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HDFC Ltd has reported a 39 per cent increase in standalone net profit at Rs 2,846 crore in the fourth quarter ended March 31, 2018 against Rs 2,044 crore in the year ago quarter. Housing finance major recorded a 63 per cent jump in net profit at Rs 12,164 crore against Rs 7,443 crore in the financial year.
The Board has recommended a final dividend of Rs 16.50 per equity shares of face value Rs 2 each for FY2017.-18. The total dividend for the year (including the interim dividend of Rs 3.50 per equity share) is Rs 20 per equity share against Rs 18 per equity share for the previous year.
Appointments
The Board has approved the re-appointment of Keki Mistry as the Managing Director (designated as ‘Vice Chairman and Chief Executive Officer) of the Corporation for a period of three years with effect from November 14, 2018. It also approved the appointment of Upendra Kumar Sinha, former SEBI Chairman, and Jajaj Ashwin Dani, co-promoter of Asian Paints Ltd, as independent directors (additional directors) on the Board of Directors for a period of five years with effect from April 30, 2018.
In the reporting quarter, revenue from operations rose 10 per cent year-on-year (yoy) to Rs 9,328 crore. Profit on sale of investments jumped to Rs 294 crore (against Rs 16 crore in the year ago quarter) due to sale 100 per cent equity share capital in HDFC Developers Ltd and HDFC Realty Ltd, HDFC’s wholly-owned subsidiary companies to Quickr India resulting in a pre-tax gain of Rs 265 crore.
Total expenses, including finance cost, other expenses, provisions and contingencies, was up 10 per cent y-o-y to Rs 6,123 crore.
Consolidated net profit
HDFC reported a 29 per cent increase in consolidated net profit after taxes, minority interests and share of profit/(loss) of associates, at Rs 3,961 crore in the reporting fourth quarter against Rs 3,079 crore in the year ago period. In the financial year ended March 31, 2018, HDFC recorded a 47 per cent jump in consolidated net profit at Rs 16,255 crore against Rs 11,051 crore in the financial year ended March 31, 2017.
HDFC’s condolidated results include the the financial results of subsidiaries such as HDFC Standard Life Insurance Company, HDFC ERGO General Insurance Company, GRUH Finance, HDFC Asset Management Company, and Associates such as HDFC Bank.
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