Indiabulls Financial Services, an integrated financial services powerhouse, has reported a decline of 82.68% in its consolidated net profit at Rs 99.44 crore for the year ended 31 March, 2009, on account of losses incurred in its subsidiaries.

The company had net profit of Rs 574.39 crore in the financial year 2007-08.

However, the total income of the company surged to Rs 2,003.08 crore for the period ended March 2009, against Rs 1,686.24 crore in the same period last year. On standalone basis, the company witnessed a downfall of 50.21 per cent in its net profit, which fell to Rs 190.17 crore, compared with Rs 381.97 crore (FY08).

However, the company reported a jump of 46.65 per cent in its standalone revenues, which grew to Rs 1,409.57 crore. Apart from the announcement of results, the board of directors of the company has proposed a dividend of Rs 2 per share (face value of Rs 2) for the financial year ended
31 March 2009, subject to approval of shareholders.

The shares of Indiabulls Financial Services were trading at Rs 189, down 3% on the BSE, compared with its previous close.