HDFC profit up 16% at Rs 1,140 cr

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SummaryHome loan major HDFC has reported a 16 per cent rise in standalone net profit of Rs 1,140.10 crore for the quarter ended December 2012 as compared to Rs 981.25 crore in the same period last year

Home loan major HDFC has reported a 16 per cent rise in standalone net profit of Rs 1,140.10 crore for the quarter ended December 2012 as compared to Rs 981.25 crore in the same period last year. It posted a 27.55 per cent rise in consolidated net profit at Rs 1,705.83 crore in the third quarter ended December 2012 on sound growth in individual loan book.

Reacting to the results, the HDFC counter closed nearly 1 per cent down at Rs 814.50, after hitting a high of Rs 828.05 on the BSE.

Total income of the company soared 58.75 per cent to Rs 10,128.58 crore in the December quarter compared to Rs 6,379.96 crore reported a year-ago. “We continue to post sound results on the back of robust loan growth, especially in the individual loan segment,” HDFC vice-chairman and CEO Keki M Mistry said.

The total loan book stood at Rs 1,60,941 crore by the end of the December quarter, up 21.73 per cent compared to Rs 1,32,208 crore reported in the same period last fiscal.

“The individual loan book witnessed robust growth of around 31 per cent, which includes addition of loans sold during this period,” Mistry said, adding that around 85 per cent of the total growth in loan book came from individual loan segments with the rest coming from the non-individual segment.

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