The housing financier's operating profit declined by 22% to Rs 605.58 crore in the third quarter as compared to the same period last year.

Provisions and write-off rose by 0.4% to Rs 143.31 crore in Q3 December 2020 from Rs 142.77 crore in Q3 December 2019. Total provisions held were Rs 2,418 crore, which is 3.4% of the loan book. Including accelerated write-offs effected by the company, total provisions to loan book would be 5%.

Profit before tax in Q3 FY21 stood at Rs 437.04 crore, down by 28.7% from Rs 613.15 crore in Q3 FY20. Current tax expense during the quarter declined by 75.5% year-on-year (YoY) to Rs 22.46 crore.

Gross NPA was at 1,515 crore as on 31 December 2020 as compared to Rs 1,801 crore as on 30 September 2020 and 2,042 crore as on 30 June 2020. Gross NPA ratio the third quarter was at 1.75% as compared to 1.98% in the second quarter and 2.20% in the first quarter. Net NPA ratio was at 0.77% in Q3 FY21 as against 1.46% in Q2 FY21 and 1.63% in Q1 FY21.

Without the Supreme Court's dispensation, gross NPAs would be 2.44% as at 31 December 2020 compared with 2.21% as at 30 September 2020. "Had the company not chosen to de-grow its book in the past one year, the above Gross NPAs of 2.44% would have been at 2.06%," the housing finance company said in a statement.

The company has restructured only 0.95% of its loan assets. Collection efficiency has normalized and is now approximately at 98%.

Indiabulls Housing Finance's primary business activities are to carry on business of investing and finance related activities (investing in various subsidiaries, financing of loans and credit activities) and fee income, which mainly consists of financial service related fee income from services, selling of insurance products as a licensed corporate agent, and other related ancillary services.