HomeEarnings NewsIndiabulls Housing Finance Q4 net profit slips 7% to Rs 1,006 crore

Indiabulls Housing Finance Q4 net profit slips 7% to Rs 1,006 crore

Indiabulls Housing Finance (IHFL) on Wednesday reported a 7 percent year-on-year (YoY) drop in net profit at Rs 1,006 crore for the fourth quarter ended March 31.

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By CNBC-TV18 April 24, 2019, 11:50:16 PM IST (Updated)

Indiabulls Housing Finance Q4 net profit slips 7% to Rs 1,006 crore
Indiabulls Housing Finance (IHFL) on Wednesday reported a 7 percent year-on-year (YoY) drop in net profit at Rs 1,006 crore for the fourth quarter ended March 31.


The company had posted a net profit of Rs 1,082 crore in the January-March quarter a year ago, IHFL said in a BSE filing.

IHFL's revenue from operations stood at Rs 3,749 crore during the quarter under review. It was Rs 3,539 crore in the corresponding period previous fiscal.

It has declared an interim dividend of Rs 10 per equity share for FY19-20.

The company closed the year with assets of Rs 1,20,525 crore, and a balance sheet of Rs 1,30,104 crore. Net interest income for the quarter rose 5.8 percent to Rs 1,591 crore, the company said and had a core capital ratio of 26.29 percent.

Commenting on the earnings, Gagan Banga, vice-chairman and managing director, said, "we are back in the growth mode and it is disbursals as usual. We'll seek to grow loan book at 20 percent, and leverage the sell-down route which has emerged as a strong source of funding during the past six months."

The company has also declared an interim dividend of Rs 10 a share or 500 percent, over and above the Rs 40 payout already disbursed.

"Our disbursements were lower as we made a conscious decision to grow the loan-book slower. The net income was also impacted due to a rise in the general provisions to the tune of Rs 30-40 crore during the quarter," deputy managing director Ashwini Hooda said.

The housing finance company raised Rs 6,100 crore through securitisation during the quarter, Hooda said. He said the company has set a 20 percent loan growth target for FY20. The company said merger process with Lakshmi Vilas Bank is progressing and applications to the regulatory bodies are being sent.

Shares of Indiabulls Housing Finance settled at Rs 748.80 apiece, up 0.47 percent on the BSE.

(With inputs from PTI)
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