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Mortgage financier Indiabulls Housing Finance Company's net profit rose 11% to 307 crore in the fourth quarter. The growth was mainly led by lower credit costs and higher profit from its co-lending business.

The same was 276 crore in the year-ago quarter.

"The profit grew on the back of lower credit cost and higher profit from co-lending business and securitisation," its deputy managing director Ashwini Kumar Hooda said.

The home loan financier said it disbursed 2,962 crore in H2 FY22 through co-lending. It has also committed co-lending demand for 15,000 crore in FY23 from seven existing partnerships. The company is on track to disburse 15,000 crore in FY23 and 20,000 crore in FY24, according to a release said.

Its loan book declined by 10% to 59,333 crore in the fourth quarter of FY22 from 66,047 crore in the year-ago period.

The company's gross non-performing assets (GNPAs) stood at 3.21% in Q4 FY22 against 2.86% a year ago. Net NPA was at 1.89% compared to 1.55%.

It has voluntarily created a reserve fund for repayment of $350 million of its dollar bonds, due on May 28, 2022.

As against the initial plan to transfer 2,048 crore, about 75 per cent of the total maturity proceeds of these bonds, to a debt repayment trust, the company has fully pre-funded its dollar bond obligations into the trust.

It has instructed the repayment trustee and banks to utilise the proceeds of the pre-funded fixed deposits towards fully meeting the repayment obligations, the release said.

The mortgage financier said it has progressed towards its plan of setting up Alternate Investment Fund (AIF) platforms to recommence disbursing new wholesale loans.

It has received approval for one such AIF fund from the Securities and Exchange Board of India (Sebi) in partnership with a leading global alternative investment firm. The fund will be launched in H1 FY23.

A second AIF fund, in partnership with another global alternative investment firm, is in the process of getting approval from Sebi.

"We expect the approval to be received by the end of May 22 and aim to start disbursing through this fund from Q2 FY23 onwards," the company said, adding that it will also establish a third AIF fund, for which it will file paper with Sebi in Q1 FY23.

Shares of the company closed at 120.20 apiece, up 3.48 per cent on BSE.

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