Mortgage financier HDFC Ltd’s net profit grew 22 per cent year-on-year (YoY) to Rs 3,668 crore in the April-June quarter (Q1) of FY23, aided by dividend income and lower impairment losses on financial instruments. But it missed Street estimates as Bloomberg analysts had predicted its net profit at Rs 3,883.5 crore.
Shares of the lender closed at Rs 2,379.10 apiece, up 1.85 per cent from the previous day’s close.
HDFC Ltd reported net interest income to the tune of Rs 4,446.90 crore, up 8 per cent YoY. Lower NII growth was due to transmission lag; it would unwind in the coming quarters, its management said.