Gurugram based mortgage lender, Indiabulls Housing Ltd’s released its third quarter financial results for the financial year 2021- 2022 on February 9. The consolidated profit plunged to 8 per cent at Rs 302.97 crore in the third quarter that ended on December 31, 2021, against Rs 329.32 crore a year ago.
According to the regular filing, revenue from operations declined 9.5 per cent to Rs 2,274.36 crore compared to Rs 2,513.25 crore a year ago.
Furthermore, Net NPAs stood at 1.80 per cent as of December 31 compared to 1.53 per cent a quarter ago. Gross NPAs stood at 3.18 per cent as of December 31 as compared to 2.69 per cent in the 2nd quarter in September and 2.86 per cent as of June 30.
“Quarterly earnings showing steady QoQ growth for the last four quarters. AUM consolidation is approaching an end. Base formed for 15%+ annualised growth from FY23 onwards. Strong capital adequacy, low gearing, high liquidity, and robust provisioning provide a strong balance sheet foundation for growth from FY23,” the company stated.
The company expended total retail loans worth Rs 2,800 crore in Q3, a run rate of Rs 900 crore per month. This will rise to Rs 18,000 crore by FY23 and Rs 24,000 crore by FY24, the statement added.
“High provision cushion places the portfolio in a strong position to negotiate any macroeconomic uncertainties strengthening the foundation for growth from FY23 onwards,” the company noted, adding that it “has seen strong recoveries in the last two quarters.” Shares of the firm were at 4.81 per cent at Rs 206.90 on the National Stock Exchange in the Wednesday closing session.