The Indiabulls Finance Centre, developed by Indiabulls Real Estate Ltd., stands in Mumbai, India. (Photographer: Dhiraj Singh/Bloomberg)

Indiabulls Housing Finance Profit Jumps 24% In January-March Quarter

Home loan provider Indiabulls Housing Finance Ltd., the newest entrant in the NSE’s Nifty 50 index, registered a 24 percent increase in net profit for the January-March quarter of the financial year 2016-17.

Net profit increased to Rs 840.53 crore from Rs 675.50 crore in the same period last year, the company said in a stock exchange filing. This was in line with the consensus of analyst estimates tracked by Bloomberg which stood at Rs 831 crore.

Profit before tax stood at Rs 969.78 crore in the third quarter, 9 percent higher than last year's tally of Rs 889.8 crore. Revenue increased 31.2 percent year-on-year to Rs 2,931.39 crore.

The Indiabulls Group subsidiary also increased its provisioning for bad loans to Rs 238.42 crore as compared to Rs 135.2 crore in the previous quarter.

The company has decided to pay an interim dividend of Rs 9 per share.