HDFC or Housing Development and Finance Corporation – the parent company of HDFC Bank and HDFC Life Insurance registered a 27% growth in Profit after taxes.
HDFC digested in an additional Rs. 500 crore in Premium Income while its income from other business operations brought in an additional 230 crore compared to the same quarter of the previous year.
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All the segments grew in double digits led by with the Loans business leading the charge with a growth of 19.46% at Rs. 8,828 crore with the laggard being Asset management (portfolio management, mutual fund business) which grew by just 19 crore.
- Total Income from Operations increased 18.59% to Rs. 13,516 crore.
- Profit After tax increased an outstanding 26.9% to Rs. 2,796 crore.
- EPS increased 26.5% to Rs. 17.54 per share.
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Other notable points were:
- HDFC garnered Rs. 871 crore pre tax from sale of its holding in HDFC Ergo General Insurance.
- Provision for contingencies increased a massive Rs. 290 crore to Rs. 350.36 crore.
- Tax Expense increased 30% to Rs. 946 crore from Rs. 714 crore.
Disclosure: Analyst or Family do not hold the stock
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