Indiabulls Real Estate on Friday reported a 96.25 per cent decline in consolidated net profit at Rs 11.32 crore for the quarter ended December 31, 2008. The company had a net profit of Rs 302.26 crore for the quarter ended December 31, 2007. Total income of the company on a consolidated basis decreased to Rs 95.28 crore for the December quarter of this fiscal from Rs 491.81 crore a year ago, the company said informing the Bombay Stock Exchange. On a stand alone basis the company posted a net profit of Rs 6.77 crore for the third quarter of this fiscal from Rs 410.04 crore recorded in the previous fiscal. Total income on a stand-alone basis decreased to Rs 37.44 crore for the December quarter of the 2009 fiscal from Rs 535.72 crore in the previous year. Meanwhile, the company said the Delhi High Court has sanctioned the scheme of amalgamation of Indiabulls Power Services Ltd (IPSL) with Sophia Power Company which has come into effect.