Indiabulls Real Estate dips nearly 4% as Q4 collections decline; loss widens to over ₹1,038 crore in FY24

Shares of Indiabulls Real Estate dropped nearly 4% on Monday, April 29, after the company reported disappointing earnings results for the quarter and financial year ended March 31, 2024.

Indiabulls Real Estate Q4 results, released on April 26, showed the company widening its losses to over ₹1,038 crore in the financial year 2023-24. The realty firm’s pre-sales and collection figures also remained weak in the March quarter.

Indiabulls Real Estate shares dropped as much as 3.74% to an intraday low of ₹131.15 apiece on the NSE after the release of Q4 results. However, the stock recovered some losses to settle at ₹133.4 apiece, down 2.09%, on the NSE.

The company’s pre-sales plummeted 64% year-on-year (YoY) to ₹61 crore in Q4FY24 from ₹171 crore in Q4FY23. Its gross collections saw a 51% YoY decline to ₹135 crore from ₹273 crore in the year-ago quarter.

For the entire FY24, the real estate developer experienced a substantial drop in pre-sales of 71% to ₹280 crore from ₹958 crore in FY23. Similarly, gross collections fell by 60% to ₹705 crore in FY24 from ₹1,746 crore in FY23.

The consolidated net loss expanded to ₹1,038.65 crore in FY24, compared to a net loss of ₹608.38 crore in FY23. The company’s total income also decreased to ₹468.75 crore in FY24 from ₹648.47 crore in FY23.

The company’s total income fell to ₹39.54 crore in the quarter compared to ₹132.91 crore in the year-ago period.

Indiabulls Real Estate, established in 2006, has developed commercial properties spanning over 3.3 million sqft in Mumbai, which include projects such as One Indiabulls Centre and Indiabulls Finance Centre. In the residential segment, the company’s completed projects include Indiabulls Sky in Mumbai and Greens Panvel. Additionally, it has ventured into other cities including Gurugram, Chennai, Madurai, Ahmedabad and Thane, and even expanded its operations to London a few years ago.