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Indiabulls Housing Tanks To 4-Year Low On Poor Q1 Results

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On Wednesday, shares of Indiabulls Housing Finance fell nearly 14 percent to an intraday low of Rs 441 apiece on NSE, its lowest since November 2014.

 

The fall comes as a reaction to the NBFC's (non-banking finance company) disappointing results in the first quarter of the financial year 2019-20. Indiabulls Housing reported a 24.96 percent drop in its net profit for the June-ended quarter to Rs 802 crore as against Rs 1,055 crore in the same period of the previous year.

Indiabulls Housing Tanks To 4-Year Low On Poor Q1 Results

On a year-on-year basis, the net revenue fell by 12 percent to Rs 1,522 crore and net interest income was 12.7 percent lower at Rs 1,475 crore. Net interest income is the difference between interest paid on deposits made and interest earned on loans given.

The company reported gross NPAs (non-performing assets) at 1.47 percent as against 0.88 percent in the previous quarter. Its Net NPAs for the June quarter were at 1.1 percent, higher than 0.69 percent in March quarter.

As on 30 June 2019, the company's cash and cash equivalents stood at Rs 28,511 crore and loans outstanding were at Rs 1.13 lakh crore.

 

During the quarter under review, Indiabulls Housing Finance's merger with Lakshmi Vilas Bank was approved by the Competition Commission of India. The company in its filing said that its board has recommended non-executive chairman and Gagan Banga as the MD and CEO of the amalgamated bank.

The stock has fallen over 65 percent in the last 12 months.

Story first published: Wednesday, August 7, 2019, 16:03 [IST]
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