HDFC posts 17% rise in profit, misses estimates

hidden July 19, 2013 16:00:57 IST
HDFC posts 17% rise in profit, misses estimates

Mumbai: Housing Development Finance Corp (HDFC), India's biggest mortgage lender, reported a 17 percent rise in net profit for the April-June quarter on Friday.

Standalone net profit for the fiscal first quarter was Rs 1,173 crore, compared with Rs 1,002 crore a year earlier, while total income rose 12.6 percent to Rs 5,557 crore over the same period.

HDFC posts 17 rise in profit misses estimates

Standalone net profit for the fiscal first quarter was Rs 1,173 crore, compared with Rs 1,002 crore a year earlier

HDFC's loan book at end-June stood at Rs 1.8 lakh crore, up nearly 20 percent from a year earlier, it said in a statement to the stock exchange.

Analysts on average expected HDFC to post a net profit of Rs 1,218 crore, according to Thomson Reuters I/B/E/S.

Shares in HDFC dropped as much as 2.8 percent to Rs 806 after it announced the results.

Reuters

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