Skip to main content

Higher interest income buoys HDFC Q4 net

Housing Development Finance Corporation’s net profit for the fourth quarter rose 40 per cent, buoyed by higher interest margin and a one-time gain from sale of shares in a subsidiary.

Net profit for the quarter ended March 31, 2008 amounted to Rs 768.12 crore, against Rs 550 crore in the corresponding year-ago quarter. The net profit is inclusive of a one-time gain of Rs 202 crore from the sale of shares in HDFC Ergo General Insurance.

Profit before exceptional items and tax rose 31 per cent to Rs 889 crore, against 676 crore in the previous year. The interest spread on loans improved to 2.32 per cent in 2007-2008, from 2.18 per cent the previous year, said Mr Conrad D’souza, Senior General Manager, Treasury, HDFC.

The cost of funds increased to 8.93 per cent, against 7.49 per cent. Total income for the quarter stood at Rs 2,320 crore (Rs 1,734 crore), 34 per cent higher.

Interest income


Interest income increased to Rs 2,240 crore (Rs 1,527 crore). However, profit on sale of investments was Rs 2.54 crore, against Rs 112 crore. Total expenditure rose 35 per cent to touch Rs 1,430 crore (Rs 1,057 crore).

HDFC is currently showing a mark-to-market profit of Rs 293 crore with respect to its forex derivatives exposure, said an official with the company.

The loan portfolio as at March 31, 2008 stood at Rs 74,104 crore, 28 per cent up from Rs 57, 988 crore a year ago. Loan disbursements during the year were 26 per cent higher at Rs 32,875 crore and loan approvals were up 28 per cent at Rs 42,520 crore.

Fiscal record


HDFC’s net profit for the entire fiscal 2007-08 stood at Rs 3,373 crore, 71 per cent up from Rs 1, 967 crore in the previous year. The corporation’s capital adequacy ratio stood at 16.8 per cent.

Mr D’Souza said he expected HDFC to sustain a 25 per cent growth in loans. HDFC’s scrip ended at Rs 2,804.80 on the BSE, 2.66 per cent lower than the previous close at Rs 2,881.45.

Comments

Post a Comment

Popular posts from this blog

Jyoti Structures bags Rs 253 cr worth orders

Jyoti Structures on Tuesday said it has bagged two orders worth Rs 253 crore from Uganda Electricity Transmission Company Ltd and Eskom Enterprises (Pty) Ltd for construction of transmission lines. The company has bagged Rs 160-crore order from Uganda Electricity Transmission Company Ltd for construction of transmission lines and sub-stations. Besides, the company's joint venture company Jyoti Structures Africa (Pty) Ltd has bagged a contract for Eskom Enterprises (Pty) Ltd, the electricity utility of South Africa for construction of transmission line. The scope of the order from Uganda Electricity Transmission Company includes supply and erection of Bujagali Interconnection Project, the manufacturer of transmission line towers informed the Bombay Stock Exchange. The contract valued at around $39.64 million (Rs 160 crore) is to be executed in 24 months, the company said, adding the company would construct 220 kV and 132 kV transmission lines and substations.
Post a Comment
Read more

Day End Report

The Sensex opened with a positive gap of 317 points at 9,362, on the back of on-going pull-back in the market. Intra-day profit taking saw the index pare gains during the day, the Sensex however ended on a firm note at 9,788 - up 744 points With today's gain, the main index of the Bombay Stock Exchange, the Sensex, gained over 27% (2,091 points) from it's Monday low of 7,697. However, the index was down almost 24% (3,072 points) for the month, and down nearly 52% (10,499 points) so far this year. The BSE Metal index surged over 10% to 5,368, and Oil & Gas index soared over 9% to 6,196.   The market breath was fairly positve - out of 2,575 stocks traded, 1,577 advanced, 915 declined and the rest were unchanged today. Mahindra & Mahindra zoomed 23% to Rs 372. HDFC soared 17.5% to Rs 1,765, and Jaiprakash Associates surged 16.5% to Rs 72. ICICI Bank rallied 15.5% to Rs 399. Sterlite gained 14.5% at Rs 282. Reliance and Reliance Communications moved up 13.8% each to Rs 1,37...
Post a Comment
Read more

Market ends quiet on the first day

Market Closing Report - Source Moneycontrol.com Sensex closed up 13.72 points or 0.07% at 20300.71, and the Nifty up 5.75 points or 0.09% at 6144.35. About 2418 shares have advanced, 651 shares declined, and 36 shares are unchanged. The BSE Bankex was up 1% at 11,510.31. IOB, Allahabad Bank, Centurion Bank, Andhra Bank, Karnataka Bank closed in green. The BSE Capital Goods Index closed flat at 19,747.80. Greaves Cotton, Kirloskar Oil, Astra Microwave, Reliance Infra closed higher. The BSE Auto Index closed at 5,716.49 up 1%. Hind Motors, Apollo Tyres, Exide Industrie, Bharat Forge, Tata Motors closed higher. The BSE Metal Index closed at 20,061.49 up 0.2%. Mah Seamless, JindalStainless, Jindal Saw, SAIL, Jindal Steel closed higher The BSE FMCG Index closed up 2.4% at 2,375.07. ITC, Marico, Tata Tea, Dabur India, HUL, Godrej Consumer ended higher BSE Oil and Gas Index closed at 13,280.88 down 0.2%. Essar Oil, Petronet LNG, Reliance Petro, ONGC ended higher. The BSE IT Index was at 4,471...
Post a Comment
Read more