Housing finance firm HDFC Monday reported 296 per cent year-on-year (YoY) rise in the standalone net profit at Rs 8,372.49 crore during the December quarter of Fy20 (Q3FY20), compared to Rs 2,113.8 crore reported in Q3FY19. Sequentially, the number was up 111.34 per cent from Rs 3,961.52 crore logged in Q2FY20.
On a consolidated basis, the net profit attributable to owners stood at Rs 3,835.38 crore.
“Fair value gain consequent to merger of Gruh, an associate, with Bandhan Bank at Rs 9,019.8 crore,” the management said in a statement.
Analysts’ had expected the NBFC to report net profit between Rs 1,800 crore and Rs 2,263.8 crore, excluding gains from stake sale in Gruh Finance to Bandhan Bank.
“There is fair value gain of Rs 9,200 crore led by Gruh finance stake sold to Bandhan. Accordingly, standalone profit seen at Rs 1,800 crore ex these gains. Including gains, expected profit is Rs 10,083 crore,” analysts at ICICI Securities has written in their earnings preview note.
The revenue for the quarter under review came in at Rs 20,285.47 crore, up from Rs 10,575.03 crore logged in Q3FY19.
Source: Maalaimalar
