Profit

Indiabulls Housing Finance Profit Falls 24% To Rs 802 Crore In June Quarter

Indiabulls Housing Finance said its net interest income declined 12.72 per cent to Rs 1,475 crore in the first quarter of the current financial year.

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Indiabulls Housing Finance Profit Falls 24% To Rs 802 Crore In June Quarter

The finance companys total expenses rose 4.17% in Q1 (representational image)


Indiabulls Housing Finance on Tuesday reported a net profit of Rs 801.53 crore for the April-June period, marking a fall of 24 per cent over the corresponding period a year ago. In a regulatory filing after market hours, New Delhi-based Indiabulls Housing Finance said its revenue from operations stood at Rs 3,346.16 crore in the quarter ended June 30. That marked a drop of 10.43 per cent on a year-on-year basis. Shares in the company jumped ahead of the earnings announcement.

Its net interest income declined 12.72 per cent to Rs 1,475 crore in the first quarter of the current financial year. Net interest income is the difference between the interest earned and the interest paid by a finance company.

The finance company - which provides loans for purchase or construction of residential houses and commercial real estate - said its total expenses rose 4.17 per cent to Rs 2,780.13 crore in the April-June period. 

During the quarter, the Competition Commission of India (CCI) approved a proposed amalgamation of Indiabulls Housing Finance, Indiabulls Commercial Credit with Lakshmi Vilas Bank. The scheme is subject to regulatory approvals, the company said. 

The board declared an interim dividend of Rs 8 per equity share for the financial year 2019-20. The dividend will be paid on or before September 5, 2019, Indiabulls Housing Finance said. 

The company also said that its board, at its meeting on Tuesday, approved the issuance of non-convertible debentures up to Rs 26,000 crore on a private placement basis in one or more tranches.

Shares in Indiabulls Housing Finance climbed as much as 9.10 per cent during the session before settling with a gain of 7.87 per cent at Rs 514.10 apiece on the BSE, outperforming the benchmark Sensex index which shut shop up 0.75 per cent.



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