HDFC shares fall around 2 per cent after Q4 earnings

Shares of HDFC Ltd on Tuesday fell by nearly 2 per cent after the company reported a 10 per cent decline in consolidated net profit for the fourth quarter ended March 31.

On the BSE, the stocks declined 1.55 per cent to Rs 1,493. They fell 1.55 per cent to Rs 1,492.60 on the NSE.

The housing finance firm on Monday reported a 10 per cent decline in consolidated net profit to Rs 4,341.58 crore for the fourth quarter ended March 31. The company’s net profit (before adjustment of minority interest) was Rs 4,811.26 crore in the January-March quarter of 2018-19.

On standalone basis, HDFC’s profit during the quarter slipped by 22 per cent at Rs 2,232.55 crore as against Rs 2,861.58 crore in the same quarter of the previous fiscal.

“In the fourth quarter, the factors that impacted the result included extra provisioning due to COVID-19 requirements, dividend income was Rs 2 crore compared to Rs 537 crore last year, and profit on sale of investments was Rs 2 crore as against Rs 321 crore,” HDFC Ltd Vice-Chairman and CEO, Keki Mistry, said.

The market was closed on Monday for ‘Id-Ul-Fitr’.