HDFC Q1 Results:Net profit down 5 per cent
Published On: Thursday, July 30, 2020 | By: Team KnowMyStock
Housing Development Finance Corporation on Thursday reported a standalone net profit of Rs 3,051.52 crore for June quarter of FY21, down a 4.7 per cent year-on-year (YoY) down from Rs 3,203.1 crore-profit reported in Q1FY20. The profit numbers beat market estimates as a CNBC-TV18 poll had estimated the number to come at Rs 2,698.8 crore. Consolidated net profit of HDFC was Rs 4,058.53 crore. It improved 14.6 per cent on a yearly basis from Rs 3,540 crore reported in Q1FY20. The company's revenue stood at Rs 13,017.7 crore in Q1FY21 against Rs 12,990.3 crore reported in the corresponding quarter last year.HDFC informed the bourses that it has kept aside Rs 1,199 crore as provisions to deal with the impact of the coronavirus. The net interest income (NII) for the quarter under review jumped 10 per cent year-on-year (YoY) to Rs 3,392 crore, up from Rs 3,079 crore reported in the corresponding quarter of the previous fiscal.CNBC-TV18 poll expected NII to come at Rs 3,419.5.
The company said individual loans under moratorium 2 stood at 16.6 per cent against 22.6 per cent in moratorium 1. Total loans under moratorium 2 stood at 22.4 per cent against 27 per cent In moratorium 1. The company said it has a comfortable liquidity position and saw a strong 26 per cent YoY growth in deposits.
Source: Money Control, Business India, Financial Express
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