Indiabulls Housing Finance Q2 Net Profit Inches Up to Rs 298 Crore

15 Nov 2023 , 11:48 AM

Indiabulls Housing Finance reports a marginal 3% increase in consolidated net profit to Rs 298 crore for Q2 ending September 2023. The company’s Q2 total income rose to Rs 2,242 crore, compared to Rs 2,231 crore in the same quarter last fiscal year.

Interest income, however, declines to Rs 1,731 crore from Rs 2,126 crore in the corresponding period a year ago, as per available information. Indiabulls Housing Finance transfers the third tranche of the reserve amount, totaling Rs 313.86 crore, to the lender repayment trust.

The trustee utilizes the reserve amount to create a fixed deposit with a scheduled commercial bank. These reserves will be used to redeem Foreign Currency Convertible Bonds (FCCB) if FCCB holders exercise the put option on March 5, 2024. Upon maturity, the FD proceeds will fulfill the company’s liabilities to FCCB holders. The fixed deposits now cover 75% of the FCCB amount due in March 2024, totaling USD 149.5 million.

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