MUMBAI : 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 lower income.

The company had posted a net profit of Rs985.51 crore during the corresponding quarter of the previous financial year.

A Bloomberg poll of 2 analysts had estimated a profit of Rs2,514 crore.

Its total income during the October-December 2019 period also came down 24.75% to Rs3,369.76 crore, from Rs4,477.97 crore in the year-ago period, it said in a regulatory filing.

On a standalone basis, the firm's net profit was down 60.40% at Rs377.23 crore during the quarter from Rs952.66 crore a year ago. Income fell to Rs2,976.14 crore from Rs4,045.69 crore.

Further, the board has also considered and approved the proposal of issuing secured non-convertible debentures and unsecured, redeemable, non-convertible subordinate debt in the

nature of debentures (NCDs) up to Rs5,000 crore, on a private placement basis, in one or more tranches, from time to time, it said in the filing.

Its board of directors also declared an interim dividend of Rs6 per equity share, and that the record date for the purpose of determining the names of members eligible for receipt of the interim dividend will be Saturday, February 15, 2020. The dividend will be paid on or before Thursday, March 5, 2020.

It also said the Citizens Whistle Blower Forum has filed a public interest litigation (PIL) before the Delhi High Court wherein certain allegations have been made against Indiabulls

group.

"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 said.

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

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