Helped by higher loan disbursements, Indiabulls Housing Finance Limited (IHFL), posted a 31 per cent rise in its first quarter net profit at Rs 351.5 crore (Rs 267.6 crore, a year ago).
In the April to June quarter, the home loan financier’s revenue jumped 28 per cent to Rs 1,344 crore.
The company, whose average loan size is Rs 24 lakh, had a total loan outstanding of Rs 36,874 crore.
IHFL sells about 5,000 homes loans every month. In the past 12 months, the company said it has sold loans worth Rs 3,028 crore, an increase of 27 per cent.
“There is a considerable demand for home loans in the Rs 3,000 to Rs 4,000 per sq.ft category. So, when such projects are launched, they are lapped up in no time,” said Gagan Banga, CEO, IHFL.
There is a need for more such projects in this price band, he said.
The company’s shares, which were suspended from trading bourses following the reverse merger of Indiabulls Financial Services Ltd (IBFSL) with Indiabulls Housing Finance Ltd (IHFL), will starting trading again on the stock exchanges from the next week.
satyanarayan.iyer@thehindu.co.in