HDFC Q1 profit on sale of investments at Rs1,895cr

Income from dividend for the quarter ended June 30, 2019, was Rs1cr compared to Rs586cr in the previous year (this included dividend from HDFC Bank and Gruh which this year will be received in the second quarter, subject to shareholder approval).

Jul 03, 2019 10:07 IST India Infoline News Service

HDFC Ltd said in the filing that during the quarter ended June 30, 2019, the company’s profit on the sale of investments was Rs1895cr vs. nil in the previous year. This was on account of a part stake sale of equity shares in Gruh Finance Ltd. As on June 30, HDFC’s equity shareholding in Gruh stood at 47.4%.

Income from dividend for the quarter ended June 30, 2019 was Rs1cr compared to Rs586cr in the previous year (which included dividend from HDFC Bank and Gruh will this year be received in the second quarter, subject to shareholder approval).

Further, the company said in the note that the corporation assigned loan amounting to Rs7,230cr compared to Rs9,714cr in the corresponding quarter of the previous year. All the loans assigned during the quarter ended June 30, 2019, were to HDFC Bank pursuant to the buyback option embedded in the home loan arrangement between the Corporation and HDFC Bank.

The company’s loans sold in the preceding 12 months amounted to Rs22,666cr vs Rs13,245cr in the previous year.

Also, the company said the board would consider the issuance of secured redeemable non-convertible debentures in various tranches under a Shelf Disclosure Document, aggregating Rs45,000cr on a private placement basis, subject to the approval of the shareholders of the Corporation at the 42nd Annual General Meeting scheduled to be held on August 2, 2019.

Housing Development Finance Corporation Ltd ended at Rs2,278.65 down by Rs2.05 or 0.09% from its previous closing of Rs2,280.70 on the BSE. The scrip opened at Rs2,281 and touched a high and low of Rs2,286.85 and Rs2,258.10 respectively.

Related Story