Shares of Indiabulls Real Estate Ltd fell nearly 4 percent on April 29 after the company posted a decline in its pre-sales and gross collections for the quarter ended March.
At 12.18pm, the shares of Indiabulls traded 3.3 percent lower at Rs 131.80. The stock has gained over 50 percent since the start of 2024.
The real estate company posted its Q4 FY24 earnings on April 26 with pre-sales declining 64 percent on-year in Q4 FY24 to Rs 61 crore and gross collections plunging 51 percent to Rs 135 crore.
For FY24 as well, the company's pre-sales slumped 71 percent to Rs 280 crore from Rs 958 in FY23 and gross collections fell 60 percent to Rs 705 crore from Rs 1,746 crore in FY23.
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Indiabulls' consolidated net loss widened to Rs 1,038.65 crore in FY24 from Rs 608.38 crore a year back. Its total income also fell to Rs 468.75 crore during FY24 from Rs 648.47 crore in the preceding year.
On the positive side, Indiabulls' net loss in Q4 FY24 narrowed to Rs 302 crore from Rs 375.99 crore in the year-ago period, and total income fell to Rs 39.54 crore in the quarter from Rs 132.91 crore in the year-ago period.
Incorporated in 2006, Indiabulls focuses on the construction and development of residential, commercial and SEZ projects across major Indian metros. The company plans to launch five projects in FY25.
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