HDFC Q3 profit jumps four-fold to Rs 8,372 crore; to raise Rs 45,000 crore via NCDs
HDFC Q3 results: HDFC got a one-time gain of Rs 9,019.8 crore from merger of Gruh Finance, an associate, with Bandhan Bank
- Jan 27, 2020,
- Updated Jan 27, 2020 7:03 PM IST
Housing Development Finance Corporation (HDFC) on Monday reported nearly four-fold jump in its net profit at Rs 8,372.49 crore for the third quarter ended December 31, 2019, driven by a value gain of Rs 9,019.81 crore from the merger of Gruh Finance, an associate, with Bandhan Bank.
The mortgage lender had posted a net profit of Rs 2,113.80 crore in December quarter of 2018 and Rs 3,961.53 crore in September quarter of this fiscal. On a consolidated basis, the net profit attributable to owners stood at Rs 3,835.38 crore.
HDFC has sold 9.90 per cent stake in its subsidiary Gruh Finance Ltd (Gruh), under the RBI directive to bring down holding in subsidiary firm, for merger with Bandhan Bank. Gruh Finance merged with Bandhan Bank on October 17, 2019.
"On de-recognition of investment in Gruh, the corporation has recognised a fair value gain of Rs 9,019.81 crore," HDFC said in a filing to the Bombay Stock Exchange.
The total revenue from operations surged by 92 per cent to Rs 20,285.47 crore in Q3FY20 from Rs 10,575 crore in Q3FY19, the mortgage lender said in a regulatory filing.
Housing Development Finance Corporation (HDFC) on Monday reported nearly four-fold jump in its net profit at Rs 8,372.49 crore for the third quarter ended December 31, 2019, driven by a value gain of Rs 9,019.81 crore from the merger of Gruh Finance, an associate, with Bandhan Bank.
The mortgage lender had posted a net profit of Rs 2,113.80 crore in December quarter of 2018 and Rs 3,961.53 crore in September quarter of this fiscal. On a consolidated basis, the net profit attributable to owners stood at Rs 3,835.38 crore.
HDFC has sold 9.90 per cent stake in its subsidiary Gruh Finance Ltd (Gruh), under the RBI directive to bring down holding in subsidiary firm, for merger with Bandhan Bank. Gruh Finance merged with Bandhan Bank on October 17, 2019.
"On de-recognition of investment in Gruh, the corporation has recognised a fair value gain of Rs 9,019.81 crore," HDFC said in a filing to the Bombay Stock Exchange.
The total revenue from operations surged by 92 per cent to Rs 20,285.47 crore in Q3FY20 from Rs 10,575 crore in Q3FY19, the mortgage lender said in a regulatory filing.