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HDFC Q1 profit surges 46% YoY to Rs 3,203 crore on one-time gain

Analysts in an ET NOW poll had estimated a net of Rs 3,040 crore.

ETMarkets.com|
Updated: Aug 02, 2019, 05.57 PM IST
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HDFC Q1 profit rises 46% YoY to Rs 3,203 crore on Gruh stake sale
HDFC Q1 profit rises 46% YoY to Rs 3,203 crore on Gruh stake sale
Mortgage lender HDFC on Friday reported a 46 per cent year-on-year (YoY) jump in standalone profit at Rs 3,203 crore for the June quarter. The housing finance firm had posted Rs 2,190 crore profit in the corresponding quarter last year.

Analysts in an ET NOW poll had estimated a net of Rs 3,040 crore.

The profit number was aided by Rs 1,895 crore proceeds the housing major received from stake sale in Gruh Finance.

The NBFC also informed that it has received board’s approval for raising Rs 45,000 crore via secured redeemable non-convertible debentures, in one or more tranches, on a private placement basis.

Calculated net interest income (NII) for the quarter came in at Rs 2,739 crore compared with Rs 2,562 crore in the same quarter last year.

Interest income for the quarter stood at Rs 10,478.20 crore compared with Rs 8,915.38 crore in the year-ago period.

On a consolidated basis, profit rose to Rs 3,094.38 crore from Rs 2,942.26 crore a year ago.

Revenue from life insurance business rose to Rs 8,357 crore from Rs 7,020 crore, general insurance to Rs 2432.76 crore from Rs 2,271 crore and loans to Rs 13,697 crore from Rs 1,532 crore.

The lender in a regulatory filing said that in view of the directive by RBI to acquire and hold not more than 9.9 per cent of the share capital of Bandhan post merger, during the quarter ended June 30, 6,35,86,774 equity shares of Rs 2 each of Gruh were sold resulting in a pre-tax gain of Rs 1,894.21 crore.

During the quarter ended June 30, the lender entered into agreements for acquiring up to 51.2 per cent of the equity share capital of Apollo Munich Health Insurance Company. HDFC has allotted 38,68,847 equity shares of Rs 2 each pursuant to exercise of stock options by certain employees/directors.

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