Housing financier HDFC on Thursday reported a standalone net profit of Rs 3,051.52 crore for June quarter of FY21 (Q1FY21), clocking a 4.7 per cent year-on-year (YoY) de-growth from Rs 3,203.1 crore-profit reported in Q1FY20. Sequentially, the profit grew 36.68 per cent from Rs 2,232.5 crore reported in the March quarter of FY20.

“During the quarter, the corporation sold 26 million equity shares of HDFC Life, resulting in a pre-tax gain of Rs 1,241.20 crore” said the management in a statement. The profit from sale of investments was Rs 2.45 crore in the March quarter of FY20.

The non-bank finance company’s (NBFC) revenue from operations stood at Rs 13,017.68 crore for the quarter under review compared Rs 12,990.29 crore earned in the previous year quarter. In Q4FY20, the same was Rs 11,975.72 crore, which translates into a 8.7 per cent sequential growth.

Including other income, the total income came in at Rs 13,019.29 crore, up just 0.01 per cent from Rs 12,996.11 crore reported in Q1FY20.

Fund raising

HDFC’s Board approved to raise funds up to Rs 45,000 crore through issuance of secured redeemable, non-convertible debentures on private placement basis.

Stock reaction

The stock declined sharply after the result announcement. At 2:18 pm, the stock was trading 1.8 per cent lower at Rs 1,832 apiece on the BSE as against 352 points, or 0.92 per cent, decline in the S&P BSE Sensex at 37,719 level. The stock had touched an intra-day high of Rs 1,900 earlier in the day.