Money & Banking

Indiabulls Housing Fin Q2 net jumps 21% to ₹ 1,044 cr

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

FILE PHOTO   -  KSL

Indiabulls Housing Finance (IBHFL) on Monday reported a profit of ₹ 1,044.1 crore for the second quarter of the current fiscal, up 21.2 per cent over the year-ago period. The company’s profit after tax (PAT) was ₹ 861.3 crore during July-September quarter of 2017-18.

As per the financial results submitted by the company to the stock exchanges, its total revenue was ₹ 4,255.27 crore in the second quarter compared to ₹ 3,452.45 crore in the year-ago period.

A release of the IBHFL said the company closed September 2018 with cash and liquid investments of ₹ 21,249.7 crore.

“Maintaining adequate liquidity has been a long-standing operating principle of IBHFL’s business. Moreover, IBHFL follows a liquidity framework guided by Basel III and is in line with liquidity ratios prescribed for banks,” it added.

Commenting on the results, IBHFL’ Vice Chairman and MD Gagan Banga said: “Home sales, especially in our core segment of mid-income affordable housing have been strong and strengthening by the passing day. We are very well positioned to grow our business by 20 per cent plus in the current macro environment”.

IBHFL, which has declared an interim dividend of ₹ 10 per share, further said the housing sector witnessed a strong growth in the number of launches especially in the affordable housing sector.

The company’s shares closed at Rs 948.70 on the BSE, up 1.89 per cent.

Published on October 15, 2018
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