Indiabulls Real Estate: Sales Bookings Up 51%


Indiabulls Real Estate's sales bookings rose by 51%to Rs. 3,002 crore during the last fiscal, while the annual rental income grew by 37%.

In an analyst presentation, the firm said it's net debt has increased to Rs. 1,195 crore as on March 31, 2013 as against Rs. 1,134 crore at the end of 2011-12 fiscal. Gross debt rose to Rs. 1,633 crore from Rs. 1,351 crore.

Indiabulls Real Estate also informed it has acquired 220 acres in Gurgaon & Panvel in the last fiscal (2012-13), taking the firm's total land bank to 3,592 acres including 2,588 acres of Special Economic Zone (SEZ) in Nashik.

"Total sales of Rs. 3,002 crore in FY 13 Versus Rs. 1,982 crore for the year FY 12. Annualised rental income increased to Rs 486 crore in FY 13 Versus Rs. 354 crore in FY 12," the company said in the presentation.

Indiabulls noted that it has recognised revenue of only Rs. 1,110 crore during 2012 - 13 fiscal out of total sales of Rs. 3,002 crore, "creating large backlog for future revenues".

The total saleable area under construction is 19.44 million square feet as on March 31, 2013 and of that 11.98 million square feet has been sold for sales value of Rs. 8,370 crore.

Indiabulls said 7.46 million square feet remains to be sold with an estimated value of Rs. 12,215 crore at ongoing rates.

The mumbai-based firm has 31 ongoing projects totalling 72.86 million square feet. It has presence in Maharashtra, National Capital Region (NCR) & Chennai.

Last week, Indiabulls Real Estate reported a consolidated net profit of Rs. 174.19 crore in 2012-13 fiscal against Rs. 165.84 crore in the previous year.

The total income from operations, however, declined to Rs. 1,300.56 crore in the last fiscal from Rs. 1,391.60 crore in the 2011-12 financial year.

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