Indiabulls Real Estate loss widens to Rs 1,038 crore in FY24

Indiabulls Real Estate Ltd (IBREL) has reported widening of its consolidated net loss, amounting to Rs 1,038.65 crore for fiscal year 2023-24. This marks a notable increase from net loss of Rs 608.38 crore reported in previous fiscal year.

company's total income also witnessed a decline, dropping to Rs 468.75 crore in fiscal year 2023-24 from Rs 648.47 crore in preceding year, as revealed in a regulatory filing me on Friday.

Despite se challenges, IBREL's net loss in March quarter of FY24 showed signs of improvement, narrowing down to Rs 302 crore from Rs 375.99 crore reported in corresponding period of previous year. However, total income for quarter plummeted to Rs 39.54 crore, down from Rs 132.91 crore recorded in year-ago period.

IBREL, hequartered in Mumbai, holds a prominent position as one of leing real estate developers in country. company's financial performance reflects broer challenges and fluctuations witnessed within real estate sector amidst evolving market dynamics.

widening losses reported by IBREL reflects need for strategic aptations and prudent management amid a complex operating environment. As company navigates through se challenges, its resilience and ability to capitalize on emerging opportunities will be crucial in charting a path towards sustainable growth and recovery.

(With PTI inputs)