Indiabulls Housing Finance on Monday reported a muted 0.7% y-o-y increase in its net profit to Rs 289 crore for the three months ended September 30 due to lower top line. The company’s revenues declined marginally to Rs 2,526 crore during the quarter.
The company’s balance sheet increased marginally to Rs 75,812 crore in Q2FY23 from Rs 75,794 crore a year ago. The loan spread has expanded to 3.1% as of September 30 on account of the increasing interest rate cycle, as most of the advances are on floating rate.
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The company disbursed retail loans of Rs 4,598 crore as of September 30, compared with Rs 1,500 crore a year ago. The company has completed co-lending tech integration with four partners and expects to complete the tech integration with the remaining three partners within FY23, as per a statement.
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The company’s gross non-performing asset (NPA) ratio expanded by 25 basis points y-o-y to 2.94% as of September 30, while the net NPA ratio increased by 17 bps to 1.70%. Its provision coverage ratio for stage-3 assets stood at 42% as of September 30, compared with 43% a year ago.