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By a Staff Reporter: Housing Development Finance Corp. Ltd. - Result update
Quarterly Result
• HDFC has recorded marginal 1.67% decline in the net profit to Rs 3000.67 crore in the quarter ended June 2021. The net interest income of the company has surged 23% with improvement in net interest margin to 3.7% in Q1FY2022.
• Profit before tax for Q1FY2022 stood at Rs 3905 crore compared to Rs 3607 crore in the previous year. The profit numbers for Q1FY2022, however, are not directly comparable with that of the previous year for the reasons such as Profit on Sale of Investments at Rs 263 crore in Q1FY2022 compared with Rs 1241 crore in Q1FY2021, dividend Rs 16 crore (Rs 298 crore) and charge for employee stock options Rs 146 crore (Rs 1 crore).
• Also the effective tax rate has been higher at 23.1% compared with 15.4% in Q1FY2021. In the previous year, the tax on capital gains on sale of equity shares was low on account of grand fathering provisions as per the Income Tax Act, 1961.
• The cost to income ratio rose to 11.3% in Q1FY2022 from 10.0% in Q1FY2021. The loan growth of the company eased to 8%
end June 2021.