HDFC Q1 profit dips slightly to ₹2,734 cr
The country's largest mortgage player HDFC on Wednesday reported marginal decline in consolidated net profit at Rs 2,734 crore for the first quarter ended on June 30.
Its consolidated net profit during the April-June quarter of previous fiscal stood at Rs 2,797 crore. However, total consolidated income rose to Rs 14,463 crore for the quarter as compared to Rs 13,531 crore for the quarter ended June 30, 2016.
On standalone basis, HDFC posted a net profit of Rs 1,556 crore for April-June against that of Rs 1,871 crore in the corresponding quarter of previous year. The company in a statement said the standalone profit numbers for the first quarter are not comparable.
"In the quarter ended June 30, 2016, it sold shares of HDFC ERGO General to ERGO International AG, a subsidiary of Munich Re for a consideration of Rs 922 crore and had also created a one-time special provision of Rs 275 crore as a charge to the statement of profit and loss," it said.
The reported profit before tax for the quarter ended June 30, 2017 stood at Rs 2,359 crore compared to Rs 2,700 crore in the corresponding quarter of the previous year. The effective tax rate for the quarter ended June 30, 2017 was higher at 34 per cent compared to 30.7 per cent in the corresponding quarter of the previous year, it said. pti