Indiabulls Housing Finance Q4 net jumps 24% to Rs 841 crore

Indiabulls Housing Finance posted a healthy 24.4 percent rise in its consolidated net profit at Rs 841 crore in the fourth quarter, helped by strong demand from the affordable housing segment.

Its net profit in the corresponding January-March period of preceding fiscal was at Rs 676 crore.

Indiabulls Housing said there was a tremendous boost from mid-income affordable housing under Pradhan Mantri Awas Yojana (PMAY).

Total revenues stood at Rs 3,225 crore in the March quarter of 2016-17, up 21.8 percent from Rs 2,647 crore a year ago.

At the board meeting held today, the company declared an interim dividend of Rs 9 per share for current fiscal 2017-18.

Compared to advanced and emerging economies, India has a low mortgage penetration which implies a huge growth opportunity, and the segment is expected to grow five-fold in next 10 years, the company said in a BSE update.

Urban housing requirement is seen at about 4.5 crore units by 2022 and the demand continues to increase due to rapid urbanisation which is expected to rise by 40 percent by 2030 and growing trend of nuclear families.

On asset front, the company's gross non-performing assets (NPAs) were 0.85 per cent of the gross advances as on March 31, 2017 against 0.84 percent a year ago. Net NPAs were static at 0.49 percent.

Indiabulls said NPAs or bad loans have remained within the target range for the last 23 quarters.

Company's board of directors also authorised it to raise debt up to Rs 27,000 crore by issuing bonds, of which Rs 2,000 crore will come via private placement.

The money is to be raised in tranches from time to time, it said.

Stock of Indiabulls Housing Finance closed 1.69 percent higher at Rs 1,006.60 on BSE today.