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

Q2 Results: Indiabulls Housing Finance’s Profit Rises 21.2%; Meets Estimates

Indiabulls Housing and Finance Ltd.’s profit for the quarter ended September rose in line with analysts’ estimates.

Net profit of the mortgage lender increased 21.2 percent year-on-year to Rs 1,044.2 crore, according to its exchange filing. That compares with the Rs 1,053 crore consensus estimate of analysts tracked by Bloomberg.

Net interest income, or core income from operations, rose 14.4 percent on a yearly basis to Rs 1,424 crore in the September quarter.

Gross non-performing assets during the period fell to 0.77 percent from 0.78 percent in the preceding quarter. The company also maintained the growth guidance for the ongoing financial year at 20-25 percent.

Ashwini Hooda, deputy managing director, said the mortgage lender was confident of achieving its growth targets despite the prevailing tight liquidity conditions. “The liquidity situation will soon be normal,” he told BloombergQuint in an interaction.

Other Highlights

  • Capital adequacy ratio stood at 23.4 percent.
  • Net non-performing assets rose 0.58 percent from 0.56 percent in the previous quarter.
  • Cash and liquid investments stood at Rs 21,249.7 crore as of September 2018.

Shares of Indiabulls Housing Finance closed 1.8 percent higher at Rs 948.90 apiece ahead of the earnings announcement.