Indiabulls Housing Q4 PAT slump 86% to Rs 137 cr

Consolidated profit before tax stood at Rs 94.38 crore in Q4 FY20, tumbling 93% from Rs 1427.48 crore in Q4 FY19. The firm received total tax write back of Rs 32.47 crore in Q4 FY20 as against a total tax expense of Rs 426.11 crore in Q4 FY19.

Indiabulls Housing reported total provisions of Rs 3741 crore (5.4% of the loan book), nearly Rs 700 crore out of which were set aside as COVID-19 related provisions. It also made additional provisions of Rs 1798 crore, from the profits it received on sale of its investments in OakNorth Bank.

The loan book declined 24% to Rs 69,676 crore in Q4 FY20 from Rs 91,530 crore Q4 FY19, a drop of nearly Rs 22,000 crore.

Gross NPA ratio [% of loans in Stage 3] declined to 1.84% in Q4 FY20 from 1.94% in Q3 FY20. Provision Coverage Ratio rose to 24% in Q4 FY20 from 22% in Q3 FY20. The company added it has effectively achieved zero net NPA status and now carries Rs 2,391 crore of extra provisions, representing 3.4% of the loan book, for navigating through COVID-19 and post COVID-19 periods

Meanwhile, the company's board approved issuing unsecured and/or secured, listed and/or unlisted, redeemable non-convertible debentures, with or without warrants, or any other similar security denominated in Indian rupee, or combination thereof, in one or more tranches for an aggregate amount up to Rs 5,000 crore (equivalent currency) on private placement basis or otherwise.

Further, to augment the long term resources of the company, the board also approved raising rupee equivalent of up to $300 million, through one or more qualified institutions placement (QIPs).

Shares of Indiabulls Housing Finance closed 2.58% higher at Rs 230.95 on Friday.

Indiabulls Housing Finance's primary business activities are to carry on business of investing and finance related activities (investing in various subsidiaries, financing of loans and credit activities) and fee income, which mainly consists of financial service related fee income from services, selling of insurance products as a licensed corporate agent, and other related ancillary services.


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