HDFC's profit increases by 13% in December quarter

2 Feb 2023 , 03:18 AM

HDFC announced its results for the quarter ended December 2022. It reported a standalone net profit of Rs 3,691 crore in Q3FY23, up by 13% yoy against Rs3,260 crore in the previous corresponding quarter.

Company’s revenue from operations jumped 29% yoy at Rs15,230 crore in the quarter ended December 2022, compared to Rs14,457 crore in the quarter ended December 2021.

The mortgage lender’s profit before tax for the third quarter of FY23 was Rs4,612 crore, up from Rs4,048 crore in the previous year’s corresponding quarter. After deducting Rs921 crore for taxes, the reported profit after tax was Rs3,691 crore.

HDFC’s net interest income increased by 14% to Rs4,840 crore from Rs4,284 crore the previous year. During the third quarter, the mortgage lender’s revenue from operations increased by 29% to Rs15,230 crore. During the quarter, HDFC’s dividend income more than doubled to Rs482 crore.

The assets under management stood at Rs7,01,485 crore as of December 31, 2022, up from Rs6,18,917 crore the previous year.

At around 3.12 PM, HDFC was trading 1.61% lower at Rs1,601.30 per piece, against the previous close of Rs1,627.35 on NSE. The counter touched an intraday high and low of Rs1,624.50 and Rs1,588.75 respectively.

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