Workers in hi-vis jackets prepare reinforcing steel during construction in Mumbai, India. (Photographer: Dhiraj Singh/Bloomberg)

Q1 Results: Indiabulls Housing Finance’s Profit Meets Estimates

Indiabulls Housing Finance Ltd.’s profit for the quarter ended June rose in line with analyst estimates on healthy loan growth.

Net profit during the quarter rose 30.3 percent year-on-year to Rs 1,054.7 crore, the Mumbai-based housing finance company said in an exchange filing. That compares with Rs 1,009 crore estimated by analysts polled by Bloomberg. The company’s loan book grew 33.4 percent from the year-ago period to Rs 1.25 lakh crore.

Net interest income, or the core income from operations, rose 22.1 percent from the last year to Rs 1,690 crore in the April-June period.

The company’s asset quality remained steady with the gross non-performing asset at 0.78 percent. Net non performing assets rose slightly to 0.59 percent from 0.34 percent in the previous quarter.

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

Other Key Highlights

  • Other income fell 33 percent year-on-year to Rs 181 crore.
  • Capital adequacy ratio at 24 percent.
  • Income from operations rose 26.2 percent year-on-year to Rs 3,601 crore.
  • The company approved fundraising proposals of up to Rs 26,000 crore through bonds.

Shares of Indiabulls Housing Finance closed 1 percent lower at Rs 1,298 apiece ahead of the earnings announcement.

(Corrects earlier version to include other income number figure on a consolidated basis.)