Housing Development Finance Corporation (HDFC) said that profit on sale of investments was Rs 263 crore in Q1 FY22 as compared with Rs 1,241 crore in Q1 FY21.
The profit on sale of investments was on account of the corporation's entire stake sale in its associate company, Good Host Spaces (Rs 54 crore) and part stake sale of HDFC ERGO General Insurance Company (Rs 209 crore).
As at 30 June 2021, HDFC's equity shareholding in HDFC ERGO General Insurance Company stood at 49.98%.
Gross income from dividend for the quarter ended 30 June 2021 was Rs 16 crore as against Rs 298 crore in the corresponding quarter last fiscal.
HDFC said that during the quarter ended 30 June 2021, the corporation assigned loans to HDFC Bank amounting to Rs 5,489 crore compared to Rs 1,376 crore in the corresponding quarter of the previous year. The loans were assigned as per the buyback option embedded in the home loan arrangement between the corporation and HDFC Bank.
Individual loans sold in the preceding 12 months amounted to Rs 23,093 crore as against Rs 18,273 crore in the same period last year.
The scrip rose 0.14% to currently trade at Rs 2,478.60 on the BSE.
HDFC is engaged in financing by way of loans for the purchase or construction of residential houses, commercial real estate and certain other purposes, in India.
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