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HDFC advances over 3% as Q4 nos beat Street expectations, pares gains later

The mortage lender on Monday reported a 22 per cent decline in net profit at 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 period last financial year

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Analysts at Nomura, for instance, had pegged the lender's net profit at Rs 1,931.8 crore, down 32.5 per cent YoY.

3 min read Last Updated : May 26 2020 | 3:09 PM IST

Shares of HDFC gained 3.4 per cent in the morning trade, to Rs 1,568, on the BSE on Tuesday after the housing financier's March quarter results beat analysts' expectations. The stock, however, erased all the gains and hit an intra-day low of Rs 1,486.45, down 2 per cent. At 3:05 pm, the stock was trading 1.09 per cent lower at Rs 1,500 apiece on the BSE, as against a 0.23 per cent, or 70 points, decline in the benchmark S&P BSE Sensex.

The mortage lender on Monday reported a 22 per cent decline in net profit at Rs 2,233 crore

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