Indiabulls Housing Finance logs 3% rise in Q1 net profit

Mumbai, Aug 5 (IANS) 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.
--IANS rrb/sn/vd