Laborers prepare reinforcing steel on a construction facility in Mumbai (Photographer: Dhiraj Singh/Bloomberg)

Indiabulls Housing Finance Profit Beats Estimates In Third Quarter

Indiabulls Housing Finance Ltd. posted higher than estimated profit during October-December period.

The mortgage lender’s net profit rose 55.4 percent to Rs 1,167.7 crore as compared to the same period last year, it said in a stock exchange notification. That compares with Rs 926 crore estimated by analysts polled by BloombergQuint.

The home loan provider’s provisions for bad loans rose 89 percent to Rs 262 crore over the previous three months. Gross non-performing assets fell to 0.77 percent from 0.8 percent in the quarter-ended September. Net NPAs stood at 0.31 percent, driven by increasing share of low-risk home loans, the company said in its statement.

Other Key Highlights

  • Other income up 80.7 percent year-on-year to Rs 756 crore
  • Income from operations rose 29.5 percent year-on-year to Rs 3,349 crore.
  • The board recommended an interim dividend of Rs 14 per share of face value Rs 2.

Shares of Indiabulls Housing Finance closed 1.8 percent higher at Rs 1,379.10 apiece after the results announcement. The stock declined 0.8 percent during the October-December period, compared to 8.9 percent advance in the country’s benchmark Sensex.