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Our Bureau

Mumbai , July 25

Indiabulls Financial Services Ltd on Tuesday said that net profit for the quarter ended June rose by 87.2 per cent to Rs 76.6 crore from Rs 40.9 crore in the corresponding previous period.

Total revenues rose by 123.6 per cent to Rs 220.5 crore (Rs 98.6 crore), a company release said.

The consumer finance business - comprising personal loans, used two-wheeler loans and loans against property - grew sharply to Rs 238.5 crore.

The company added over 94,700 clients during the quarter and increased the total number of branch offices to 621.

Mr Gagan Banga, Director, said that the company expects the demerger of its real estate business to be completed in the third quarter of the current fiscal. Upon demerger, every shareholder holding one share of Indiabulls Financial Services would get one share of Indiabulls Real Estate Ltd, the demerged entity.

Mr Banga denied that the company was planning to offer a part of its equity to a foreign broking firm.

The company expects net profit after tax to be in the Rs 360-400 crore range during the current fiscal, based on the current business conditions.

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