NEW DELHI :
Indiabulls Housing Finance Ltd (IBHFL) on Tuesday reported a 24% fall in net profit at ₹802 crore for the first quarter ended June 30.
The company had registered a net profit of ₹1,055 crore in the corresponding period of the previous fiscal.
The company's total income fell to ₹3,886.12 crore during the June quarter as against ₹4,071.32 crore in the year-ago period, it said in a release.
During the quarter under review, Competition Commission of India approved the proposed scheme of amalgamation of the company and Indiabulls Commercial Credit Ltd into and with Lakshmi Vilas Bank, IBHFL said.
The scheme is subject to receipt of approval from RBI and other regulatory approvals, it added.
The company's main business is financing by way of loans for purchase or construction of residential houses, commercial real estate and certain other purposes.
"As we await the regulatory decision on our merger application, which I expect in the next 45 to 60 days, we are focused on incremental loan book growth coming from MSME/LAP loans and housing loans," IBHFL Vice Chairman and MD Gagan Banga said.
Even in the period where the real estate sector has been going through a stress test, the company's credit book has seen a good amount of refinance, which speaks to the quality of the underlying assets, he said.
"We are comfortably placed on liquidity, ALM and capital levels and remain poised to make the most of growth opportunity in retail loans within our target segments," he added.
Shares of IBHFL on Tuesday closed up 7.87% at ₹514.10 on the BSE.