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HDFC Q1 profit jumps 46% to Rs 3,203 cr, boosted by Gruh Finance stake sale

The company's profit was boosted by one-time gain of Rs 1,894.21 crore from stake sale in Gruh Finance

SI Reporter  |  New Delhi 

HDFC

HDFC, on Friday, reported a 46 per cent growth in standalone net profit of Rs 3,203.10 crore as compared to the profit of Rs 2,190 crore it had posted in the corresponding quarter of 2018. The company's profit was boosted by one-time gain of Rs 1,894.21 crore from stake sale in Gruh Finance.

Revenue came in at Rs 12,990 crore, up 30.6 per cent from Q1FY19's Rs 9,947.4 crore.


Analysts at Edelweiss Securities had expected a PAT of Rs 3,433 crore.

Read here what analysts had expected from HDFC's Q1 results

reported interest income of Rs 12,734.82 crore. Net interest income (NII) came in at Rs 2,739 crore against Rs 2,562 crore the mortgage lender had clocked in the same quarter last year. Net interest margin remained unchanged at 3.3 per cent.

The company's loan book grew 11.2 percent at Rs 4.16 lakh crore. Gross NPAs grew marginally at 1.29 per cent against 1.22 percent on a QoQ basis. During the quarter, booked Rs 1,894.21 crore from sale of investments.

HDFC's board of directors also granted its approval for issuance of secured redeemable non-convertible debentures under a Shelf Disclosure Doscument (Series-W), aggregating Rs 45,000 crore, in one or more tranches, on a private placement basis, subject of approval of shareholders, the company said.

First Published: Fri, August 02 2019. 13:54 IST
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