HDFC Q1 net profit up 25% at Rs.1,276 cr

Mortgage lender HDFC Ltd on Saturday recorded 25% rise in consolidated net profit at R1,275.86 crore for the first quarter ended June 30, 2012. It had posted consolidated net profit (minus its subsidiary, HDFC Bank) of R1,020.06 crore in the April-June quarter a year ago, HDFC said in a BSE filing.

The total income during the period rose to R11,656.50 crore, from R7,268.79 crore in the same period a year ago. The consolidated result includes profit of subsidiaries such as HDFC Standard Life, HDFC Ergo General Insurance, HDFC Venture Capital and Gruh Finance Ltd. Parent company HDFC alone recorded a net profit of R1,002 crore during the April-June quarter, up 18.6% over the same period a year ago.HDFC on standalone basis had a net profit of R844.53 crore in the first quarter of the previous fiscal. Net interest income of the pure-play mortgage lender jumped to R1,372.55 crore from R1,170.86 crore, while its tax liability rose to R378 crore from R331 crore during the quarter. Income from operations rose to R4,914.71 crore during the reporting quarter, up from R3,800.67 crore.

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