HDFC Q2 net profit tanks 28% YoY to Rs 2,870 crore, beats Street estimates

The numbers beat profit estimate, cheering investors. The stock soared to day's high of Rs 2,043 apiece on the BSE, up 6.2 per cent, as against 0.65 per cent rise in the benchmark S&P BSE Sensex

Housing financier HDFC’s net profit for September quarter of FY21 tumbled 27.5 per cent to Rs 2,870.12 crore, less than Street's expectations of over 50 per cent decline, supported by gain from stake sale HDFC  Life during the quarter. It had clocked a net profit of Rs 3,961.5 crore in the year-ago period.
 

On a consolidated basis, the profit declined 53.15 per cent to Rs 5,035.41 crore from Rs 10,748.69 crore clocked in Q2FY20. The lender has set aside provisions worth Rs 436 crore in the September quarter of FY21.
 

"The Corporation has sold 26 million equity shares of HDFC Life