Indiabulls Financial Services posted a consolidated net profit of Rs 172.7 crore for the quarter ended September 30, 2010 as compared to Rs 71.1 crore for the quarter ended September 30, 2009, growth of 1.42%. Its consolidated net sales jumped 96.02% to Rs 581.4 crore from Rs 296.6 crore (YoY).
chief executive officer Gagan Banga said, the company aims to maintain 4.5% spread on a long-term basis. ?We are trying to focus on core area of mortgage lending,? he informed.
Banga divulged that the firm has received approval for stake sale in ICEX to the tune of 26% to the Anil Dhirubhai Ambani Group (ADAG). ?The company should fetch Rs 40-45 crore from the stake sale,? he added.
Going forward, he expected CAGR of 25% over a period of 5-8 years.
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