Setback for iconic Housing Finance Development Corp! Suffers this big blow

HDFC recorded a net profit of Rs 2,113.8 crore in Q3FY19 which was not even half or down by 60.11% compared to net profit of Rs 5,300 crore in the same period a year ago.

Representational Image: Photo: Reuters

NBFC-major Housing Finance Development Corp (HDFC) posted a disappointing December 2018 (Q3FY19) quarter where the company's net profit more than halved. HDFC recorded a net profit of Rs 2,113.8 crore in Q3FY19 which was not even half or down by 60.11% compared to net profit of Rs 5,300 crore in the same period a year ago. Q3FY19 PAT also tumbled by 14.31% as against Rs 2,467.08 crore in the preceding quarter.

On the other hand, HDFC's revenue from operation stood at Rs 10,450.4 crore in Q3FY19, witnessing rise of 20.41% from Rs 8,678.73 crore in Q3FY18 and was also up by 3.07% from Rs 10,138.38 crore in Q2FY19.

Meantime, total income was at Rs 10,569.12 crore in the current quarter, higher by 19.76% as against Rs 8,824.57 crore in Q3FY18. It was also up by 3.04% in comparison to income of Rs 10,256.94 crore registered in Q2FY19.

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For the nine month period of FY19, HDFC's revenue from operation stands at Rs 30,472.41 crore increasing by 17.84% versus Rs 25,857.40 crore in 9MFY19. However, the net profit has been weak to Rs 6,770.88 crore lower by 22.19% as against Rs 8,702.58 crore a year ago same period.

Following the Q3FY19 result announcement, HDFC share price were trading at Rs 1910.50 per piece down by Rs 38.10 or 1.96% on BSE at around 1449 hours. The company has also touched an intraday low of Rs 1902.65 on the index.

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