MUMBAI: Indiabulls Housing Finance Company's profit after tax (PAT) dropped by 8 per cent to Rs 303 crore in the quarter ended in December due to slower loan growth. It reported a PAT of Rs 329 crore in the year-ago period.
"There was an 8 per cent dip in our profitability as our loan book has come down by 13-14 per cent. As we shrink in size the profitability is expected to diminish," its deputy managing director Ashwini Kumar Hooda said. However, the lender is doing more co-lending disbursements, which is supporting its profitability," Hooda said.
"In Q3 FY22, the company disbursed retail loans of around Rs 2,800 crore. It disbursed Rs 1,573 crore through co-lending tie-ups with seven institutions. It plans to disburse Rs 18,000 crore in FY23 and Rs 24,000 crore in FY24 through co-lending," he said.
Gross NPAs were at 3.18 per cent as against 2.44 per cent in Q3FY22. Net NPAs stood at 1. 80 per cent compared to 1.46 per cent.
Its provisions stood at 4.5 per cent of the loan book. Stage 3 provision coverage ratio was at 43 per cent of gross NPAs. Capital adequacy was at 31.2 per cent and tier 1 at 25.7 per cent. Its shares closed at Rs 206.70 apiece, up 4.