Indiabulls Real Estate’s net debt has increased by 67% to Rs 5,083 crore at the end of the second quarter of the current fiscal from Rs 3,051 crore at the end of June quarter, mainly due to acquisition of prime property in Central London.
Mumbai-based developer entered the London market with acquisition of 22, Hanover Square in Mayfair, Central London, a 87,444 sq ft commercial property, for Rs 1,630 crore.
Recently, the company reported 54% decline in its consolidated net profit to Rs 37.34 crore for the quarter ended September 30, from Rs 81.21 crore in the year-ago period. However, the company’s total income increased by 60.09% at Rs 753.63 crore for the quarter from Rs 470.76 crore in the similar quarter of previous year.
