Indiabulls Housing Finance Q2 Net Profit Rises 3% To Rs 298 Crore

Mortgage player Indiabulls Housing Finance on Tuesday reported a marginal 3 per cent rise in consolidated net profit to Rs 298 crore in the second quarter ended September 2023.

The company had reported a net profit of Rs 289 crore in the July-September quarter of last fiscal.

Its total income during the quarter under review rose to Rs 2,242 crore from Rs 2,231 crore in the corresponding quarter a year ago, Indiabulls Housing Finance said in a regulatory filing.

However, interest income declined to Rs 1,731 crore compared to Rs 2,126 crore a year ago.

The company, in a separate filing, said it has transferred the third tranche of the reserve amount of Rs 313.86 crore to the lender repayment trust.

The trustee in turn has created a fixed deposit using the reserve amount with a scheduled commercial bank and such reserve amounts would be utilised for redemption of the Foreign Currency Convertible Bonds (FCCB) in compliance with applicable laws if the put option is exercised by the FCCB holders on March 5, 2024.

At maturity, the FD proceeds will be used to discharge the company's liabilities to the holders of the FCCB.

Fixed deposits aggregating to Rs 942 crore now covers 75 per cent FCCB amount of March 2024 put option (total outstanding issue of USD 149.5 million), it said.