In the second quarter ending September 2022 (Q2FY23), Indiabulls Housing Finance Ltd reported a somewhat higher net profit of Rs 289.4 crore, up from Rs 286.3 crore in the same period of FY22. The total net profit increased slightly sequentially from Rs 286.64 crore in the first quarter ended June 2022. (Q1FY23).
Consolidated income from operations was nearly flat at Rs 2,229.7 crore in Q2FY23, down from Rs 2,232.7 crore the previous year. According to a corporate filing with the BSE, it increased sequentially from Rs 2,075 crore in Q1FY23.
On the BSE, Indiabulls Housing Finance closed 2.36 percent higher at 134.6 rupees a share.
Finance costs for the company fell to Rs 1,410.1 crore from Rs 1,570.5 crore a year earlier and Rs 1,495.2 crore in the fiscal quarter ended June 2022.
The impairment on financial instruments, on the other hand, more than doubled to Rs 226 crore in Q2FY23 from Rs 104.53 crore in Q2FY22. They nearly quadrupled sequentially from Rs 55.78 crore in Q1FY23.
The balance sheet size of the company has decreased from Rs 86,432 crore in September 2022 to Rs 75,812 crore in September 2022. It grew sequentially from Rs 75,794 crore in June 2022. According to the mortgage lender, its financial sheet and assets under management have stabilised. The groundwork has been laid for a 10 per cent YoY increase in loans in the current fiscal year (FY23).
Gross non-performing assets (GNPA) increased to 2.94 percent from 2.69 percent the previous year. They have gradually decreased from 2.96 percent in June 2022. Net NPA increased to 1.7 per cent from 1.53 per cent in June 2022 and decreased to 1.7 per cent in June 2023.
The company’s capital adequacy ratio increased from 31.2 percent a year earlier to 34 per cent at the end of September 2022. By the end of June 2022, it had reached a plateau of 34 per cent.