Indiabulls Housing Finance soared 10.29% to Rs 241.80. The stock traded in a range of Rs 255.90 and Rs 228 so far.Consolidated net profit fell 32.05% to Rs 709.52 crore on 19.62% decline in total income to Rs 3,420.45 crore in Q2 September 2019 over Q2 September 2018. The result was announced after trading hours yesterday, 6 November 2019.
The company's net income interest (NII) slipped 17.79% to Rs 1,252 crore in Q2 September 2019 as against Rs 1,523 crore in Q1 June 2019. Gross NPA fell 3.06% to Rs 1,611 crore in Q2 September 2019 compared with Rs 1,662 crore in Q1 June 2019. The Net NPA also declined 8.58% to Rs 1,139 crore in Q2 September 2019 over Rs 1,246 in Q1 June 2019. The total provisions of Rs 1,494 crore covers gross NPAs of Rs 1,611 crore by 92.8%.
The company's board has declared an interim dividend of Rs 7 per equity share (on the face value of Rs 2 per share) for the financial year 2019-20. The dividend will be paid on or before 5 December 2019.
The stock offers a dividend yield of 2.89% based on the current market price of Rs 241.80.
The board also approved issuance of secured and/or unsecured redeemable non-convertible debentures (NCDs), in one or more tranches, by way of a public issue and/or private placement of up to Rs 10,000 crore. The NCDs are proposed to be listed on the National Stock Exchange of India Limited, BSE Limited or any other stock exchange, as may be decided by the Board of Directors of the Company from time to time.
The board also approved issuance of non-convertible debentures along with warrants through qualified institutions placement of up to Rs equivalent to $1 billion.
Indiabulls Housing Finance's primary business activities are to carry on business of investing and finance related activities (investing in various subsidiaries, financing of loans and credit activities) and fee income, which mainly consists of financial service related fee income from services, selling of insurance products as a licensed corporate agent, and other related ancillary services.
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