Latest News | Indiabulls Housing Finance Q2 Net Profit Down 11% to Rs 286 Cr

Mumbai, Nov 11 (PTI) Mortgage financier Indiabulls Housing Finance on Thursday reported an 11 per cent dip in its net profit at Rs 286 crore in the quarter ended September due to a decline in its loan book.

The lender's profit after tax stood at Rs 323 crore in the same quarter of the previous fiscal.

Also Read | Tecno Spark 8 3GB+32GB Variant Launched in India at 9,299; Specifications & Features.

Its deputy managing director Ashwini Kumar Hooda attributed the fall in profit to a 12 per cent decrease in the loan book in the second quarter of the financial year 2021-22 compared to the year-ago period.

It disbursed retail loans of Rs 325 crore in the month of September 2021 through its co-lending tie-ups, the lender said in a release.

Also Read | Redmi 9A Sport & Redmi 9A Prices Increased in India, Check New Prices Here.

This will scale up to Rs 500 crore of monthly disbursals by December 2021 and Rs 800 crore of monthly disbursals by March 2022, it said.

The company is on track to disburse Rs 1,000 crore of retail loans through co-lending in the third quarter of the financial year 2021-22. It has a total of seven co-lending partners- HDFC Ltd., Central Bank of India, Yes Bank, RBL Bank, Canara Bank, Punjab &Sind Bank, and Indian Bank.

Total loans disbursed as of September 30, 2021, under the Emergency Credit Line Guarantee Scheme (ECLGS) stood at Rs 176 crore, amounting to only 0.27 per cent of the loan book.

Gross NPAs have stood to 2.69 per cent in the second quarter of the financial year 2021-22 from 2.21 per cent in the previous quarter of the year-ago period.

“Balance sheet has been strengthened by shoring up provisions on the balance sheet to Rs 3,153 crore, which is 4x times of the regulatory requirement and equivalent to a healthy 4.9 per cent of our loan book and 152 per cent of Gross NPAs,” the release said.

Stage 3 provision coverage ratio stood at 43 per cent of gross NPAs (Non-performing assets).

The lender restructured loans of Rs 96.7 core, equivalent to 0.15 per cent of its loan book, under the Reserve Bank of India's Restructuring Frameworks 1.0 and 2.0 combined.

In H1 of the financial year 2021-22, it has raised monies of Rs 12,186 crore across instruments and tenors. The company also raised Rs 792 crore through NCDs (non convertible debentures) in September 2021.

Hooda said the lender is looking to raise around Rs 10,000 crore through bank borrowings and NCDs during the second half of the current financial year.

The company's scrip closed at Rs 237 apiece, down 3.42 per cent on BSE.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)