Mortgage lender HDFC on Monday reported a 28.63 per cent rise in consolidated net profit at Rs 3,961 crore in Q4, which came above estimates. The lender reported net profit of Rs 3,079.33 crore in the corresponding period of previous financial year (2016-17). A Bloomberg poll of analysts expected the lender to report profit after tax (PAT) of Rs 2,550 crore last quarter.
The lender reported a 17.78 per cent rise in total income to Rs 21,248.79 crore as against Rs 18,040.59 crore in the year-ago period.
Net profit rose 47 per cent to Rs 16,254.96 crore from Rs 11,051.12 crore in 2016-17.
The board recommended a dividend of Rs 16.50 per equity share of face value of Rs 2 each for the financial year 2017-18.
HDFC clocked Rs 265.46 crore in pre-tax gains due to profit on sale of investments after the corporation sold 100% equity share capital in HDFC Developers and HDFC Realty to Quikr India.
On standalone basis, the lender posted 39.23 per cent rise in net profit at Rs 2,846.22 crore in the reported quarter as compared to Rs 2,044.2 crore earlier.
Total income grew 13.14 per cent to Rs 9,633.89 crore as against Rs 8,514.51 crore in year-ago period.
Total income in the full financial year rose to Rs 69,141.67 crore from Rs 61,087.63 crore in 2016-17.
In a separate filing, HDFC announced appointment of Upendra Kumar Sinha and Jalaj Ashwin Dani as independent directors (additional directors) on the board for a period of 5 years with effect from April 30, 2018, subject to the approval of the members at the ensuing AGM.
It also announced resignation of D M Sukthankar, Non-Executive Director and D N Ghosh, Independent Director from the board with effect from April 30.
Shares of HDFC closed 1.44% per cent or 26 points higher at Rs 1,884 per scrip on BSE.
HDFC is a holding company. The company is engaged in financing by way of loans for the purchase or construction of residential houses, commercial real estate and certain other purposes, in India. The company's segments include loans, life insurance, general insurance, asset management and others. It offers insurance products, such as motor, health, travel, home and personal accident in the retail division, and customized products, such as property, marine, aviation and liability insurance in the corporate division.
With PTI inputs