Representational Image of housing finance
Representational Image of housing finance
bongkarn thanyakij

Indiabulls Housing Finance on Friday reported nearly 66 per cent decline in its consolidated net profit at Rs 273 crore for the first quarter ended June of the current fiscal year.

The housing financier had posted a net profit of Rs 802 crore in the same quarter a year ago.

Total income fell 33.7 per cent to Rs 2,578 crore during April-June of 2020-21 as against Rs 3,386 crore in the same period of 2019-20, Indiabulls Housing Finance Ltd (IBHFL) said in a regulatory filing.

IBHFL said former RBI deputy governor S S Mundra has been appointed as the non-executive chairman of the company with effect from August 12, 2020.

Sameer Gehlaut has relinquished the office of executive chairman, and has been re-designated as a non-executive director on the board, it added.

The company plans to grow its assets under management (AUM) in the current fiscal by about 12 per cent.

Besides, it said 40 per cent of target borrowing for FY21 has already been done, and 20 per cent has been tied up. Thus, 60 per cent of the borrowing plan for FY21 is achieved as on date.

The company's main business is financing by way of loans for purchase or construction of residential houses, commercial real estate and certain other purposes.

Shares of IBHFL on Friday closed 0.44 per cent lower at Rs 203.10 apiece on the BSE.

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