Indiabulls Financial Services Ltd has witnessed a surged in Revenues and Profit After Tax for the quarter and financial year ended 31 March 2008.

The Consolidated Total Revenues have increased 110.8% to Rs 1,688.8 crores in FY08 from Rs 801.2 crore in FY07. The Consolidated Profit After Tax has increased 91% to Rs.  580.6 crore in FY08 from Rs. 304.0 crore in FY07.  The Basic Earnings Per Share (EPS) has increased 57.5 % to Rs. 22.84 in FY 08 from Rs. 14.50 in FY 07.

Revenues recorded strong annual growth rate with 89.8% increase over the same period last year driven primarily by the strong growth in the loan portfolio, which currently stands at Rs. 10,441 crores. The strong profit growth was driven by the robust revenue growth and improved operational efficiency. 

The rate of increase in Operating Expenses lagged the revenue growth rate, and therefore, the operating expense ratio improved to 19.9%, compared to 30.8% in the previous year’s corresponding quarter.

For the fourth quarter of FY 08, ended on March 31, 2008, the Company’s Consolidated Total Revenues increased 89.8 % to Rs.  581.8 crores, from Rs. 306.6 crore in Q4 of FY 07.  The Consolidated Profit After Tax was Rs.  189.3 crore in Q4 of  FY 08, up 56.6 % from Rs. 120.9 crore in Q4 of FY2007.  For the same period, Basic EPS increased 26.2 % to Rs. 7.23, compared to Rs. 5.73 in Q4 of FY 07.

Compared to Q3 FY08, the Consolidated Total Revenues for Q4 2008 increased 34.5% compared to Rs. 453.5 crore in Q3 FY 08.  The Consolidated Profit After Tax recorded an increase of 15.5%, up from Rs. 163.9 crore in Q3 FY 08.  The Basic EPS increased 13 % , compared to Rs. 6.40 in Q3 FY 08.

The company has recently sealed MOU and signed a joint venture agreement with Societe Generale for its upcoming life insurance venture. Indiabulls has also got approval from SEBI to start Asset Management business.

Sourced From: Hanmer & Partners Communications Pvt. Ltd