HDFC share price jumps 3% after stellar Q1 results; net profit up 46% on-year

Shares of India’s largest mortgage finance lender HDFC surged on Friday afternoon after the firm reported stellar Q1 results. HDFC share price jumped by more than 3% to hit the day’s high at Rs 2,148.60 on BSE. In the quarter ended June 2019, HDFC has reported a 46% rise in standalone net profit to ₹3,203.10 crore, as against Rs 2,190 crore during the corresponding quarter in the previous fiscal year. HDFC’s total income (Standalone) increased to Rs 12,996.11 crore as compared to Rs 9,951.98 crore in the same period last year, HDFC Ltd said in a regulatory filing. 

The profit number came in higher due to 1,895 crore proceeds from stake sale in Gruh Finance. HDFC said that it has received board’s approval for raising Rs 45,000 crore via secured redeemable non-convertible debentures, in one or more tranches, on a private placement basis. The firm’s net interest income (NII) for the quarter came in at Rs 2,739 crore compared with Rs 2,562 crore in the same quarter last year. Interest income for the June quarter stood at Rs 10,478.20 crore compared with Rs 8,915.38 crore in the year-ago period. Revenue from life insurance business rose to Rs 8,357 crore from Rs 7,020 crore, general insurance to Rs 2432.76 crore from Rs 2,271 crore and loans to Rs 13,697 crore from Rs 1,532 crore.

HDFC said that as per the directive by RBI to acquire and hold not more than 9.9% of the share capital of Bandhan post merger, during the quarter ended June 30, 6,35,86,774 equity shares of Rs 2 each of Gruh were sold resulting in a pre-tax gain of Rs 1,894.21 crore. In the latest quarter, HDFC has allotted 38,68,847 equity shares of Rs 2 each pursuant to exercise of stock options by certain employees/directors, said the firm in its statement.

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