Indiabulls Housing Fin Q3 net profit falls 14% to Rs 985.51 cr

Indiabulls Housing Fin Q3 net profit falls 14% to Rs 985.51 cr

New Delhi, Jan 31: Indiabulls Housing Finance Thursday reported a 13.72 per cent fall in consolidated net profit at Rs 985.51 crore for December 2018 quarter.
The company had posted a net profit of Rs 1,142.32 crore in the corresponding quarter of the previous fiscal.
Total income grew 7.20 per cent to Rs 4,480.21 crore during the quarter under review from Rs 4,179.01 crore in the year-ago period, Indiabulls Housing Finance said in a BSE filing.
Indiabulls Housing Finance said during the quarter ended December 31, 2017, the company had sold approximately one-third of its stake in OakNorth Holdings for Rs 767.78 crore and recorded a one-time gain on sale of investments of Rs 542.44 crore.
Gross non-performing asset (NPA) stood at 0.79 per cent of total advances 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 25,000 crore and Rs 1,000 crore, respectively, on private placement basis in one or more tranches from time to time.
The company also declared an interim dividend of Rs 10 per equity share for the financial year 2018-19.