Indiabulls Housing Finance gains 4% after in-line Q2 performance
Also, PAT was in-line as higher PPOP was offset by higher credit costs of 1.6% & higher effective tax rate.
Shares of the housing financier Indiabulls Housing Finance in Wednesday’s session was trading higher by 2.6 per cent at Rs 180.3, while at day’s high it scaled to Rs 182.25. The gains in the stock were fuelled as the company after a long time posted good numbers. Nevertheless, profit growth has still been low at the company.
Profit during the review quarter has registered 2.9 per cent growth YoY and came in at Rs 298 crore as against Rs 289 crore in the same quarter of FY23. NII or net interest income climbed 7 per cent to Rs 893 crore versus Rs 821 crore in the corresponding quarter last year.
NIM for the July-September period has been logged at 4.8 per cent in comparison to 4.2 per cent in the same quarter of the previous year.
Gross NPA at the firm has also seen a marginal hit sequentially from 2.87 per cent in the June ended quarter to 2.88 per cent in the September quarter.
The stock is also among the 15 stocks that are a part of the F&O ban list for today.
Morgan Stanley has retained its underweight call on the stock with a target of Rs 103.
For the brokerage, Pre-provision operating profit (PPOP) beat was 43% on higher total income (i.e. 25% above the brokerage’s estimates ), led by higher assignment income & lower operating costs . Also, PAT was in-line as higher PPOP was offset by higher credit costs of 1.6% & higher effective tax rate.
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