Indiabulls Housing Finance Ltd. reported their quarterly financial performance for the October-December period with the net profit decline of 13.7 per cent year-on-year to Rs 985.51 crores. According to the regulatory filing, the company’s profit growth stood at 8.9 per cent as adjusted from the sale of the stake in OakNorth Bank to GIC of Singapore a year ago.
Indiabulls Housing Finance, reported the revenue at Rs 4,236.8 crores, posting a 23.9 per cent surge on a yearly basis during the quarter ended in December. Gagan Banga, Vice Chairman and Managing Director said, “We are on track to deliver 15-16 per cent profit after tax growth in the ongoing financial year. For the next financial year, PAT will grow at between 17 per cent and 19 per cent.”
The company also reported the gross bad loans at the end of December quarter at 0.79 per cent as against 0.77 per cent in the same quarter a year ago. Indiabulls announced that the company has made provisions of Rs 330 crores on Supertech account.
The board of Indiabulls Housing Finance also approved an Interim Dividend of Rs. 10/- per equity share (on the face value of INR 2/- per share) for the financial year 2018-19, and set the record date for the interim dividend on Tuesday, February 12, 2019. The company added that the dividend will be paid on or before Friday, March 1, 2019.
