Indiabulls Housing Finance's net profit dips 54% to Rs 323 crore in Q2 FY21

Indiabulls Housing Finance’s net profit dips 54% to Rs 323 crore in Q2 FY21

NEW DELHI: Indiabulls Housing Finance on Wednesday reported nearly 54 per cent decline in its consolidated net profit to Rs 323.20 crore for the second quarter ended September 30. The company had posted a net profit of Rs 702.18 crore in the corresponding quarter of the previous financial year.

Compared sequentially, the company’s net profit was higher by 18.5 per cent, from Rs 272.84 crore in the preceding quarter ended June.

Its total income fell 25.9 per cent to Rs 2,581 crore during July-September 2020 as compared with Rs 3,481.40 crore in the year-ago period, Indiabulls Housing Finance said in a regulatory filing.

On the standalone basis, the net profit in the September 2020 quarter declined 53.85 per cent to Rs 235.37 crore, against Rs 510.09 crore a year ago.

Its total income fell to Rs 2,233.07 crore, from Rs 2,988.07 crore a year ago.

Gross non-performing assets (NPAs) have remained moderate at 1.98 per cent, it said in a release.

Without the Supreme Court’s dispensation, gross NPAs would be 2.21 per cent, flat over the first quarter of 2020-21, it added.

With regard to the RBI’s latest review of co-lending, the company said it has executed an agreement for co-lending with a public sector bank for home loans and a mid-sized private sector bank for loan against property or MSME loans.

“Active sourcing of loans has begun under these partnerships and disbursals are steadily gaining traction. Further, we are in the integration phase with two other PSUs and one private bank for loan co-origination,” it said.

The company added that by January 1, it will be in market actively sourcing loans with five partner banks. “The company is on track to disburse Rs 1,000 crore in 2020-21 through the co-lending model.”

Shares of Indiabulls Housing Finance on Wednesday closed 1.01 per cent higher at Rs 159.40 apiece on the BSE.