Indiabulls Housing Finance Q4 net up 21% at Rs 367.59 crore

Indiabulls Housing Finance today reported a 21.31% increase in net profit for the fourth quarter ended March 31 at Rs 367.59 crore as against Rs 303.01 crore in the corresponding period of last fiscal.

Total revenues for the quarter stood at Rs 1,333.89 crore, a 19.30% growth over Rs 1,118.13 crore posted in the  year-ago period.

During the fiscal 2012-13, the company's revenues grew by 24.82% at Rs 4,777.87 crore from Rs 3,827.68 crore in FY12.

Net profit during the year stood at Rs 1,265.99 crore, up 25.80% from Rs 1,006.37 crore during 2011-12.

Indiabulls Housing's loan book has grown to Rs 34,425 crore at the end of FY13, up 25.08% over FY12's figure of Rs 27,521 crore.

"With a clear focus on housing loans for the middle class, our mortgage business has been growing steadily. In a short period our growth has been strong with the loan book showing a CAGR of 26% over the last five years. Similarly, the profit after tax has grown at an annual CAGR of 19% over the last five years," Indiabulls Housing Chief Executive Officer Gagan Banga said.

The company was expecting a similar growth in the current fiscal, he said.

"The housing finance industry is growing at 20-21%. Given our current position, we are expecting 24-25% credit growth in FY14," Banga added.