HDFC shares gain over 2% post Q4 results

MUMBAI, May 3:  Shares of HDFC today rose by over 2 per cent after the company reported a jump of nearly 31 per cent in consolidated net profit for the March quarter.
The stock gained 2.12 per cent to Rs 1,116 on BSE.
At NSE, shares of the company rose by 2.25 per cent to Rs 1,116.55.
Home finance major HDFC yesterday reported a nearly 31 per cent jump in consolidated net profit at Rs 3,460.5 crore for the March quarter, boosted by sale of part stake in its life insurance arm for Rs 1,513 crore.
The company’s net profit after taxes was Rs 2,646.35 crore in January-March quarter of 2014-15.
In March, the company sold 9 per cent of its stake in HDFC Life to Standard Life Mauritius Holdings for a total consideration of Rs 1,706 crore, which yielded a net income of Rs 1,513 crore, HDFC Vice-Chairman and Chief Executive Keki Mistry said.
On a standalone basis, the net income rose 40 per cent to Rs 2,607 crore, from Rs 1,862 crore, driven by the one-time income.
For the full fiscal, the consolidated net profit rose 16.3 per cent to Rs 10,190.3 crore, from Rs 8,762.6 crore after providing Rs 3,015 crore for tax, including Rs 379 crore as deferred tax liability on special reserves. (PTI)


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