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Indiabulls Housing Finance has posted 21% increase in the net profit to Rs 1044.15 crore for the quarter ended September 2018. The company has maintained stable asset quality, margins and strong loans growth.
The net interest income of the company improved 17% to Rs 1631 crore in the quarter ended September 2018. The company has continued to maintain GNPA ratio as well as NNPA steady at end September 2018. The spreads of the company remained healthy at 3.24% in Q2FY2019 from 3.25% in Q2FY2018.
Total income increased 26% to Rs 3980.39 crore in the quarter ended September 2018. Interest expense increased 34% to Rs 2556.37 crore, while other expenses (including staff cost, provisions and other expenses) declined 29% to Rs 301.40 crore. Ensuing Gross Profit increased 25% to Rs 1397.50 crore in Q2FY2019.
Depreciation increased 40% to Rs 10.94 crore. PBT moved up 25% to Rs 1386.56 crore.
Effective tax rate was higher at 25.4% in Q2FY2019 from 23.1% in Q2FY2018. The final bottomline of the company moved up 21% to Rs 1044.15 crore in the quarter ended September 2018.
Business performance
The loan portfolio of the company increased at strong pace of 29% to Rs 128908 crore at end September 2018 over September 2017. The sold down portfolio stood at Rs 14000 crore at end September 2018, showing an increase of 36% over September 2017.
The share of mortgage loans increased to 80% at end September 2018 from 78% at end September 2017. On the other hand, the share of corporate mortgage eased to 20% at end September 2018 from 22% at end September 2017.
Gross NPA ratio was flat at 0.77% at end September 2018 from 0.78% at end September 2017. Meanwhile, Net NPA ratio remained flat at 0.58% at end September 2018.
Gross stage 3 assets were flat at 0.77% at end June 2018 from 0.78% at end September 2017. The provision coverage ratio for state 3 assets stood at 25% at end September 2018.
Book value of the company stood at Rs 396.6 per share at end September 2018. Adjusted book value (net of net NPAs) was at Rs 379.1 per share at end September 2018.
Half Yearly Financial Performance
For the half year ended September 2018 (H1FY2019), the company has reported 28% rise in total income at Rs 7870.66 crore. Interest expense moved up 24% to Rs 8326.59 crore, while other expenses dipped 22% to Rs 626.71 crore. Ensuing Gross profit increased 29% to Rs 2808.37 crore. Depreciation rose 27% to Rs 19.37 crore. PBT increased 29% to Rs 2789.00 crore. Effective tax rate stood at 25% in compared to 24%. The final bottomline of the company improved 26% to Rs 2098.87 crore in H1FY2019.
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