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HDFC Q3 standalone net profit increases to Rs 5,670 cr

HDFC Q3 standalone net profit increases to Rs 5,670 cr

Mumbai: Housing finance major HDFC on Monday said that its standalone net profit during the third quarter of 2017-18 increased to Rs 5,670 crore.

According to the company, its standalone net profit during the quarter under review included the proceeds from the IPO of HDFC Life.

The company had reported a net profit of Rs 1,701 crore for the corresponding period of the previous fiscal.

“In the quarter ended December 31, 2017, the Corporation received Rs 5,250 crore (net of estimated expenses, which are yet to be fully crystalised) from the initial public offer (IPO) of HDFC Standard Life Insurance Company Limited (HDFC Life),” HDFC said in a statement.

“The Corporation also created an additional special provision (as a charge to the statement of profit and loss) of Rs 1,575 crore, being 30 per cent of the pre-tax gains on this transaction, thereby building an additional buffer against any unexpected risk in the future.”

IANS