Companies

Indiabulls Housing profit rises 16%

Mumbai | Updated on October 15, 2018 Published on October 15, 2018

Indiabulls Housing Finance reported a 16 per cent increase in standalone net profit at ₹933 crore in the second quarter ended September 30, 2018, against ₹804 crore in the year-ago period.

Consolidated net profit was up 21 per cent year-on-year (y-o-y) at ₹1,044 crore.

Interim dividend

The board of directors of the company declared an interim dividend of ₹10 per equity share (face value ₹2 per share) for financial year 2018-19.

Total loan disbursal in the reporting quarter increased 16 per cent year-on-year at ₹11,034 crore (₹9,504 crore in the year-ago quarter).

IL&FS crisis

In the backdrop of the ripple effect of the IL&FS crisis on the financial system, the housing finance company, in a statement, said it closed September 2018 with cash and liquid investments of ₹21,250 crore.

Gagan Banga, Vice-Chairman and Managing Director, IBHFL, said: “It has been a long-standing operating principle of Indiabulls Housing to maintain adequate liquidity to suffice six months of debt repayments.

“We have also moved to a liquidity framework and standards guided by Basel III and in line with liquidity ratios prescribed for banks. We have a four times cover of high-quality liquid assets to 30-day net outflows, and have a 135 per cent cover on six months’ liabilities outflows.”

Published on October 15, 2018
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