Indiabulls Housing Finance Q1 FY24 Net Profit Up by 3.33%, Total Income Declines

16 Aug 2023 , 12:22 PM

Indiabulls Housing Finance Limited (IBHFL) has reported a 3.33% rise in its net consolidated profit for Q1 ending June 30, 2023. Q1 FY24’s profit after tax (PAT) reached Rs 296.19 crore, compared to Rs 286.64 crore in the corresponding quarter of the previous fiscal.

However, the net consolidated total income for Q1 FY24 witnessed a 7.80% decline, amounting to Rs 1,915.62 crore, compared to Rs 2,077.72 crore in the same quarter last year. B.C. Patnaik’s resignation from IBHFL’s board in April 2023 prompted leadership reshuffling within the company.

Rajiv Gupta, Director & CEO of LICHFL Asset Management Company, was named the Life Insurance Corporation of India (LIC) Nominee Director on IBHFL’s board.

The Securities Issuance and Investment Committee sanctioned the issuance of 1,013,259 Non-Convertible Debentures (NCDs) with a face value of Rs 1,000 each, totaling Rs 1,013,259,000 through a public issue basis. IBHFL’s Q1 performance showcases both growth and transformation, including changes in leadership dynamics and strategic financial decisions.

At the time of writing the stock was trading at Rs 158.55 in NSE, which is a 1.28% spike than the previous day’s close.

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