Money & Banking

Indiabulls Housing profit drops 60% to ₹377 crore

Our Bureau Mumbai | Updated on February 05, 2020 Published on February 05, 2020

Indiabulls Housing Finance Ltd (IBHFL) reported a 60 per cent year-on-year (y-o-y) drop in standalone net profit at ₹377 crore in the third quarter ended December 31, 2019, due to lower total revenue from operations.

The housing finance company, whose main business is financing by way of loans for purchase or construction of residential houses, commercial real estate and certain other purposes in India, had reported a standalone net profit of ₹953 crore in the year-ago period.

The company’s board of directors declared fourth interim dividend of ₹6 per equity share. In the reporting quarter, total revenue from operations, including interest income and net gain on derecognition of financial instruments under amortised cost category, was 26 per cent lower y-o-y at ₹2,974 crore (₹4,041 crore in the year-ago period). Under this head, dividend income, however, was at ₹388 crore against nil in the year-ago quarter.

In the reporting quarter, total expenses, including finance costs, net loss on fair value changes and other expenses were 5 per cent lower y-oy- at ₹2,558 crore (₹2,692 crore). Under this head, finance costs declined 17 per cent y-o-y at ₹1,885 crore (₹2,266 crore), and net loss on fair value changes were at ₹365 crore (nil).

IBHFL reported a 44 per cent y-o-y decline in consolidated net profit at ₹552 crore in the reporting quarter against ₹986 crore in the year-ago quarter.

Published on February 05, 2020
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