Indiabulls Housing Finance reported an 8% fall in consolidated net profit to Rs 302.9 crore on a 9.4% decline in total income to Rs 2,277.8 crore in Q3 FY22 over Q3 FY21.
Consolidated profit before tax declined 3% to Rs 424.09 crore in Q3 FY22 over Q3 FY21. Operating profit before provisions and contingencies declined 17.8% to Rs 497.93 crore in Q3 FY22 from Rs 605.58 crore posted in the same quarter last year.On the asset quality front, the housing finance company's gross non-performing assets (NPAs) stood at Rs 2,350 crore as on Q3 FY22 as against Rs 2,074 crore as on Q2 FY22 and Rs 2,268 crore as on Q1 FY22.
The ratio of gross NPAs to gross advances stood at 3.18% as on Q3 FY22 as against 2.69% as on Q2 FY22 and 2.86% as on Q1 FY22. Indiabulls said marginal increase in NPA is technical in nature and will get rolled back over the next two to three quarters.
Total provisions stood at Rs 2,774 crore which is at 4.5% of loan book, which is 3.1x times of the regulatory requirement and 118% of Gross NPAs.
The NBFC total loan book as at the end of Q3 FY22 stood at Rs 60,979 crore as compared to Rs 64,062 crore posted in Q2 FY22.
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Going forward, Indiabulls expects strong capital adequacy, low gearing, high liquidity and robust provisioning to provide strong balance sheet foundation for growth from FY23.
Indiabulls Housing Finance is a housing finance company, regulated by the National Housing Bank (NHB). The company offers competitively priced home loans in the affordable housing segment.
Shares of Indiabulls Housing Finance were trading 0.22% lower at Rs 206.25 on BSE in morning trade.
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