Indiabulls Housing Finance Q1 Results: 3.3% rise in profit to Rs 296.2 crore

For the first quarter of FY24, Indiabulls Housing Finance reported a consolidated profit of Rs 296.2 crore, an increase of 3.3% over the same period of the previous year. 

In another development, the company last month said it will be relinquishing the 'Indiabulls' brand. 

The company said that with the completion of its de-promoterisation, its former promoter Sameer Gehlaut, who had established the Indiabulls brand, has been classified as a public shareholder from February 2023 and was no longer associated with the company in any other way. 

"Therefore, the continuance of the brand 'Indiabulls' by the company has become untenable and it will thus be relinquishing the 'Indiabulls' brand," IHF said in an exchange filing.

IHF said its former promoter held stakes in or is/was engaged in businesses such as real estate, lending, pharma, broking, on-line sales, among others, under the 'Indiabulls' brand.

Source: Media Reports