Indiabulls Housing Finance expects 17-19% profit growth in FY20

Moneycontrol News 

Indiabulls Housing Finance on January 31 reported a net profit of Rs 985.51 crore for the October-December quarter, a drop of 13.72 percent YoY.

Gagan Banga, Vice Chairman and Managing Director of Indiabulls Housing Finance, said the company expects loan growth of 20-25 percent ahead.

Asset quality will remain stable, given steady builder repayments, Banga said in an interview with CNBC-TV18.

“Almost over 70 percent of the portfolio is supported by rent discounting transactions,” Banga added.

He also said the company’s total builder portfolio is around Rs 20,000 crore.

“The company has seen over 40 quarters of profitability despite all odds,” Banga added.

Indiabulls Housing Finance expects to deliver profit growth of 15-16 percent in FY19 and 17-19 percent in FY20, the company said in a statement.

Banga added that the company has taken some small developers to the National Company Law Tribunal (NCLT).”While there is a lot of scepticism about the developer portfolio, if you’ve selected the right assets, sales momentum will be reasonably alright,” he added.

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