The share price of Indiabulls Housing Finance jumped over 7 percent on Thursday after the firm announced a 19 percent QoQ rise in net profit to Rs 323 crore versus Rs 272 crore in the previous quarter.

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The stock rose as much as 7.1 percent to the day's high of Rs 170.70 per share. However, on a YTD basis, the stock has declined over 46 percent.

However, assets under management (AUM) decreased 2 percent on a QoQ basis and 14.5 percent on a YoY basis to Rs 90,941 crore. It reported an AUM of Rs 1,06,330 crore in the year-ago quarter and Rs 92,770 crore in the June quarter.

The firm also stated that collection efficiency stood at 96.1 percent in this quarter and only 1.6 percent of the total customer base availed moratorium for all 6 months.

Its total income fell 25.9 percent to Rs 2,581 crore during Q2 as compared with Rs 3,481.40 crore in the year-ago period. The firm added that gross non-performing assets (NPAs) remained moderate at 1.98 percent during the quarter.

Without the Supreme Court's dispensation, gross NPAs would be 2.21 percent, flat over the first quarter of 2020-21, it added.

With regard to the RBI's latest review of co-lending, the company said it has executed an agreement for co-lending with a public sector bank for home loans and a mid-sized private sector bank for a loan against property or MSME loans.

The company added that by January 1, it will be in market actively sourcing loans with five partner banks. "The company is on track to disburse Rs 1,000 crore in 2020-21 through the co-lending model."

First Published:Nov 12, 2020 10:30 AM IST