Indiabulls Real Estate Stock Falls Further To 52-Week Low As Q3 Numbers Disappoint Investors

Indiabulls Real Estate shares fell today for the second straight session after the firm’s quarterly earnings report saw losses widen to ₹237 crore in the December quarter against ₹87.22 crore loss in the corresponding quarter of the previous fiscal.

What Happened? Indiabulls Real Estate stock crashed to a fresh 52-week low of ₹50.80 after investors were left unimpressed with the latest earnings report.

The company reported EBITDA fell 334% to a loss of ₹245.44 crore in Q3 of FY23 against ₹56.47 crore loss in the quarter ended December 2021.

Investor Safir Anand also took to Twitter to back his call on dropping the company’s stock from his portfolio early on Monday, which has since seen a drop of close to 15% in value.

Anand, replying to a fellow commenter on his tweet confirmed that he’d reinvested the sum gathered from selling Indiabulls Real Estate shares to buy into shares of logistics firm Allcargo.

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Within a year, Indiabulls Real Estate stock has tanked 56%, falling by 32.33% since the beginning of 2023. A total of 16.79 lakh shares of the firm changed hands amounting to a turnover of ₹9.50 crore.

The company's net loss stood at ₹87.04 crore in the year-ago period, according to a regulatory filing, while total income also fell to ₹148.47 crore in the third quarter of this fiscal year from ₹355.59 crore in the corresponding period of the previous year.

Net sales for the company stood at ₹133 crore in December 2022, which is a 58.8% drop from ₹322.82 crore in December 2021.

That said, real estate stocks were trading with losses in general on Tuesday, with the S&P BSE Realty Index decreasing 1.80% at 3,208.79.

Among the components of the ‘S&P BSE Realty Index’ index, Indiabulls Real Estate Ltd, Phoenix Mills Ltd, Godrej Properties Ltd, Mahindra Lifespace Developers Ltd, and Macrotech Developers Ltd were among the top losers.

Price Action: Indiabulls Real Estate Ltd shares were trading 7.37% lower at ₹55.90 when markets closed on Tuesday.

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Posted In: AllcargoIndiabulls Real EstateReal EstateS&P BSE Realty IndexSafir Anand