The Hindu Business Line : Indiabulls Financial standalone net profit surges

Mumbai April 16 Indiabulls Financial Services has reported a 209-per cent increase in its standalone net profit for the fourth quarter ended March 31, 2007.

Net profit for the quarter rose to Rs 68.49 crore from Rs 22.12 crore in the corresponding year-ago quarter.

For the year ended March 31, 2007, net profit, at Rs 153 crore (Rs 74.26 crore), doubled from the previous fiscal, while total revenues, at Rs 353.7 crore, rose 67 per cent.

On a consolidated basis, profit after tax rose 75 per cent to Rs 443.4 crore (Rs 253.4 crore) while total revenues rose 103 per cent to Rs 1,244.4 crore (Rs 613.2 crore).

Financing income rose 149 per cent, to Rs 719 crore; brokerage and capital market related income rose 29 per cent to Rs 404 crore; and fee-based income rose manifold to Rs 117.7 crore.

The board has recommended a final dividend of Re 1 per share, taking the total dividend for the year to Rs 3 or 150 per cent.

MERGERS/DEMERGERS

Indiabulls Financial Services has completed the acquisition of the minority interests in its mortgage subsidiary, Indiabulls Housing Finance Ltd, increasing its ownership in it to 100 per cent.

It has signed a definitive agreement with the minority shareholders of Indiabulls Credit Services Ltd to merge it with the company, and to issue three shares of Indiabulls Financial Services Ltd, for every 10 shares of Indiabulls Credit Services Ltd.

Indiabulls will also de-merge its securities business into a separate publicly traded company, Indiabulls Securities Ltd. Shareholders of Indiabulls Financial Services Ltd will receive one share of Indiabulls Securities Ltd for every one share of Indiabulls Financial Services Ltd held as of the record date. The company's stock closed at Rs 514.35 on BSE on Monday, gaining 2.07 per cent over the day.

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