Indiabulls Housing Finance's net profit nosedives 86% to Rs 137 cr for Q4FY20
New Delhi: Indiabulls Housing Finance Ltd’s consolidated net profit nosedived 86 percent to Rs 137 crore in the fourth quarter of the 2019-20 fiscal as compared to due to a net profit of Rs 1,006 crore in the same quarter of the previous fiscal.
The consolidated total income dropped 32 percent to Rs 2,954 crore in the fourth quarter of fiscal 2019-20 as compared to Rs 4,344 crore in the corresponding quarter of the previous fiscal, the company said in a regulatory filing.
Indiabulls Housing Finance said it has opted to go for a conservative approach because of macro uncertainties which are resulting from corona pandemic and made a provision for one percent of the company’s loan book of Rs 700 crore.
After adjusting for the corona pandemic related provisions, the profit after tax of the company is Rs 841 crore for the fourth quarter of the fiscal 2019-20 and is Rs 2,904 crore for the entire fiscal 2019-20.
Company’s balance sheet fell to Rs 1.02 lakh crore. The same was Rs 1.25 lakh crore in the previous year. The loan book of the company dropped 24 percent to Rs 69,676 crore on 31 March 2020 as compared to Rs 91,530 crore on 31 March 2019.