Indiabulls Real Estate rallies nearly 10% as Q4 profit jumps 21-fold

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Indiabulls Real Estate rallied as much as 9.2 percent in morning trade on Thursday, a day after it reported a nearly 21-fold jump in consolidated net profit for the quarter ended March.

Its net profit stood for the quarter at Rs 1,648.3 crore, as against Rs 79.8 crore in the year-ago period, the Mumbai-based developer said in a filing to BSE.

At 09:30 am, the stock was trading 8 percent higher at Rs 221.70. It hit an intraday high of Rs 223.90 and a low of Rs 212.05 in the first 15 minutes of trade.

For FY18, the company reported net profit of Rs 1,980.20 crore, over 5 times its net profit for the previous fiscal year. Total revenue doubled over the same period to Rs 5,926.53 crore.moneycontrol