Indiabulls Housing Finance’s net profit drops by 44% in Q3

Indiabulls Housing Finance has registered a decline of 44.02% in its consolidated net profit to Rs551.70 crore in the second quarter ended December 31 on lower income. A net profit of Rs985.51 crore has been posted by the company during the corresponding quarter of the previous financial year. The total income of the company during the October-December 2019 also dropped by 24.75% to Rs3,369.76 crore, which was Rs4,477.97 crore in the previous year.

On a standalone basis, the net profit dropped by 60.40% at Rs377.23 crore during the quarter from Rs952.66 crore a year ago. Income down to Rs2,976.14 crore from Rs4,045.69 crore.

Further, the board has also considered and approved the proposal of issuing secured non-convertible debentures and unsecured, redeemable, non-convertible subordinate debt in the nature of debentures (NCDs) up to Rs5,000 crore, on a private placement basis, in one or more tranches, from time to time, it said in the filing.