Stocks

Indiabulls Housing rises on strong Q4 profit

BL Internet Desk Chennai | Updated on April 23, 2018 Published on April 23, 2018

Shares of Indiabulls Housing Finance Company gained as much as 2.1 per cent to Rs 1,385 on strong Q4 profit.

The company had on Friday reported a 23 per cent jump in its net profit at Rs 1,030 crore in the quarter ended March, helped by higher loan growth and lower expenses. It had reported a profit after tax of Rs 840 crore in the same period last year.

Total revenues of the company rose 23 per cent to Rs 3,967.22 crore against Rs 3,224.87 crore in the corresponding quarter last year.

The board has declared an interim dividend of Rs 10 per equity share for the financial year 2018-19. The record date for the purpose of determining the names of members eligible for receipt of the interim dividend will be May 3, 2018.

According to Macquarie analysts, loan growth of 34 per cent was led by retail home loans and incipient signs of uptick in corporate demand. It has maintainedg 'outperform' rating with a target price of Rs 1,599.

Asset quality largely remains under control, and the company has seen healthy profit growth despite conservative provisioning, Credit Suisse analysts wrote in a note, raising the target price to Rs 1,600. The brokerage has maintained maintains 'outperform' rating.

Nine of 13 brokerages have rated the stock as “buy” or higher, three “hold” and one “sell” or lower; their median target price is 1,523.50.

(With inputs from Reuters)

Published on April 23, 2018

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