Stocks

HDFC shares rise over 3 per cent as December quarter profit soars

PTI New Delhi | Updated on January 28, 2020 Published on January 28, 2020

File photo   -  Bloomberg

Shares of HDFC on Tuesday jumped over 3 per cent after the company reported a near four-fold growth in net profit for the three months to December 2019.

The company’s scrip gained 3.13 per cent to Rs 2,470.85 on the Bombay Stock Exchange (BSE)

On the National Stock Exchange (NSE), it climbed 3.16 per cent to Rs 2,471.70.

The mortgage lender on Monday reported a near four-fold growth in net profit at Rs 8,372.5 crore for the three months to December as against Rs 2,113.8 crore in the same period last fiscal year.

The company said the massive gain in bottomline is notional but mandatory from an accounting perspective, as it is based on the valuation gain on its 9.9 per cent stake in Bandhan Bank following the merger of subsidiary Gruh Finance with the Kolkata-based lender effective last October.

For the first time, the loan book crossed Rs 5 lakh crore during the quarter, vice chairman and chief executive Keki Mistry said.

The company booked a 24 per cent growth in individual loans, after adding back loans sold in the preceding 12 months, while excluding that the same clipped at 16 per cent.

Published on January 28, 2020
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