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Indiabulls Housing Finance logs 3% rise in Q1 net profit
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SME Times News Bureau | 06 Aug, 2021
Indiabulls Housing Finance Ltd on Thursday reported a 3.29 per cent
rise in its net profit for the April-June quarter, at Rs 282 crore.
During the same period last fiscal, it had reported a net profit of Rs 273 crore.
In
a statement, the company said that quarterly earnings have grown for
the first time since the September 2018 IL&FS default and the
ensuing NBFC liquidity crisis.
The company has shored up its
provisions on balance sheet to Rs 3,600 crore, which is 3.9x times of
the regulatory requirement and 159 per cent of gross NPAs, it said. The
high provision cushion places the company's portfolio in a strong
position to negotiate any macroeconomic uncertainties stemming from
second wave and expected third wave of the Covid-19 pandemic, it added.
Net NPAs are down to Rs 1,227 crore in Q1FY22 from Rs 1,517 crore in Q1FY21.
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