Headcount at Indiabulls Housing Finance crashes in FY20

New Delhi: The number of employees of Indiabulls Housing Finance Ltd went down around 38 percent in the last fiscal 2019-20 as compared to the previous fiscal amid economic slowdown and slugging sales of residential properties in the country.

The company had 5,407 employees at the end of the last fiscal as compared to 8,676 employees at the end of the 2018-19 financial year. This reduction in the number of staff is the first for the company in the last 8 years. The company has been gradually increasing its headcount over the last 8 years. It had 4,072 employees in financial year 2012-13 which slowly went up to 8,676 in the fiscal 2018-19.

The profit per employee of the company has also been rising for the last 10 years, except in the last focal when there was a slight fall. The profit per employees was Rs 0.17 crore in fiscal 2010-11 which went up to Rs 0.39 crore in financial year 2014-15 and further climbed to Rs 0.47 crore in 2018-19 fiscal. It fell marginal to Rs 0.41 crore in the last fiscal.

The assets per employee is the highest in the last fiscal at Rs 19.03 crore, most probably due to fall in the number of staff. However, the company did not specify any reason for this. The assets per employee was just Rs 3.71 crore in fiscal 2010-11 which increased to Rs 11.82 crore in financial year 2014-15 and reached Rs 15 crore in 2018-19 financial year.

Despite fall in the number of employees and 86 percent drop in consolidated net profit in the fourth quarter of 2018-19 fiscal, the capital adequacy ratio of the company was the highest in 2018-19 in the last 10 years at 27.09 percent. 

The company has a loan book of Rs 69,676 crore at the end of the last fiscal and the cost of borrowing is at 8.8 percent. The total provisions of the company stands at Rs 3,741 crore and the total provisions of the loan book is 5.4 percent, according to a regulatory filing by the company.