LIC Housing Finance Q2 net profit up 20% to Rs 494.76 crore
Net profit for the half year ended September rose by 13.7 percent to Rs 902.60 crore, from Rs 793.87 crore a year ago
New Delhi: LIC Housing Finance has reported an increase of 20.2 percent in net profit at Rs 494.76 crore for the second quarter ended September 30.
Company's net profit stood at Rs 411.74 crore during the July-September quarter of previous fiscal 2015-16.
"Total income has increased to Rs 3,489.91 crore for the quarter ended September 30, 2016 from Rs 3,089.36 crore for the corresponding quarter of 2015," it said in a regulatory filing.
Net profit for the half year ended September rose by 13.7 percent to Rs 902.60 crore, from Rs 793.87 crore a year ago.
Total income during the six months to September increased to Rs 6,816.14 crore as against Rs 6,010.53 crore a year ago.
The main business of the company is to provide loans for purchase or construction of residential houses.
One of the largest housing finance companies in India, LIC Housing Finance is promoted by country's insurance behemoth Life Insurance Corporation of India (LIC).
LIC Housing Finance stock traded at Rs 609.65 on BSE, down 1.02 percent.
Market benchmark Sensex staged a smart recovery from the day's low to end with marginal losses on Monday amid a negative trend in global equities
The BSE index was trading 300.45 points or 0.62 percent higher at 49,033, while NSE Nifty rose 75.60 points or 0.52 percent to 14,753.40
Dr Reddy's was the top gainer in the Sensex pack, followed by ONGC, HDFC, IndusInd Bank, ICICI Bank, Sun Pharma and Kotak Bank