Indiabulls Real Estate Q1 sale bookings down 75% to Rs 74 crore

Indiabulls Real Estate Ltd's (IBREL) sale bookings fell 75% to Rs 74 crore in the first quarter of this fiscal. Its sale bookings stood at Rs 297 crore in the year-ago period, according to an investor presentation. In terms of volumes, the company's sale bookings fell to 82,000 square feet during April-June period of this fiscal from 3,33,000 square feet in the corresponding period of the previous year.

IBREL has reported a consolidated net loss of Rs 679.34 crore for the first quarter of this fiscal year, widening from a loss of Rs 51.77 crore in the year-ago period.

The company's loss widened due to provisions for possible loss of Rs 629 crore as an exceptional item. Total income however increased to Rs 209 crore during April-June from Rs 164.19 crore in the corresponding period of the previous year. "Exceptional item for the quarter ended 30 June 2023 includes impairment provision of Rs 629.07 crore shown as recoverable in one of the foreign subsidiaries of the company, namely Brenformexa Ltd.

"As a prudent measure, due to the uncertainty on the recoverability, a full provision has been created in the books of account of Brenformexa Ltd," it said. Mumbai-based IBREL is one of the leading real estate firms in the country.