HDFC Q3 standalone profit slips 65% YoY to Rs 2,926 cr, revenue tanks 42.2%

Its consolidated net profit, attributable to the owners, however, came in at Rs 5,176.76 crore for the quarter under review, clocking an improvement of 35 per cent on year

Mortgage lender HDFC on Tuesday reported a 65 per cent year-on-year (YoY) decline in standalone net profit to Rs 2,925.83 crore for the quarter ended December 2020 (Q3FY21) on the back of lower income. The housing financier's PAT stood at Rs 8,372 in the year-ago period (Q3FY20).
 

Sequentially, the profit grew 2 per cent from Rs 2,870 crore clocked in Q2FY21.

"HDFC profit declined due to last year one time gain of Rs 9019 crore . During the previous year, GRUH Finance Limited (GRUH), an associate company, was merged with Bandhan Bank effective October 17, 2019. The Corporation recorded