Hdfc Net Jumps 28% To Rs 54.90 Crore In Q1

The net profit of Housing Development Finance Corporation (HDFC) for the first quarter ended June 30, has jumped 28.51 per cent to touch Rs 54.90 crore from Rs 42.72 crore during the corresponding period in the previous year.

This is the first time HDFC has announced quarterly results, which makes it the second corporate after Infosys Technologies to do so. HDFC also released the quarterly results to the stock exchanges .

The HDFC results are, however, unaudited unlike Infosys. HDFC's results were taken on record by the board of directors yesterday. HDFC's total income jumped to Rs 331.89 crore for the first quarter ended June 30, from Rs 264.77 crore during the corresponding period of the previous year. After an interest expense of Rs 237.47 crore (Rs 187.17 crore) and other expenses of Rs 16.45 crore (Rs 14 crore), gross profits stood at Rs 77.95 crore (Rs 63.58 crore).

Its profit before tax was Rs 68.20 crore (Rs 54.08 crore) after providing for depreciation of Rs 9.75 crore (Rs 9.50 crore). HDFC's has made a provision of Rs 13.30 crore (Rs 11.35 crore) for tax after which the net profit was at Rs 54.90 crore (Rs 54.72 crore).

On a quarter to quarter comparison, HDFC's networth increased to Rs 1,700 crore in the first quarter up from Rs 1,542 crore in the previous year. The equity capital stayed put at Rs 119 crore. The redeemable preference share capital, however, fell to Rs 35 crore from Rs 50 crore. Reserves and surplus rose to Rs 1,546 crore (Rs 1,373 crore).

On the liabilities side term loans rose to Rs 2,128 crore (Rs 1,945 crore), bonds to Rs 789 crore (Rs 684 crore) and deposits to Rs 3,509 crore (Rs 2,785 crore).

On the asset side loans rose to Rs 5,737 crore (Rs 4,844 crore) and investments to Rs 1,464 crore (Rs 972 crore). Loan sanctioned during the three months ended June 30, aggregated Rs 519.14 crore as compared with Rs 413.76 crore -- representing an increase of 25 per cent. Loan disbursements amounted to Rs 338.32 crore compared with Rs 274.96 crore -- representing a 23 per cent increase.