Stock Market

HDFC Q2 profit rises 14% to Rs 1826 cr, provisions fall sharply

Chillicious Bureau

Housing finance company HDFC has reported a 13.8 percent growth in second quarter standalone profit at Rs 1,826.5 crore compared with Rs 1,604.56 crore in year-ago period, which was inline with estimates.

Income from operations grew by 9.6 percent to Rs 8,063.2 crore from Rs 7,359.6 crore on yearly basis.

Housing Development Finance Corporation said loan book during the quarter grew by 15.7 percent to Rs 2.75 lakh crore compared with year-ago period, excluding loans worth Rs 13,086 crore sold in last 12 months.

It further said individual disbursements grew by 20 percent during six months period ended September 2016 YoY and sold loans worth Rs 1,939 crore in Q2.

According to analysts polled by CNBC-TV18, profit was estimated at Rs 1,812.4 crore for the quarter.

Provisions for bad loans fell sharply by 72 percent sequentially to Rs 95 crore but increased 83 percent on yearly basis.

Consolidated profit in Q2 grew by 16.1 percent to Rs 2,446.21 crore and total income increased 16.4 percent to Rs 14,504.72 crore compared with same period last year.

Standalone operations include only housing finance business while consolidation business comprises of housing finance as well as insurance segments.

At 15:11 hours IST, the stock was quoting at Rs 1,336, down Rs 3.80, or 0.28 percent on the BSE.