The housing finance major's standalone net profit surged 296.09% to Rs 8,372.49 crore on 91.75% spurt in total income to Rs 20,291.45 crore in Q3 December 2019 over Q3 December 2018.
The result was announced after market hours on Monday, 27 January 2020. Shares of HDFC fell 2.25% to close at Rs 2,395.80 on Monday.
Standalone profit before tax (PBT) soared 218.70% to Rs 9,142.99 crore Y-o-Y. Tax expense fell 17.49% to Rs 652.64 crore during the period under review.
GRUH Finance (GRUH), an associate of HDFC, merged into and with Bandhan Bank with effect from 17 October 2019. HDFC was allotted 9.90% equity of Bandhan Bank. On de-recognition of investment in GRUH, HDFC has recognised a fair value gain of Rs 9,019.81 crore.
HDFC's consolidated net profit rose 26.23% to Rs 3,835.38 crore on 21.60% increase in total income to Rs 30,724.93 crore in Q3 December 2019 over Q3 December 2018. Consolidated PBT rose 6.47% to Rs 4,600.79 crore year-on-year (Y-o-Y). Tax expense fell 15.55% to Rs 873.52 crore during the period under review.
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Further, HDFC's board approved issuance of secured redeemable non-convertible debentures under a shelf disclosure document (Series - X), aggregating Rs 45,000 crore, in various tranches, on a private placement basis.
Housing Development Finance Corporation 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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