Indiabulls Housing Finance reported a 2.94% increase in net consolidated profit at Rs 297.98 crore for Q2 FY24. The company's net consolidated total income rose by 0.49% to Rs 2,242.30 crore. The board approved the issuance of nonconvertible debentures up to Rs 5,000 crore. Additionally, 79,34,267 equity shares were allotted upon stock option exercise. Securities issuance included 1,013,259 NCDs worth Rs 101.32 crore and 1,131,783 NCDs worth Rs 113.17 crore. As of September 30, 2023, net worth was Rs 16,736.92 crore, debt-equity ratio at 2.59, net profit margin at 13.32%, gross NPAs at 3.72%, and net NPAs at 2.22%.
Indiabulls Housing Finance has announced a 2.94% surge in its net consolidated profit for the quarter ending September 30, 2023, reaching Rs 297.98 crore compared to the same period last fiscal year. The company's Q2 FY24 profit after tax, disclosed in a BSE filing, demonstrates a robust financial performance. The net consolidated total income also witnessed growth, reaching Rs 2,242.30 crore, reflecting a 0.49% increase from the corresponding quarter in the previous year, which recorded Rs 2,231.33 crore. The board of directors, pending approval from regulatory authorities, green-lighted the issuance and allotment of secured and/or unsecured, listed and/or unlisted, redeemable nonconvertible debentures. This initiative, on private placement or public issue basis, aims to raise up to Rs 5,000 crore in one or more tranches. During the quarter, the company issued 79,34,267 equity shares at face value Rs 2 each, following the exercise of stock options by eligible employees. This resulted in an augmented paid-up equity share capital, increasing from Rs. 943,193,260 to Rs. 959,061,794, with the number of equity shares rising from 471,596,630 to 479,530,897, all at a face value of Rs 2 each. In a resolution dated July 27, 2023, the securities issuance and investment committee, along with the board of directors, approved and allotted 1,013,259 NCDs at a face value of Rs 1,000 each, totalling Rs 101.32 crore on a public issue basis. Furthermore, a resolution dated September 26, 2023, saw the board approving and allotting 1,131,783 NCDs at a face value of Rs 1,000 each, aggregating Rs 113.17 crore through public issue. As of September 30, 2023, the company's financial health is robust, with a net worth standing at Rs 16,736.92 crore. The debt-equity ratio is reported at 2.59, while total debts to total assets ratio is 0.65. The net profit margin for the six months ending September 30, 2023, stands at an impressive 13.32%. Additionally, the company reported gross non-performing assets (NPAs) of 3.72% and net NPAs of 2.22%. In summary, Indiabulls Housing Finance's positive financial indicators, strategic debenture issuances, and equity adjustments underline a strong performance in Q2 FY24, showcasing stability and growth in a dynamic financial landscape.
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