Indiabulls Housing builds good Q2

Indiabulls Housing Finance Ltd (IBHFL) is buzzing loud and clear today on the back of its good performance for Q2FY19. The stock price has jumped up almost 3% to Rs.976.85.

The company posted a 21% (YoY) jump in net profit at Rs.1044 crore on a 23% rise in total revenue at Rs.4255 crore. Its NII rose 17% (YoY) at Rs.1631 crore.

The company stated in the Press Release, “Home sales, especially in our core segment of mid-income affordable housing have been strong and strengthening by the passing day. We are very well positioned to grow our business by 20 percent plus in the current macro environment". This optimistic statement has also got the stock rallying.

Its Gross NPA for the quarter was flat on a sequential basis at 0.77%.