Housing finance giant, HDFC announced financial results for the third quarter of the current financial year. It reported 15 per cent rise in net profit which stands at Rs 542 crore as compared to Rs 471.9 crore in the same quarter last year.

It should be recalled that gain made through the sale of shares in HDFC Standard Life in Q3 of the previous fiscal has not been included while calculating net profit.

HDFC posted 7 per cent decline in net profit for the first nine months of current financial year owing to some exceptional gains. However, profit increased to 24 percent without including exceptional gains.

The vice-chairman and managing director of HDFC, Keki Mistry said, "In the whole of October and most of November we did no non-retail lending because of the liquidity conditions. But now as liquidity has improved, we are considering commercial real estate lending on a case-to-case basis."

He said that HDFC earned good interest income during the quarter and it grew by 42.7 per cent as compared to previous year. The deposits also grew by 28.5% during the period and expected to further grow in next quarter due to hopes of high advances.

Stocks of HDFC declined 7.49 per cent and closed at Rs 1,372.25 on the Bombay Stock Exchange.