HB Estate Developers Reports 58% Drop in Q1 Profit Amid Revenue Decline
HB Estate Developers Limited, a hospitality sector company, reported a 58% year-over-year decline in net profit for Q1, falling to Rs 38.18 lakhs from Rs 90.75 lakhs. Revenue from operations decreased by 7.33% to Rs 2,376.34 lakhs. The company saw increased employee benefit expenses but reduced finance costs. Recently, HB Estate Developers allotted 750,000 equity shares at Rs 65.25 per share to non-promoter category holders as part of a larger convertible warrants issuance.