Indiabulls net profit up 236% to Rs 80.3 cr

BS 200 SCORECARD

Indiabulls Financial Services posted 236 per cent increase in net profit to Rs 80.38 crore for the fourth quarter ended March 2006 compared with Rs 23.93 crore recorded in the same quarter last year.

The company's income for during the quarter rose to Rs 195.5 crore from Rs 70.05 crore showing a y-o-y growth of 179 per cent.

For the full year ended March 2006, the company's income surged by 264 per cent to Rs 613.15 crore from Rs 168.41 crore, while its net profit rose by 347 per cent to Rs 253.36 crore from Rs 56.71 crore.

Steel tycoon L N Mittal had recently bought 8.2 per cent stake in Indiabulls Credit Services for Rs 89.16 crore. The company increased the total number of customers for its securities business to over 2.36 lakh. It also recently completed the buyback of around 18 lakh shares at an average price of Rs 209.37 per share.

Indiabulls Finance Company, a majority owned subsidiary of the company, mobilised over Rs 540 crore in shareholder applications for Reliance Petroleum the IPO. The board has also recommended a final dividend of Re 0.30 per share.

Indiabulls and its subsidiaries offer various financial products and services such as consumer loans, home loans and securities brokerage to retail customers. It also develops and manages large real estate projects through its real estate companies.

The company has acquired 19 acres of prime land in Mumbai and over 100 acres in New Delhi, which it is currently developing.