Indiabulls Housing Finance on Wednesday reported a drop of 44.02% in its consolidated net profit to Rs551.70 crore in the second quarter ended December 31 on decrease revenue.

The firm had posted a net profit of Rs985.51 crore throughout the corresponding quarter of the earlier monetary yr.

A Bloomberg ballot of two analysts had estimated a profit of Rs2,514 crore.

Its complete revenue throughout the October-December 2019 interval additionally got here down 24.75% to Rs3,369.76 crore, from Rs4,477.97 crore in the year-ago interval, it mentioned in a regulatory submitting.

On a standalone foundation, the agency’s net profit was down 60.40% at Rs377.23 crore throughout the quarter from Rs952.66 crore a yr in the past. Income fell to Rs2,976.14 crore from Rs4,045.69 crore.

Further, the board has additionally thought of and accepted the proposal of issuing secured non-convertible debentures and unsecured, redeemable, non-convertible subordinate debt in the

nature of debentures (NCDs) as much as Rs5,000 crore, on a personal placement foundation, in a number of tranches, occasionally, it mentioned in the submitting.

Its board of administrators additionally declared an interim dividend of Rs6 per fairness share, and that the file date for the aim of figuring out the names of members eligible for receipt of the interim dividend shall be Saturday, February 15, 2020. The dividend shall be paid on or earlier than Thursday, March 5, 2020.

It additionally mentioned the Citizens Whistle Blower Forum has filed a public curiosity litigation (PIL) earlier than the Delhi High Court whereby sure allegations have been made towards Indiabulls


“The company has vehemently denied the frivolous allegations that have been made without basic research or inquiry. It has also filed a perjury application wherein a notice has been issued. The management has concluded that theallegations made in the writ petition has no merit and no impact on the financial statements. The matter is sub-judice and pending before the Delhi High Court,” it mentioned.

Shares of Indiabulls Housing on Wednesday closed at Rs276.75 on the BSE, down 0.05% from the earlier shut.

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