Indiabulls Housing Finance Limited

Indiabulls Housing Finance Limited announces its Q1 FY21 Financial Results

Q1 FY21 PAT of ₹ 273 Cr

Mumbai, 24th August 2020: The Board of Directors of Indiabulls Housing Finance Ltd. (IBH) announced its unaudited financial results for the quarter ended June 30th 2020.

The numbers are reported under Indian Accounting Standards [Ind AS].

IBH’s Profit:

Key Financials:

Appointment of Mr. S. S. Mundra as the Non-Executive Chairman

Mr. S. S. Mundra, Ex- Deputy Governor of the Reserve Bank of India, who joined the Board of IBH in 2018 as an Independent Director, has been appointed as the Non-Executive Chairman of the Company effective from August 12, 2020. 

Mr. S.S. Mundra is a seasoned and committed banker, with a distinguished career spanning over four decades, during which he held various high level positions, including Chairman and Managing Director of Bank of Baroda, Executive Director of Union Bank of India, Chief Executive of Bank of Baroda (European Operations), amongst others, culminating in his appointment as the Deputy Governor of the Reserve Bank of India, from where he demitted his office in July 2017.

Mr. Sameer Gehlaut, the Founder and Executive Chairman of the Company, has been re-designated as a Non-Executive Director on the Board

Shareholder’s Approval to Raise Equity Capital

The Company in its EGM on July 29, 2020 received shareholder’s approval to raise equity capital of upto $ 300 Million. Successful equity capital raise in midst of the macro-economic headwinds will demonstrate IBH’s access to equity markets and diversity in sources of funding.

Funding Growth from H2FY21

The Company plans to raise a total of ₹ 28,000 Cr through a mix of long-term borrowings, retail portfolio sell down and developer loan refinance/ securitization in FY2020-21. Accounting for scheduled and planned borrowing pre-payments, this will help the Company generate as much as ₹ 12,000 Cr of growth capital.  

Netted off for run off, in current fiscal, the Company plans to grow its balance sheet by 7 - 8%, and AUM by ~12%. 40% of the target borrowings for FY21 have already been done, and 20% have been tied up. Thus, 60% of the borrowing plan for FY21 is achieved as on date. 

New Co-origination Tie-up:

In line with commercial terms mentioned in our co-origination model, we have executed an agreement for co-origination with a mid-sized private sector bank for LAP/ MSME loans. Active sourcing of loans shall begin from 1st Sep, 2020.