HDFC Q3 results: Net profit drops 65% to Rs 2,926 cr, revenue falls 42%

HDFC Q3 results: Net profit drops 65% to Rs 2,926 cr, revenue falls 42%

MUMBAI: Housing Development Finance Corp reported a 65 per cent year-on-year decline in net profit for the quarter ended December to Rs 2,925.8 crore. The company’s total revenues fell 42.3 per cent to Rs 11,707 crore.

However, the company said that earnings for the December quarter was not comparable with the previous quarter as it included the earnings of Gruh Finance. HDFC said, on a like-to-like basis, the company’s net profit was at Rs 3,694 crore as against Rs 2,908 crore in the year-ago quarter.

At the end of the December quarter, the loans on an assets under management basis stood at Rs 5.52 lakh crore as against Rs 5.05 lakh crore same time a year ago, the company said.

The company witnessed a 26% year-on-year growth in individual loan disbursements during in the quarter ended December.

There has been a significant recovery and strong growth in the individual business during the quarter ended December 31, 2020, the company said. During the quarter, the company assigned loans worth Rs 7,076 crore to HDFC Bank as compared to Rs 4,258 crore in the corresponding quarter of the previous year.

HDFC has shown improvement in overall collection efficiency ratios for individual loans, which has neared pre-Covid levels. The collection efficiency for individual loans in the month of December 2020 stood at 97.6% compared to 96.3% in the month of September 2020, the company said.

The company reported non-performing loans in individual loans portfolio at 0.79 per cent. However, the non-bank lender said that not accounting for the Supreme Court’s standstill, the non-performing loans would be at 0.98 per cent in individual loan portfolio.

HDFC’s gross non-performing loans stood at 1.67 per cent at the end of the December quarter. The provisions of the company stood at Rs 12,342 crore at the end of December.

Shares of the company were trading 3.7 per cent higher at Rs 2,678.65 on the BSE.

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