Housing finance firm HDFC Ltd on Monday reported a 10 per cent decline in consolidated net profit to Rs 4,341.58 crore for the fourth quarter ended March 31. The company’s net profit (before adjustment of minority interest) was Rs 4,811.26 crore in January-March quarter of 2018-19.
The board has proposed a dividend of Rs 21 per share of the face value of Rs 2 per unit, HDFC Ltd said in a regulatory filing. On standalone basis, the profit of HDFC during the quarter slipped by 22 per cent at Rs 2,232.55 crore as against Rs 2,861.58 crore in the same quarter previous fiscal.
“After providing for tax ofRs 460 crore, the reported profit after tax for the quarter ended March 31, 2020 stood at Rs 2,233 crore and for the whole year it was Rs 17,770 crore.
“In the fourth quarter, the factors that impacted the result include — extra provisioning due to COVID-19 requirement, dividend income was Rs 2 crore compared to Rs 537 crore last year and profit on sale of investments was Rs 2 crore as against Rs 321 crore,” HDFC Ltd vice chairman and CEO Keki Mistry said via video conference.
During the quarter, the net interest income improved to Rs 3,780 crore compared to Rs 3,161 crore in the corresponding quarter previous year.
For the full fiscal, the net profit on standalone basis nearly doubled to Rs 17,769.65 crore as against Rs 9,632.46 crore.
However, HDFC Ltd in a statement said the profit numbers for the year are not directly comparable with that of the previous year due to various reasons, including additional provisioning for the impact of COVID-19 of Rs 5,913 crore as against Rs 935 crore in the previous fiscal.
“The gross non-performing loans as at March 31, 2020 stood at Rs 8,908 crore. This is equivalent to 1.99 per cent of the loan portfolio.
The non-performing loans of the individual portfolio stood at 0.95 per cent while that of the non-individual portfolio stood at 4.71 per cent,” it said.