Indiabulls Housing Fin Q3 net jumps 55% to Rs 11.6 bn; gross NPAs at 0.77%

Indiabulls Housing Finance today reported a 55.38 per cent rise in consolidated net profit to Rs 11.67 billion for the third quarter ended December 31.

The company had reported net profit of Rs 7.51 billion in the corresponding quarter of the previous fiscal.

Its revenues grew by 36.65 per cent to Rs 41.05 billion during October-December quarter of the current fiscal, up from Rs 30.04 billion in the year-ago period, Indiabulls Housing Finance said in a BSE filing.

Gross Non-Performing Asset (NPA) stood at 0.77 per cent of total advances, and net NPAs were at 0.21 per cent in the quarter under review.

The board of directors of the company also authorised it to issue secured non-convertible debentures and unsecured non-convertible debentures, in the nature of subordinate debt up to Rs 250 billion and Rs 30 billion, respectively, on private placement basis in one or more tranches from time to time.

The company also declared an interim dividend of Rs 14 per equity share for the financial year 2017-18.

Shares of Indiabulls Housing Finance closed 1.86 per cent up at Rs 1,379.40 apiece on BSE.