HDFC hits record high on strong Q3 results

HDFC rose 2.61% to Rs 1,952.30 at 14:24 IST on BSE after consolidated net profit surged 144.7% to Rs 6677.06 crore on 12.4% rise in total income to Rs 16846.77 crore in Q3 December 2017 over Q3 December 2016.

The result was announced during market hours today, 29 January 2018.

The company reported exceptional items of Rs 3448.05 crore in Q3 December 2017. During Q3 December 2017, the company had sold 19.12 crore shares of HDFC Standard Life Insurance Company, its material subsidiary, representing 9.52% of its issued and paid-up capital in the initial public offering of HDFC Life, resulting in a profit of Rs 5250.31 crore.

HDFC's net profit jumped 233.3% to Rs 5670.21 crore on 6.71% rise in total income to Rs 8695.09 crore in Q3 December 2017 over Q3 December 2016.

Meanwhile, the S&P BSE Sensex was up 233.49 points, or 0.65% to 36,283.93.

On the BSE, 3.1 lakh shares were traded in the counter so far, compared with average daily volumes of 3.23 lakh shares in the past one quarter. The stock had hit a high of Rs 1,957.65 in intraday trade, which is also a record high for the stock. The stock had hit a low of Rs 1,908 so far during the day. The stock had hit a 52-week low of Rs 1,280.85 on 25 January 2017.

The stock had outperformed the market over the past one month till 25 January 2018, gaining 11.37% compared with 6.22% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 13.39% as against Sensex's 9.1% rise. The scrip had also outperformed the market in past one year, jumping 42.41% as against Sensex's 30.11% rise.

The large-cap company has equity capital of Rs 319.52 crore. Face value per share is Rs 2.

Meanwhile, the board of directors of the company approved issuance of secured, redeemable, non convertible debentures aggregating Rs 35000 crore in various tranches on a private placement basis. The board also approved issuance of rupee denominated bonds/foreign currency denominated bonds to overseas investors for an additional amount not exceeding $1500 million in various tranches under medium term note programme.

HDFC is India's first retail housing finance company and is currently one of the largest originators of housing loans in the country.

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