HDFC Q1 profit rises 14.62% to Rs1,344.66 crore
On a consolidated basis, net profit rose 9.71% to `1,872.90 crore, from `1,707.10 crore in the year-ago period
Mumbai: Housing Development Finance Corp. Ltd (HDFC), India’s largest mortgage finance company, on Monday said its standalone profit for the quarter ended 30 June rose 14.62% to ₹ 1,344.66 crore, from ₹ 1,173.10 crore in the corresponding period a year ago.
The profit was marginally lower than estimated by a Bloomberg poll of 25 analysts, which had pegged it ₹ 1,348 crore.
On a consolidated basis, net profit increased 9.71% to ₹ 1,872.90 crore, from ₹ 1,707.10 crore in the year-ago period.
On a stand-alone basis, total income increased 16.01% to ₹ 6,446.80 crore from ₹ 5,556.94 crore a year ago.
HDFC’s loan book increased to ₹ 2.03 trillion in the June quarter, up 14.91% from ₹ 1.77 trillion a year ago, it said in a statement.
HDFC has three major subsidiaries: HDFC Standard Life Insurance Co. Ltd, HDFC ERGO General Insurance Co. Ltd and HDFC Asset Management Co. Ltd. Its main business is lending to individual home buyers and builders.
HDFC shares closed 2.61% higher at 1006.70, while India’s benchmark Sensex gained 0.29% to 25,715.17 points.
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