The Hindu Business Line : Sharp rise in Indiabulls Q1 net

THE net profit of Indiabulls Financial Services jumped in the June quarter from the corresponding period a year ago due to strong growth in its retail financial services business.

Its net profit jumped to Rs 40.93 crore in the first quarter compared with Rs 5.54 crore in the corresponding previous quarter. Total revenues rose to Rs 98.63 crore from Rs 23.13 crore.

Basic earning per share for the quarter was Rs 3.01, up from Rs 0.49.

The stock touched the day's high of Rs 213.70 and closed at Rs 192.20, up 6.81 per cent on the BSE on Monday.

"Indiabulls continues its strong growth momentum as we capitalise on the rapid growth of financial markets in India. Our strong brand, national network and large capital base have positioned us at the heart of growth in the non-banking financial services market, and we are focused on relentlessly executing our business plan," said Mr Sameer Gehlaut, Chairman and Chief Executive Officer, Indiabulls Financial Service.

The company's nationwide presence with 215 offices and over 2,400 employees provides an unparalleled distribution network in the retail mass market, he said.

The company expects consumer finance to be the growth engine for the future as the business is reaching a critical mass. It has already completed three securitisation deals to provide wholesale funding and is experiencing strong consumer demand.

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