Stock broking and financial services firm Indiabulls Financial Services today reported a 115% increase in net profit at Rs 166.4 crore for the first quarter ended June 30, 2007 when compared with Rs 76.60 crore in Q1FY07 on higher revenue from consumer lending and distribution of insurance policies.Total income doubled to Rs 442.8 crore from Rs 220.7 crore in Q1FY07, according to release issued by the company today. Income from financing operations increased 173.3% to Rs 308.7 crore from Rs 112.9 crore.Indiabulls is planning to demerge its securities and advisory business, Indiabulls Securities, which would be a separately traded public entity. Upon de-merger, every shareholder holding one share of Indiabulls Financial Services would get one share of Indiabulls Securities.Indiabulls Financial Services, in a parallel move, would merge IndiabullsCredit Services, a majority-owned subsidiary, with the company.
