Indiabulls Fin posts 74.4% growth in total revenues

Indiabulls Financial Services Ltd, India’s leading financial services company, has witnessed excellent growth in their first quarter ended 30th June, 2008.

The Consolidated Total Revenues have increased 74.4% to Rs 564.6 crore in Q1 of FY 09 from Rs 323.7 crore in Q1 of FY 08. Consolidated Profit After Tax up 28.8% to Rs 148.9 crore in Q1 of FY 09 from Rs 115.6 crore in Q1 of FY 08 Basic EPS up 6.3% to Rs. 5.61 in Q1 of FY 09 from Rs 5.28 in Q1 of FY 08. The Company expects that FY 09 earnings will range from Rs 27.0 to Rs 30.0 per share. Earnings guidance assumes continued lower risk portfolio position, negative carry from excess liquidity and the current macro-economic environment. Gross NPAs of Rs 101.6 crore which represents 0.9% of the total loan portfolio. Net NPAs of Rs 0.0 crore which represents 0.0% of the total loan portfolio. Provisions / NPA coverage of 146.1%

During Q1 FY 09, the Company has made significant progress towards commercial launch of its three business ventures, namely, Life Insurance Venture, Commodities Exchange & Asset Management Business. The Company is committed to complete all regulatory formalities during the current year and fully operationalzing the business before CY 2008 end. Indiabulls expects to make significant progress on each of these three new ventures throughout FY 2009 and expect them to form pillars of their growth and value creation in FY 2010 and beyond. 

Sourced From: Hanmer MS&L Communications Pvt. Ltd