Stock Report

Indiabulls Financial Services Ltd Q1 net up 192.93% to Rs.51.82 Crores

Posted On : 2007-07-23 23:16:17( TIMEZONE : IST )

Indiabulls Financial Services Ltd has announced the UnAudited Financial Results for the quarter ended June 30, 2007.

The Company has posted a profit after taxes of Rs.518.2 million for the quarter ended June 30, 2007 where as the same was at Rs.176.9 million for the quarter ended June 30, 2006. Total Income is Rs.1136.5 million for the quarter ended June 30, 2007 where as the same was at Rs.593.6 million for the quarter ended June 30, 2006.

The company reported an Earnings Per Share (EPS) of Rs.2.37 for Quarter ended June 30, 2007 compared to Rs.1.1 reported during Quarter ended June 30, 2006.

During the quarter, Oberon Ltd ("Oberon") exercised their option to convert the 1,15,00,000 Convertible Preference Shares of face value Rs 162 each, into as many Equity Shares of face value Rs 2 each in the Company. Pursuant to the exercise of the option to convert by Oberon, the Board of Directors of the Company, at their meeting held on April 11, 2007 allotted an aggregate of 1,15,00,000 Equity Shares of face value Rs 2 each, at a conversion price of Rs 162 per Equity Share.

During the quarter, the Promoter Directors ("Promoters") of the Company exercised their option to convert 50,00,000 warrants [out of 1,00,00,000 Series II warrants], into as many Equity Shares of face value of Rs 2 each in the Company. Consequently, the Board of Directors of the Company at its meeting held on April 23, 2007, allotted an aggregate of 50,00,000 Equity Shares of face value Rs 2 each at a conversion price of Rs 134.87 per Equity Share to the Promoters of the Company.

During the quarter, the Company has completed the listing of 22,970,903 Global Depositary Receipts (GDRs) at the Luxembourg Stock Exchange. The GDRs were offered at US$ 13.06 per GDR, each GDR representing one equity share of Rs 2/- each of the Company thereby raising Rs 12235.10 million.

Consequent to the above conversion of Convertible Preference Shares, exercise of Warrants and the GDR issue, the paid-up equity share capital of the Company has increased to Rs 445,492,562/- and securities premium account has increased to Rs 22,896,140,785/- (net of issue expenses)

The stock was trading at Rs.647.10, down by Rs.17.05 or 2.57%. The stock hit an intraday high of Rs.674.70 and low of Rs.642.10. The total traded quantity was 363324 compared to 2 week average of 1008532.