Indiabulls Real Estate Ltd’s (IBREL) net debt increased by Rs 254 crore during the quarter ended December to Rs 5,337 crore mainly due to acquisition of a 7.2 acre piece of land in Thane, Mumbai.

According to the company’s investors’ presentation, the net debt of IBREL rose to Rs 5,337 crore as on December 31, 2014, as against Rs 5,083 crore at the end of the previous quarter.

“The net debt profile change was mainly on account of the Thane land acquisition,” it added.

IBREL had acquired a prime land parcel of about 7.2 acre in Thane through auction from Voltas for Rs 236 crore, the presentation said.

Its gross debt increased to Rs 6,992 crore as on December 31, 2014, from Rs 5,649 crore as on September 30.

“Its gross debt profile reflects the issue of an international bond of $175 million in November 2014,” it added.

IBREL has reported a more than two-fold jump in consolidated net profit at Rs 78.75 crore for the third quarter ended December 31 as against Rs 28.36 crore in the year-ago period.

Income from operations rose 45 per cent to Rs 652.11 crore in the third quarter of 2014-15 as against Rs 449.67 crore in the year-ago period.

Total income increased to Rs 728.79 crore for the quarter ended December from Rs 462.56 crore in the year-ago period.

The company has a major presence in the Mumbai and Delhi-NCR markets and is currently developing nine projects in India with a total saleable area of 29.09 million sq ft. It also has projects in London.

During the third quarter of this fiscal, IBREL sold 3.3 lakh sq ft area for Rs 523 crore.

IBREL has a fully paid land bank of 1,010 acres across major cities and that is sufficient for the proposed development over the next seven years.

The company also possesses 2,588 acres of SEZ land in Nashik, Maharashtra.

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