HDFC Q1 results:Net profit at 3001 Crore
Published On: Monday, August 2, 2021 | By: Team KnowMyStock
HDFC on Monday reported a 1.6 percent year-on-year (YoY) decrease in standalone net profit at Rs 3,000.67 crore for the April-June quarter of FY22 (Q1FY22). The company had posted a profit of Rs 3,051.5 crore in the year-ago period. The mortgage lender said its interest income stood at Rs 10,523.36 crore, down 2.48 percent from Rs 10,790.66 crore in the year-ago quarter. Total income stood at Rs 11,663.14 crore, down from Rs 13,019.29 crore. The profit number was above the market estimates, as a CNBC-TV18 poll of analysts had expected Q1 profit at Rs 2,898.7 crore. On a consolidated basis, profit after tax stood at Rs 5,311 crore as compared to Rs 4,059 crore in the previous year, representing a growth of 31 percent. The profit before tax for the quarter ended June 30, 2021, stood at Rs 3,905 crore compared to Rs 3,607 crore in the previous year.
The net interest income (NII) for the quarter stood at Rs 4,147 crore compared to Rs 3,392 crore in the previous year, representing a growth of 22 percent. The reported Net Interest Margin (NIM) was 3.7 percent.
A significant part of the quarter ended June entailed localized lockdowns and restrictions. The second wave, however, was less disruptive compared to the corresponding quarter of the previous year where there was a national lockdown. In addition, there now is a significant increase in the usage of digital platforms to conduct business,” the company said.It added the demand for home loans continues to remain strong and disbursements have picked up with the unlocking of respective locations.
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