Indiabulls Housing Finance Shares Jump Nearly 17% After Q2 Earnings

Indiabulls Housing Finance shares jumped nearly 17 per cent a day after the company reported its earnings for the quarter ended September 30. The housing finance company reported a net profit of Rs 709.52 crore for the second quarter of current financial year, down 32.05 per cent compared with  the corresponding period a year ago. In a regulatory filing after market hours on Wednesday, the company said its total revenue from operations stood at Rs 3,419.54 crore in the July-September period, as against Rs 4,254.30 crore in the year-ago period. 

Indiabulls Housing Finance's finance costs came down 15.19 per cent to Rs 2,168.07 crore in the September quarter. 

The company's asset quality improved in the second quarter of financial year 2019-20. Gross non-performing assets stood at Rs 1,611 at the end of the quarter ended September 30, as against Rs 1,662 crore at the end of the previous quarter. 

Net non-performing assets came in at 1.07 per cent of total loans, declining to Rs 1,139 crore at the end of the second quarter from Rs 1,246 crore (1.10 per cent) at the end of the quarter ended June 30.

The company's board declared an interim dividend of Rs 7 per share of face value Rs 2 amounting to 350 per cent.

Shares in Indiabulls Housing Finance jumped as much as 16.72 per cent to Rs 255.90 apiece on the BSE during the session. At 12:38 pm, the stock traded up 8.44 per cent at Rs 255.90 apiece on the BSE, outperforming the benchmark Sensex index which was flat.