Mumbai: Indiabulls Housing Finance Ltd Monday beat market estimates to post a 24.4% year-on-year rise in March quarter consolidated net profit, as net interest income grew.
Net profit for the fourth quarter of the fiscal year stood at Rs841 crore, against Rs676 crore a year ago. According to the median estimates of three analysts polled by Bloomberg, the company was expected to post a net profit of Rs831.2 crore.
Net interest income for the quarter rose 21.8% to Rs1,360 crore from Rs1,116 crore a year ago.
Gross non-performing assets (NPAs) for the quarter stood at 0.85% compared with 0.84% a year ago, while net NPAs stood at 0.36% against 0.35% a year ago.
Shares of Indiabulls Housing Finance Ltd gained 1.69% to close at Rs1,006.60 on Monday on the BSE, while the benchmark Sensex index gained 0.99% to close at 29,655.84 points.