December 28, 2014 8:14 AM ET

Thrifts and Mortgage Finance

Company Overview of Indiabulls Housing Finance Limited

Company Overview

Indiabulls Housing Finance Limited, a housing finance company, provides home loans, loan against properties, and commercial vehicle loans primarily to salaried and self employed sectors in India. The company offers loans against residential and commercial properties to small to mid-sized businesses, partnership firms, and private limited or closely held companies; and commercial loans, including new vehicle loans, used vehicle/refinance, top up loans, and balance transfers to various business owners. It also provides financial related advisory services and other related ancillary services; and sells insurance products. The company was founded in 2000 and is based in Mumbai, India.

Indiabulls House

Indiabulls Finance Centre

Senapati Bapat Marg

Elphinstone Road

Mumbai,  400013

India

Founded in 2000

4,000 Employees

Key Executives for Indiabulls Housing Finance Limited

Vice Chairman
Total Annual Compensation: $60.0M
Founder and Chairman
Age: 39
Total Annual Compensation: $182.9M
Deputy Managing Director
Total Annual Compensation: $28.1M
Executive Director
Age: 53
Total Annual Compensation: $18.0M
Business Head of Mortgages
Compensation as of Fiscal Year 2014.

Indiabulls Housing Finance Limited Key Developments

Veritas Investment Research Corp. Files Suit Against Indiabulls Group Claiming $11 Million in Damages

The two-year old legal fight between Canada-based Veritas Investment Research Corp. and Indiabulls Group has revived with the former filing a suit in Ontario, claiming $11 million from the latter, and the arrest of Nitin Mangal, who co-authored a controversial report by Veritas in 2012 titled Bilking India on three Indiabulls group companies. In August, Veritas sued Indiabulls Real Estate Ltd. and Indiabulls Housing Finance Ltd. in Canada, claiming $10 million in general and special damages along with $1 million in punitive damages. Punitive damages are typically awarded in addition to actual damages in cases wherein the court is convinced that the behaviour of the named entities was harmful and deserve further monetary punishment in addition to the damages. The Delhi High Court, however, has restrained Veritas from proceeding with the suit till the case is next heard in India in February 2015.

Indiabulls Housing Finance Ltd Appoints Kamalesh Shailesh Chandra Chakrabarty as Independent Director

Indiabulls Housing Finance Ltd. announced that Dr. Kamalesh Shailesh Chandra Chakrabarty, Ex-Deputy Governor of Reserve Bank of India, has been appointed as an Independent Director on the Board of Directors of the Company, with effect from October 27, 2014.

Indiabulls Housing Finance Limited Reports Unaudited Standalone and Consolidated Earnings Results for the Second Quarter and Six Months Ended September 30, 2014

Indiabulls Housing Finance Limited reported unaudited standalone and consolidated earnings results for the second quarter and six months ended September 30, 2014. For the quarter, on standalone basis, the company reported a net profit for the period of INR 5,657.742 million as compared to INR 3,531.113 million for the quarter ended September 30, 2013. Total income from operations was INR 14,673.027 million against INR 13,510.914 million a year ago. Profit from operations before other income finance costs & exception items was INR 12,990.001 million against INR 12,087.760 million a year ago. Profit from ordinary activities before tax was INR 6,794.356 million against INR 4,795.796 million a year ago. EPS diluted was INR 16.14 against INR 10.74 a year ago. For the six months, on standalone basis, the company reported a net profit for the period of INR 9,779.798 million as compared to INR 6,799.786 million a year ago. Total income from operations was INR 27,837.383 million against INR 25,139.992 million a year ago. Profit from operations before other income finance costs & exception items was INR 24,548.907 million against INR 22,249.335 million a year ago. Profit from ordinary activities before tax was INR 4,795.796 million against INR 11,976.860 million a year ago. EPS diluted was INR 28.10 against INR 21.00 a year ago. For the quarter, on consolidated basis, the company reported a net profit for the period of INR 4,482.9 million as compared to INR 3,703.9 million for the quarter ended September 30, 2013. Total income from operations was INR 15,185.8 million against INR 14,007.0 million a year ago. Profit from operations before other income finance costs & exception items was INR 13,335.2 million against INR 12,416.9 million a year ago. Profit from ordinary activities before tax was INR 5,653.5 million against INR 5,053.5 million a year ago. EPS diluted was INR 12.78 against basic and diluted EPS of INR 11.23 a year ago. For the six months, on consolidated basis, the company reported a net profit for the period of INR 8,720.6 million as compared to INR 7,218.8 million a year ago. Total income from operations was INR 28,861.5 million against INR 26,104.0 million a year ago. Profit from operations before other income finance costs & exception items was INR 29,467.6 million against INR 24,998.4 million a year ago. Profit from ordinary activities before tax was INR 8,720.6 million against INR 7,218.8 million a year ago. EPS diluted was INR 25.06 against INR 22.16 a year ago.

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