HDFC's pre-tax profit down 27% in Q4 due to higher provisioning for Covid

After adjusting for fair value adjustments, profit on sale of investment, dividend and provisioning, the adjusted profit before tax for the quarter ended March 31, 2020 is, Rs 3,535 crore

Mortgage lender Housing Development Finance Corporation (HDFC) on Monday reported a 27 per cent decline in profit before tax (PBT) at Rs 2,692 crore in the March quarter of 2019-20 because of higher provisioning for uncertainties due to the Covid-19 pandemic. Its PBT was Rs 3,691 crore in the same period a year ago.
 

The lender’s net profit declined 22 per cent to Rs 2,233 crore in the fourth quarter, compared to Rs 2,862 crore in the year-ago period.
 

It made provisions of Rs 1,274 crore in the quarter, up 220 per cent from Rs 398 crore in the same