HDFC turns volatile after reporting Q2 earnings

HDFC lost 0.38% to Rs 815.50 at 13:56 IST on BSE after net profit rose 10% to Rs 1266.33 crore on 12.82% growth in total income to Rs 5953.98 crore in Q2 September 2013 over Q2 September 2012.

The Q2 result was announced during trading hours today, 21 October 2013.

Meanwhile, the S&P BSE Sensex was down 36.73 points or 0.18% at 20,846.16.

On BSE, 1.80 lakh shares were traded in the counter as against average daily volume of 2.47 lakh shares in the past one quarter.

The stock was volatile. The stock lost as much as 1.72% at the day's low of Rs 804.50 so far during the day. The stock rose as much as 0.78% at the day's high of Rs 825 at the onset of the trading session.

HDFC's consolidated net profit rose 20.08% to Rs 1891.17 crore on 14.97% growth in total income to Rs 9982.71 crore in Q2 September 2013 over Q2 September 2012.

The National Housing Bank (NHB) vide its notification dated 6 September 2013 has reduced the provisioning requirement to 0.75% from the earlier 1% in respect of standard loans for Commercial Real Estate-Residential Housing. Accordingly, Rs 45.81 crore has been released from standard assets provisioning as on 30 September 2013, HDFC said. This amount is being adjusted through lower provisioning over a period of three quarters starting with Q2 September 2013, HDFC said.

As on 30 September 2013, the loan book of the company stood at Rs 1.84 lakh crore as against Rs 1.55 lakh crore as on 30 September 2012. This is after considering the loans sold during the preceding 12 months amounting to Rs 3792 crore, HDFC said.

Housing finance major HDFC has a wide network of offices catering to over 2,400 towns and cities spread across the country. It also has offices in Dubai, London and Singapore and service associates in the Middle East region, to provide housing loans and property advisory services to Non-Resident Indians (NRIs) and Persons of Indian Origin (PIOs).

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