Mortgage lender Housing Development Finance Corp (HDFC) today announced 25 per cent increase in net profit at Rs 1,276 crore on a consolidated basis. HDFC on a standalone basis had registered a 19 per cent increase in net profit at Rs 1,002 crore over the same period a year ago.
The company said it didn’t factored HDFC Standard Life Insurance’s profit as per IRDA guidelines which make companies mandatory to transfer the profit only after accounts are audited.
Also, it does not consider the charge in respect of redemption premium on zero coupon debentures. If the above adjustments were considered, company’s net profit would have been at Rs 1,194 crore, an increase of 29 per cent over the corresponding quarter last year, it said in a statement.
The share of profit from the subsidiaries and associates in the consolidated profit after tax grew to 21.5 per cent, compared to 17.2 per cent in the corresponding quarter of the previous year.