HDFC Q1 net profit up 54% to Rs 21.9 bn; gets nod for Rs 350-bn bonds issue

HDFC has also been allowed to raise up to $1.5 bn by tapping foreign sources through the external commercial borrowing route

HDFC Ltd on Monday reported 54 per cent jump in standalone net profit to Rs 21.9 billion (Rs 2,190 crore) for the first quarter ended June 2018-19. 

The mortgage lender had registered a net profit of Rs 14.2447 billion (Rs 1,424.47 crore) in the April-June quarter of the last financial year, 2017-18.

Its total income (standalone) for the quarter under review increased by 20 per cent to Rs 99.52 billion (Rs 9,952 crore), from Rs 82.8998 billion (Rs 8,289.98 crore) in the year-ago, HDFC said in a regulatory filing.

The respective consolidated figures were not provided by the company.

Revenue from operations increased to Rs 98.8364 billion (Rs 9,883.64 crore) during June quarter of 2018-19, as against Rs 82.5977 billion (Rs 8,259.77 crore) in the year-ago period.

The board of directors of the company on Monday approved issuing bonds up to Rs 350 billion (Rs 35,000 crore) on a private placement basis. 

Besides, it has also been allowed to raise up to $1.5 billion by tapping foreign sources through the external commercial borrowing route, HDFC said. 

The stock of the company was trading 0.35 per cent down at Rs 2,037.30 on BSE.