rs 95.28 crore for the December quarter of this fiscal from Rs 491.81 crore a year ago, the company said informing the Bombay Stock Exchange.

On a stand alone basis the company posted a net profit of Rs 6.77 crore for the third quarter of this fiscal from Rs 410.04 crore recorded in the previous fiscal.

Total income on a stand-alone basis decreased to Rs 37.44 crore for the December quarter of the 2009 fiscal from Rs 535.72 crore in the previous year.

Meanwhile, the company said the Delhi High Court has sanctioned the scheme of amalgamation of Indiabulls Power Services Ltd (IPSL) with Sophia Power Company which has come into effect.

Accordingly, the company has been alloted 197,500,000 equity shares in Sophia on the basis of share exchange ratio as per the approved scheme and in consideration of its existing equity holding in IPSL. Post such allotment, the company holds 71.43 per cent equity of Sophia.

Besides, the compensation committee constituted by the Board of Directors of the company alloted 20 lakh stock options representing an equal number of equity shares of face value of Rs 2 each in the company to eligible employees at an exercise price of Rs 110.50.

Shares of the company closed at Rs 116.35, up 5.10 per cent on the BSE.