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Housing Development Finance Corporation Ltd (HDFC) reported their quarterly financial result for the quarter ended on December 31, 2018, with a steep decline in net profit. The company’s net profit dropped by 60 per cent to Rs 2,114 crores in the quarter under discussion, as compared to Rs. 5,300 crores of net profit reported in Q3 FY18.
The largest mortgage lender in India in its exchange filing said that the company had an exceptional gain of Rs 3,675 crore during the third quarter of previous fiscal quarter on the back of the initial public offering of HDFC Life. The net profit grew by 17.3 per cent (adjusted to the one-time gain).
Net interest income, or core income of the lender, surged by 17 per cent to Rs 3,191 crores. The company’s total revenue also inclined by 20 per cent year-on-year to Rs 10,450 crores during the October-December quarter.
HDFC in its statement also announced that the Board of Directors granted its approval for issuance of secured redeemable non-convertible debentures under a Shelf Disclosure Document (Series – V), aggregating to Rs. 45,000 crores.
The lender also announced the appointment of Ms Ireena Vittal as an Independent Director (Additional Director) for a period of 5 years with effect from January 30, 2019, subject to the approval of the Members of the Corporation.
