New Delhi, Jul 28: Country’s largest mortgage lender HDFC Ltd today said its consolidated net profit during the first quarter ended June, 2015-16, stood at Rs 2,204.29 crore. Its consolidated net profit during the April-June quarter of the previous fiscal was at Rs 1,872.90 crore. The company said the results were not comparable on account of certain dividend payments from HDFC Bank. “The Group has posted a profit after taxes attributable to the corporation and its subsidiaries of Rs 2,204.29 crore for the quarter ended June 30, 2015 where as the same was at Rs 1,872.90 crore for the quarter ended June 30, 2014,” it said in a BSE filing. (Read: Government spending to help boost credit growth: HDFC Bank Chair) Also Read - HDFC Slashes Home Loan Interest Rates, Changes to be Applicable From Today. Check Details Here
In the previous financial year, the Corporation (Housing Development Finance Corporation or HDFC Ltd) received dividend of Rs 269.35 crore from HDFC Bank in June 2014 and accordingly the income was accounted for in the first quarter, it said further. In the current year, dividend of Rs 314.57 crore from HDFC Bank has been received in July 2015. This income will consequently be accounted for in the second quarter, ending September 2015, said the release. Also Read - RBI's Directive Credit Negative for HDFC Bank: Moody's
“To this extent, the results of the first quarter of the current year are not comparable with the corresponding quarter in the previous year,” it said. Total consolidated income of HDFC Ltd rose to Rs 11,440.62 crore for the quarter ended June 30, 2015 where as the same was at Rs 10,056.07 crore for the quarter ended June 30, 2014, it added. On standalone basis, HDFC Ltd’s net profit almost remained flat at Rs 1,360.98 crore during April-June quarter of 2015-16, while it was at Rs 1,344.66 crore in the year-ago period. Also Read - HDFC Disburses CLSS Loans to Over 2 Lakh Home Buyers
Standalone income was at Rs 7,068.28 crore for the quarter ended June 30, FY16. While, it was at Rs 6,461.24 crore for the quarter ended June 30 of FY15, it added. During the quarter, HDFC Ltd said that it incorporated a new subsidiary – HDFC Capital Advisors Ltd – and has subscribed to 49,940 equity shares of Rs 10 each aggregating to Rs 4,99,400 representing 99.88 per cent of the issued and paid-up share capital, it said. HDFC Ltd scrips traded 1.9 per cent lower at Rs 1,309.85 apiece on the BSE in post-noon session.