Indiabulls Fin Services net profit down by 50.2 pc in FY 09

Mon. June 08, 2009; Posted: 12:00 AM

Mumbai, Jun 06, 2009 (Asia Pulse Data Source via COMTEX) -- IBLFF | Quote | Chart | News | PowerRating -- Indiabulls Financial Services today announced that its net profit has almost halved at Rs 190.2 crore in fiscal 2008-09.

The financial services firm net profit fell by 50.2 per cent in the past fiscal from Rs 382.0 crore in FY 2008.

The company's total revenues, however, rose by 34.3 per cent to Rs 1,783.5 crore in FY 2009 from Rs 1,327.9 crore in FY 2008.

The board of directors had recommended a dividend of Rs 2 per share (100 per cent on the face value of Rs. 2 per share) for the past fiscal.

For FY 2009-10, company is expected to generate profit in the range of Rs 430 crore to Rs 600 crore subject to the overall market conditions, the statement said.

"We believe that the factors that negatively impacted our results in FY 2009 have started to move in a favorable direction and will consistently expand net interest margins and profits," Indiabulls Financial Services CEO Gagan Banga said in the statement.

It targets new disbursals of over Rs 6,000 crore in FY 2010, a 30 per cent net growth in asset portfolio.

The company's consolidated net-worth of Rs 3,529.9 crore, compared to Rs 3,500.8 crore of consolidated networth on March 31, 2008.

"Our new businesses of Life Insurance and Multi-Commodity Exchange that are going to be launched this year will act as long term growth drivers for the company," Banga said. Among its new business ventures, the company expects life insurance business to be a key growth driver over the next few years. Licensing process is expected to be completed in this calendar year.

The International Multi-Commodity Exchange (IMCX), a joint venture between Indiabulls Financial Services Ltd, and the state-owned MMTC Ltd, is expected to be operative in July 2009, it said.

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