Indiabulls Housing Finance Limited - Q1FY23 Business Update

Indiabulls Housing Finance Limited has announced business update for the quarter ended June 30, 2022:

- Assets under management as of June 30, 2022, stood at approx. ₹ 73,000 crores in line with guidance

- Expanding customer franchise: Retail disbursals under the asset-light co-lending model and through loan sell downs were at approx. ₹ 2,000 crores for Q1FY23, up from ₹ 1,500 crore per quarter levels in H2FY22

- In the background of rising rates, the Company has revised its rates such that the retail loan book has been re-priced upwards on average by 90 bps and the wholesale book by 110 bps

- The lead lender of IBH's working capital lender consortium has accorded its permission for the de-promoterisation of Mr. Sameer Gehlaut - this was a key step in the process. The de-promoterisation is on track to be completed in this calendar year [CY2022], subject to receipt of other requisite approvals.

- In the quarter ended June 30, 2022, the Company raised USD 100 Mn of External Commercial Borrowings [ECBs] through State Bank of India

- Fortress balance sheet: In Q1FY23 the Company repaid USD 350 Mn of dollar bonds liability. In stages, the Company had voluntarily pre-funded 100% of the repayment liability in the form of fixed deposits in favour of third party trustee. The Company, from time to time, will continue to take such steps to proactively manage its ALM, and, where required, will fund resource pools in advance of any large debt repayments, especially the foreign debt repayments; for example, the Company will be setting up similar arrangements for its ECB repayment in FY24 and FCCB repayments in FY24/25. The Company's ALM management and liquidity planning does not assume refinance of domestic or international bonds or term loans; assumes that all put options on its debt will be exercised; and assumes no conversion of FCCBs into equity.

- 7 fully operational and mature co-lending tie-ups. Tech integration completed with 3 co-lending partners

- The Company continues to expand its geographical reach and has opened a further 9 new branches in Q1FY23

Shares of Indiabulls Housing Finance Limited was last trading in BSE at Rs. 96.45 as compared to the previous close of Rs. 93.25. The total number of shares traded during the day was 948578 in over 6385 trades.

The stock hit an intraday high of Rs. 97.45 and intraday low of 94.15. The net turnover during the day was Rs. 91027500.00.

Source : Equity Bulls

Keywords

IndiabullsHousingFinance INE148I01020 IBULHSGFIN BusinessUpdate Q1FY23