A construction site in Mumbai, India. (Photographer: Dhiraj Singh/Bloomberg)

Indiabulls Housing Finance Q4 Profit Jumps 22.5%

Indiabulls Housing Finance Ltd.’s profit for the quarter ended March matched analyst estimates even as it increased provisioning for bad loans.

The Mumbai-based housing finance company’s net profit rose 22.5 percent on a yearly basis to Rs 1,030 crore, it said in a stock exchange filing. That compares with Rs 1,018 crore estimate of analysts polled by BloombergQuint.

Indiabulls Housing Finance Q4 Profit Jumps 22.5%

Asset quality remained steady with gross non-performing assets unchanged at 0.7 percent. Net non performing assets rose slightly to 0.34 percent from 0.31 percent earlier. The mortgage lender’s provisions for bad loans rose 24.4 percent to Rs 326 crore.

Other Key Highlights

  • Net interest income rose 34 percent to Rs 1,596.7 crore.
  • Other income fell 5.4 percent year-on-year to Rs 277.5 crore.
  • Income from operations rose 25.8 percent year-on-year to Rs 3,689.7 crore.
  • Assets under management rose 34.3 percent.

The board also declared an interim dividend of Rs 10 per equity share.

Shares of Indiabulls Housing Finance declined 0.8 percent to Rs 1,356.05 apiece before the earnings announcement. The stock gained 90 percent in the March-ended quarter compared with a 23.8 percent jump in the benchmark S&P BSE Sensex.