HDFC Q3 results: Net profit drops 65% to Rs 2,926 cr, revenue falls 42%

MUMBAI: Housing Development Finance Corp reported a 65 per cent year-on-year decline in net profit for the quarter ended December to Rs 2,925.8 crore. The firm’s complete revenues fell 42.3 per cent to Rs 11,707 crore.

However, the corporate mentioned that earnings for the December quarter was not comparable with the earlier quarter because it included the earnings of Gruh Finance. HDFC mentioned, on a like-to-like foundation, the corporate’s internet profit was at Rs 3,694 crore as towards Rs 2,908 crore within the year-ago quarter.

At the tip of the December quarter, the loans on an property below administration foundation stood at Rs 5.52 lakh crore as towards Rs 5.05 lakh crore similar time a yr in the past, the corporate mentioned.

The firm witnessed a 26% year-on-year progress in particular person mortgage disbursements throughout within the quarter ended December.

There has been a major restoration and powerful progress within the particular person enterprise in the course of the quarter ended December 31, 2020, the corporate mentioned. During the quarter, the corporate assigned loans price Rs 7,076 crore to HDFC Bank as in contrast to Rs 4,258 crore within the corresponding quarter of the earlier yr.

HDFC has proven enchancment in general assortment effectivity ratios for particular person loans, which has neared pre-Covid ranges. The assortment effectivity for particular person loans within the month of December 2020 stood at 97.6% in contrast to 96.3% within the month of September 2020, the corporate mentioned.

The firm reported non-performing loans in particular person loans portfolio at 0.79 per cent. However, the non-bank lender mentioned that not accounting for the Supreme Court’s standstill, the non-performing loans can be at 0.98 per cent in particular person mortgage portfolio.

HDFC’s gross non-performing loans stood at 1.67 per cent on the finish of the December quarter. The provisions of the corporate stood at Rs 12,342 crore on the finish of December.

Shares of the corporate have been buying and selling 3.7 per cent increased at Rs 2,678.65 on the BSE.

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