Indiabulls Housing up 6% post strong Q1 nos; Nomura upgrades to buy with target Rs 1,750

Aug 3, 2018 | Financial Updates | 0 comments

The company has reported a rise of 30 percent in consolidated net profit at Rs 1,048.68 crore for the quarter ended June.

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Shares of Indiabulls Housing Finance gained 6.4 percent intraday Friday on the back of strong numbers declared by the company in the quarter ended June 2018.

The company has reported a rise of 30 percent in consolidated net profit at Rs 1,048.68 crore for the quarter ended June. The company’s net profit in the corresponding April-June period of 2017-18 stood at Rs 804.89 crore.

Revenue during the quarter increased to Rs 4,071.32 crore from Rs 3,288.24 crore in the year-ago period.

Brokerage: Nomura | Rating: Buy | Target: Rs 1,750

Nomura has upgrade Indiabulls Housing to buy from neutral call and raised target to Rs 1,750 from Rs 1,500 per share.

The research house raise profit estimates of the company by 3-7 percent and expect RoE of 27-29% on increased net worth.

Brokerage: Credit Suisse | Rating: Outperform | Target: Rs 1,650

Credit Suisse has maintained outperform rating on Indiabulls Housing and raised target to Rs 1,650 from Rs 1,600 per share.

The company’s loan book is growing at 33% YoY, which is among the fastest of large housing finance companies, said Credit Suisse.

Momentum looks strong with disbursements growing at 48% YoY and stock is attractively valued with company having strong earnings visibility.

The management is confident of retaining spreads in range of 300-325 bps, it added.

At 10:45 hrs Indiabulls Housing Finance was quoting at Rs 1,363.25, up Rs 62.10, or 4.77 percent on the BSE.

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