Gross collection also rose to Rs 654 crore during the April-September period, compared to Rs 284 crore during the period of the previous year.
“The company’s consolidated debt net of cash and liquid investments is Rs 967 crore as of September 30, 2021 versus Rs 2,025 crore as of March 31, 2020, with total receivables sold and completed inventory on hand being Rs 3,369 crore on the date “says the presentation.
On Thursday, IBREL announced a consolidated net profit of Rs 5.64 crore for the quarter ended in September.
In a regulatory filing, IBREL reported consolidated net profit of Rs 5.64 crore for the quarter ended in September. The company had recorded a net loss of Rs 76 crore during the period last year.
Total income in the second quarter of this fiscal year rose to Rs 381.24 crore from Rs 50.70 crore in the corresponding period of the previous year.
IBREL also announced the resignation of Sameer Gahlaut as non-executive director and chairman of the company with effect from December 31.
Mumbai-based IBREL said Gehlaut will now focus on Dhani Services Ltd.
Gehlaut’s resignation comes amid the proposed merger of the IBREL projects with the Embassy group based in Bengaluru.
After the completion of the merger process, the Embassy group will become the main promoter.
IBREL said Gehlaut has informed the board that he will step down as chairman by the end of this year. As a result, Gehlaut tendered his resignation with effect from December 31, 2021.
Regarding the proposed merger of its assets with Embassy Group, a real estate company based in Bengaluru, IBREL said it has obtained regulatory approvals from the Indian Competition Commission (ICC), NSE, ESB and the Securities and Exchange Board of India (SEBI).
The company has filed with the NCLT the required joint application for approval of the proposed merger.
“The request for approval of a merger with NCLT is registered during the current quarter,” he said.
Last year, Embassy Group reached a definitive agreement to merge its certain residential and commercial projects with IBREL as part of a cashless merger plan. Embassy Group will become the promoters of the merged entity.
Embassy Group owns around 14% of IBREL’s capital and this percentage will increase to 45% after the merger of the assets of these two companies.
Following the merger, the combined entity will have 80.8 million square feet of initiated and planned development potential. The merged entity will have around thirty projects.
Under the agreement, IBREL shares are valued at Rs 92.5 per share.