Jobaaj Stories
Mortgage financier Indiabulls Housing Finance, in its Q4 results, has reported an 11% YoY growth in its net profits as profit for the quarter ending in March came in at Rs 307 crores against Rs 276 crores for the corresponding quarter last year.
The company's income from operations declined 7.7% to Rs 2,189 crores whereas its loan book declined by 10% from Rs 66,047 crores to Rs 59,333 crores during the quarter as gross NPAs climbed to 3.21% against the 2.86% a year ago. Net NPAs also grew to 1.55%.
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For the full year ended on 31st March 2022, net profit dipped down from 1,202 crores last year to Rs 1,178 crores this year. The company's assets under management registered a sharp decline of 10.6% to Rs 72,211 crores as the company announced that AUM consolidation ended in FY22. Its capital adequacy ratio improved to 32.6% from 30.7% last year.
"The profit grew on the back of lower credit cost and higher profit from co-lending business and securitization," its deputy MD Ashwini Kumar Hooda said. The company said that it's on track to disburse Rs 15,000 crore in FY23 and Rs 20,000 crore in FY24.
The company also announced its progress in the plans to set up an Alternate Investment Fund (AIF), since it had received approval for one such AIF from SEBI in partnership with a leading global alternate investment fund & was in the process of getting approval for another.
The stock of Indiabulls has been declining for quite some time now. The stock recently declined 21.25% in a single day and also reached a 52-week low of Rs 105.70 per share.
The company's fundamentals have been declining in the past few years as the Return on Equity of the company has declined from 25.1% in 2018-19 to 7.5% in 2020-21. The share closed marginally better at Rs 120.35 per share on Friday, registering a loss of 45.5% since the beginning of 2022.
Article by Aman Agarwal.
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