Mumbai, Jan 30 (IANS) Housing finance major HDFC on Monday reported a surge of 11.88 per cent in its standalone net profit for the third quarter (Q3) of 2016-17.
According to the company, its standalone net profit grew to Rs 1,701.21 crore during the quarter under review from Rs 1,520.51 crore reported for the like period of last fiscal.
"After providing Rs 830 crore for tax, (inclusive of Rs 108 crore as deferred tax liability on special reserve), the profit after tax for the quarter ended December 31, 2016 stood at Rs 1,701 crore as compared to Rs 1,521 crore in the corresponding period the previous year, representing growth of 12 per cent," the company said in a statement.
The company's standalone total income edged higher by 11.95 per cent to Rs 8,137.18 crore during the quarter under review.
On a consolidated basis, the mortgage lender reported a rise of 12.80 per cent in its net profit after taxes, minority interests and share of profit/(loss) of associates for the quarter under review to Rs 2,728.66 crore from Rs 2,419 crore in the same period last year.
The company's consolidated total income zoomed by 22.25 per cent to Rs 14,981.41 crore.
Further, the company reported that its loan book stood at Rs 286,876 crore as of December 31, 2016.
"The corporation, under the loan assignment route sold individual loans amounting to Rs 3,355 crore in the quarter ending December 31, 2016 to HDFC Bank," the statement pointed out.
"Individual loans sold/assigned in the preceding twelve months amounted to Rs 15,201 crore."
Besides, the company's gross non-performing loans as of December 31, 2016 amounted to Rs 2,341 crore.
"This (gross non-performing loans) is equivalent to 0.81 per cent of the loan portfolio," the statement elaborated.
"The non-performing loans of the individual portfolio stood at 0.65 per cent while that of the non-individual portfolio stood at 1.16 per cent."
In another development the housing finance major said that it will raise Rs 35,000 crore through secured redeemable non-convertible debentures (NCDs).
"The board approved the issuance of secured redeemable NCDs aggregating to Rs 35,000 crore on a private placement basis under a shelf disclosure document in terms of the SEBI (Issue and Listing of Debt Securities) Regulations 2008," the company said in a separate regulatory filing.
The mortgage lender informed that the move to issue the NCDs comes after the shareholders approval which was obtained at the 39th annual general meeting (AGM) held on July 27, 2016.
In addition, the board approved an increase of the authorised share capital of the company from Rs 340 crore, consisting of 170 crore equity shares of Rs 2 each, to Rs 350 crore, consisting of 175 crore equity shares of Rs 2, subject to the shareholders approval through postal ballot.
The company's scrip at the BSE on Monday inched down by 0.13 per cent to Rs 1,368.90 from its previous week of Rs 1,370.70.
HDFC is a leading provider of housing finance in India. It has financed 5.6 million cumulative units since its inception. Besides, HDFC is the largest mobiliser of public deposits outside the banking system.
Doraiah Chowdary Vundavally is a Software engineer at VTech . He is the news editor of SocialNews.XYZ and Freelance writer-contributes Telugu and English Columns on Films, Politics, and Gossips. He is the primary contributor for South Cinema Section of SocialNews.XYZ. His mission is to help to develop SocialNews.XYZ into a News website that has no bias or judgement towards any.
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