Indiabulls Housing Finance Ltd (IBHFL) on Tuesday reported a 24 per cent fall in net profit at Rs 802 crore for the first quarter ended June 30.
The company had registered a net profit of Rs 1,055 crore in the corresponding period of the previous fiscal.
The company's total income fell to Rs 3,886.12 crore during the June quarter as against Rs 4,071.32 crore in the year-ago period, it said in a release.
During the quarter under review, Competition Commission of India approved the proposed scheme of amalgamation of the company and Indiabulls Commercial Credit Ltd into and with Lakshmi Vilas Bank, IBHFL said.
The scheme is subject to receipt of approval from RBI and other regulatory approvals, it added.
The company's main business is financing by way of loans for purchase or construction of residential houses, commercial real estate and certain other purposes
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