India’s largest mortgage company, Housing Development Finance Corp. Ltd (HDFC) has carried out a 32.71% rise in net profit during the December quarter. It was highly depended on income from the trade of a part of its investment in Infrastructure Leasing and Financial Services Ltd (IL&FS).
IL&FS is a finance company which has been supported not only by HDFC but also by Central Bank of India and the ex Unit Trust of India (UTI).
There has been an increase in the profit to Rs890.88 crore during the quarter ended December. In previous year the profit was Rs671.25 crore for the same period of time.
The increase in the profit has been 16.74% apart from the sales of the 10% IL&FS stake. During last year the figure has incorporated an Rs51.38 crore profit on funds.
Though these figures are not constant, it keeps on fluctuating. This has been the result of the changes in tax norms during this period. HDFC could perform well if there is a rise in its net interest income which is now at 19%.
- Decision on gas price revision taken under RIL’s coercion: Dasgupta
- Government to pay $8.1 billion fuel subsidy in fourth quarter
- Oil firms falls as government considers export parity pricing model
- Essar Oil to sign $1 billion financing co-operation deal with CDB
- ONGC may sell stakes in deep-water blocks to Shell