HDFC on Monday reported a net profit of Rs 5,670.21 crore for the third quarter of the 2017-’18 financial year. The company said in a stock exchange filing that its net profit had risen 233% year-on-year due to a one-time stake sale in HDFC Standard Life Insurance.
Revenue from the company’s operations grew 6.55% in the third quarter to Rs 8,667.15 crore for the October-December 2017 quarter, as against Rs 8,133.78 for the October-December 2016 quarter. However, it was lower than the Rs 8,685.12 crore the firm earned in the second quarter of 2017-’18.
The company’s net interest income, the difference between interest earned and interest expended, increased 11.2% year-on-year to Rs 2,967.70 crore in the third quarter of 2017-’18, HDFC Chief Executive Officer Keki Mistry said in a press conference, Moneycontrol reported.
Meanwhile, HDFC’s Board of Directors approved issuance of non-convertible debentures worth Rs 35,000 crore.
HDFC shares rose 3.31% to Rs 1,971.50 per share at the National Stock Exchange, driven by positive earnings data.
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