Millennium Post

HDFC net profit rises 24% to `4,196 cr in Q3

New Delhi: Mortgage lender HDFC Ltd on Monday reported a 24.3 per cent rise in consolidated net profit to Rs 4,196.48 crore for the third quarter ended December.

It had posted a net profit (before adjustment for minority interest) of Rs 3,377.05 crore during the corresponding October-December period of 2018-19.

Total income on consolidated basis rose to Rs 29,073.19 crore during the quarter as against Rs 24,653.15 crore in the year-ago period.

On standalone basis, the net profit jumped by nearly four times to Rs 8,372.49 crore from Rs 2,113.80 crore in same period of previous fiscal, HDFC said in a regulatory filing.

Income was up at Rs 20,291.46 crore as against Rs 10,582.49 crore.

Gruh Finance Ltd (Gruh), an associate of the Corporation merged into and with Bandhan Bank with effect from October 17, 2019, it added.

"The Corporation was allotted 15,93,63,149 shares aggregating to 9.90 per cent of the total issued share capital of Bandhan Bank...on derecognition of investment in Gruh, the Corporation has recognised a fair value gain of Rs 9,019.81 crore," HDFC said. Stock of HDFC closed at Rs 2395.80 on the BSE, down 2.25 per cent from previous close.

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