Indiabulls Housing Finance’s Q1 net profit witnesse rise of 20 per cent reaches Rs 424 crore
Indiabulls Housing Finance, prominent mortgage lending firm today testified around 20 percent of outpouring in its net profit of June Quarter at INR 424 crore. Year ago from now, the company had displayed its net profit (after payments of taxation) INR at Rs 424 crore. Company’s total income was reported up by 19.3 percent to INR 1,602 crore, whereas the total interest returns increased by 17.1 percent to INR 701 crore.
Ashwini Hooda, deputy managing director of the company says, “We had single time benefit on account via tax write back during the quarter and as per our policy, we put such incomes under counter cyclical buffe.” He explained in detail about company’s persistent previsions were at INR 20 crore, however the company decided to keep aside the fluctuating endowments of INR 45 crore as counter cyclic buffer for the quarter.
Source: Economic Times
