Country's biggest mortgage lender
HDFC on Tuesday reported a 60.11 per cent year-on-year (YoY) drop in profit at Rs 2,113.80 crore for December quarter. The lender reported Rs 5,300 crore profit in the year-ago period.
Analysts in an ET Now poll were expecting a profit of Rs 2,106 crore.
Profit numbers were down due to one-time gain in the year-ago quarter. During December quarter of 2017, the company reported Rs 5,263.21 crore in profit on sale of investments.
The lender as a part of IPO process had sold shares of its subsidiaries such as HDFC Life Insurance Company and HDFC Asset management COmpany during the quarters ended December 31, 2017 and September 30, 2018. This resulted in one-time gains.
Revenue from operations rose 20.41 per cent to Rs 10,450.40 crore for the quarter under review against Rs 8,678.73 crore in the year-ago period.
NII rose 16.6 per cent to Rs 3,192 crore compared with Rs 2,737 crore in the same quarter last year.
The lender made Rs 116 crore in provisions for the quarter, which was lower than Rs 401 crore in the September quarter.