HDFC Q3 net profit surges 233% to Rs5,670.21 crore
Mumbai: Mortgage lender Housing Development Finance Corp. Ltd on Monday reported a 233% jump in its net profit in the December quarter to Rs5,670.21 crore from Rs1,701.21 crore a year ago.
The surge in net profit was due to a one-time gain of Rs5,250.31 crore as HDFC sold 9.52% stake in its arm HDFC Standard Life Insurance Co. Ltd via an initial public offer.
“In accordance with past practice and with the objective of further strengthening the corporation’s balance sheet the corporation has made an additional provision of Rs1,575 crore to share up the provision and contingencies account and thereby recognise provisions towards specific loans against future risks,” said HDFC in a notice to BSE.
Total income rose 6.7% from a year ago to Rs8,695.09 crore.
On a consolidated basis, HDFC reported a net profit of Rs6,677.06 crore, up 144.70% from a year ago. Total income rose 12.4% to Rs16,846.77 crore.
HDFC also approved raising Rs35,000 crore via issue of debentures on a private placement basis and $1.50 billion through issue of rupee-denominated bonds or foreign currency-denominated bonds to overseas investors in various tranches under Medium Term Note (MTN) programme.
Shares of HDFC closed at Rs1,953.25 on the BSE, up 2.66% from its previous close, while India’s benchmark Sensex index closed 0.65% up at 36,283.25 points.