Money & Banking

Our Bureau | Mumbai, May 20 | Updated on: May 20, 2022

Earnings are growing steadily for the last five quarters, says company’s release

Indiabulls Housing Finance reported an 11 per cent increase in net profit for the fourth quarter of 2021-22 at ₹306.75 crore from ₹276.23 crore in the same period in the previous fiscal.

“Quarterly earnings have stabilised and is showing steady growth for last five quarters,” it said in a statement on Friday.

Its net profit however, declined marginally by 3 per cent to ₹1,177.74 crore in 2021-22 from ₹1,220.15 crore in 2020-21.

For the quarter ended March 31, 2022, its total revenue from operations declined by 7.7 per cent to ₹2,189.31 crore against ₹2,371.71 crore in the same period in the previous fiscal.

Loan book fell by 7.4 per cent to ₹59,333 crore in the fourth quarter of last fiscal from ₹64,062 crore a year ago.

“Committed co-lending demand for ₹15,000 crore in 2022-23 from seven existing partnerships. On track to disburse ₹ 15,000 crore in 2022-23 and ₹ 20,000 crore in 2023-24,” it further said.

Strong recoveries

Gross NPAs were at 3.21 per cent as on March 31, 2022 versus 2.66 per cent as on March 31, 2021. Net NPAs were are at 1.89 per cent as on March 31, 2022 compared to 1.59 per cent a year ago.

“The company has seen strong recoveries in the last three quarters. And on the back of the pick up in the real estate sector, the company expects this trend to continue through 2022-23,” it further said.

It also said that BC Patnaik, Managing Director, Life Insurance Corporation of India has been inducted to the board as nominee director of LIC. LIC is Indiabulls Housing Finance’s largest institutional shareholder and bondholder.

Published on May 20, 2022