Housing Development Finance Corporation (HDFC) posted a consolidated net profit of Rs 1,276 cr, up 25 per cent during the quarter ended April-June 2012 as against Rs 1,020 crore in the year ago period.

HDFC subsidiaries include housing, life insurance, general insurance, asset management companies.

During the quarter, HDFC Standard Life Insurance Company reported 74 per cent rise in net profit to Rs 92 crore from Rs 53 crore in Q1FY12.

The consolidated profit after tax for the quarter ended June 30, 2012, does not include the profit of Rs 149 crore (from Rs 130 crore in Q1FY12) that HDFC utilised out of the securities premium account towards proportionate premium payable on redemption of zero coupon debentures.

After considering the above adjustments, the NBFC’s net profit would have posted a 29 per cent rise in net profit at Rs 1,194 crore as compared with Rs 928 crore in the corresponding quarter last fiscal.

The housing finance company’s standalone profit after tax for the current quarter stood at Rs 1,002 crore, an increase of 19 per cent from Rs 845 crore in the same period of previous year.

beena.parmar@thehindu.co.in

(This article was published on July 28, 2012)
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