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This article is more than 1 month old.

HDFC Q1 results: Net profit at Rs 3,000.7 crore, beats estimates

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HDFC reported a net profit of Rs 3,000.67 crore for the quarter ended June 30, beating Street estimates. Shares jumped nearly 2 percent after the earnings announcement.

HDFC Q1 results: Net profit at Rs 3,000.7 crore, beats estimates
Mortgage lender Housing Development Finance Corporation (HDFC) on Monday reported a net profit of Rs 3,000.67 crore for the quarter ended June 30, beating Street estimates.
The net profit was down 1.67 percent on a year-on-year basis. Analysts in a CNBC-TV18 poll had estimated the company's Q1 net profit at Rs 2,898.7 crore.
Interest income for the first quarter of the current financial year fell 2.48 percent on year to Rs 10,523.36 crore. Total revenue from operations dropped 10.45 percent to Rs 11,657.47 crore.
Net interest income --  the difference between the interest earned and the interest expended -- grew 22 percent in the April-June period, and the net interest margin -- a key measure of profitability -- came in at 3.7 percent in the quarter ended June 30, against 3.5 percent in the previous quarter.
The lender's gross non-performing asset (NPA) ratio was at 2.24 percent in Q1, against 1.98 percent in the last quarter of FY21.
There was a sharp pickup in disbursements in July, which was the highest ever in a non-quarter month, the company said in a press release.
HDFC shares jumped as much as 1.92 percent to Rs 2,487.55 apiece on BSE after the earnings announcement.
At noon, the stock traded 1.09 percent higher at Rs 2,467.45 apiece on the bourse, outperforming the benchmark Sensex index, which was up 0.64 percent at 52,924.56.