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Indiabulls Financial Q4 Profit Goes Up

4/27/2012 3:47 AM ET

Indiabulls Financial Services Ltd., one of India's leading financial services and real estate companies, reported a higher net profit for the fourth-quarter, both on consolidated and stand-alone basis, on increased income.

Consolidated Results

The New Delhi-based company's fourth-quarter consolidated net profit, after share of profit/loss of associates and minority interest, was Rs.302.59 crore or Rs.9.56 per share, higher by 28 percent than the Rs.236.03 crore or Rs.7.47 per share in the corresponding quarter last year.

Its quarterly income from operating grew by 46 percent to Rs.949.27 crore from the Rs.684.81 crore in the year-ago quarter, while other operating income stood at Rs.159.36 crore, compared with Rs.77.58 crore for the same period last year.

Net Interest income for the quarter was Rs.544.50 crore, compared with Rs.430.60 crore in Q4FY11, an increase of percent.

During the quarter, revenue from 'Investing & Financial related activities' increased by 41 percent to Rs.1,026.49 crore from the Rs.729.30 crore in the corresponding quarter last year, while revenue from 'Fee Income' was Rs.82.14 crore, compared with Rs.33.10 crore in the previous year quarter.

For the twelve months, Indiabulls consolidated net profit shot by 34 percent to Rs.998.14 crore from the Rs.742.75 crore in the corresponding period last year. Total revenue, including other operating income, surged by 53 percent to Rs.3,781.88 crore from the Rs.2,472.71 crore for the comparable period a year-ago.

In keeping with its stated strategy, the company continued to maintain healthy levels of liquidity with cash, cash equivalents and investments in liquid debt instruments adding up to Rs.5,975.62 crore at the end of FY12.

Stand-alone Results

For the quarter, the company's stand-alone net profit totaled Rs.198.40 crore or Rs.6.31 per share, higher by 25 percent than the Rs.158.80 crore or Rs.5.07 per share in the year-ago quarter. Total revenue, including other operating income grew by 35 percent to Rs.799.25 crore from Rs.590.08 crore for the same period last year.

For the full year, the company posted a standalone net profit of Rs.723.79 crore, up by 19 percent from the Rs.608.69 crore in the corresponding period last year. Total revenue, including other operating income, rose by 43 percent to Rs.2,929.26 crore from the Rs.2,049.70 crore for the comparable period in the previous year.

The company said its Board recommended a dividend of 350 percent or Rs.7.00 per equity share of Rs.2 each for the fiscal year 2012.

The board further decided to restructure the business of the company by merging its wholly-owned housing finance company (HFC) subsidiary Indiabulls Housing Finance Ltd. with the company. The merger will be effected through a scheme of amalgamation between the company. Upon the Scheme becoming effective, the shareholders of Indiabulls Financial Services will get one equity share of Rs.2 each of Indiabulls Housing Finance for every one equity share of Rs.2 each held by them in the company, on the record date to be fixed by the company in this regard

At the BSE, Indiabulls shares are now trading at Rs.230.95 up 3.03 percent from the previous close

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by RTT Staff Writer

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