|The Munbai-based housing finance company, Indiabulls Housing Finance Company Ltd (IHFL recorded a 22 per cent increase in the fourth quarter net profit of the financial year 2012-2013, backed by robust demand for home loans from the middle segment in suburbs of metro cities.
In the fourth quarter, the housing finance company posted a net profit of Rs 371 crore against Rs 303 crore in the year-ago period. The middle segment comprises houses in the Rs 45-70 lakh category, Mr. Gagan Banga, Chief Executive, IHFL said.
IHFL, whose average loan size is Rs 24 lakh, earned a total income of Rs 1,323 crore against Rs 1,105 crore in Q4 last year.
The company's housing loan book grew 25 per cent to Rs 34,425 crore in the financial year ended March 31, 2013. The company expects loans to grow 25 per cent in FY 2013-14, Mr. Banga said.
Prices in the small-to-medium housing segments are unlikely to decrease as the supply in this category is far less than the demand, Mr. Banga added.