New Delhi: Housing Finance Development Corporation (HDFC) on Wednesday reported 11.4 per cent year-on-year (YoY) rise in net profit to Rs 3,261 crore for the quarter ended December 31, 2021 (Q3).
The company clocked net profit of Rs 2,926 crore in the year-ago period. The Q3 result of HDFC is much higher than the Street estimate.
According to reports, HDFC’s net income surged 5 per cent to Rs 4,284 crore in the third quarter of FY21.
In a stock exchange filing HDFC said, “The demand for home loans and pipeline of loan applications continues to remain strong. Growth in home loans was seen in both, the affordable housing segment as well as in high end properties. The increasing sales momentum and new project launches augurs well for the housing sector.”
HDFC, the country’s biggest housing finance company’s, bottom line was aided by lower tax expenses at Rs 787 crore as against Rs 826 crore in the year-ago quarter.
At 2.15 pm, HDFC’s stock on the BSE was trading 1.82 per cent higher at Rs 2,610.
As of December 31, 2021, HDFC’s assets under management (AUM) stood at Rs 6,18,917 crore as against Rs 5,52,167 crore in the previous year, and individual loans comprise 79 per cent of the AUM.
On an AUM basis, the growth in the individual loan book was 16 per cent and growth in the total AUM was 12 per cent, the company said.
“In December 2021, the corporation recorded its second highest monthly individual disbursements ever. This is despite the fact that the previous year entailed concessional stamp duty benefits in certain states which was not there in the current year,” the company said in the exchange filing.