Mortgage major HDFC on Thursday reported an 11 per cent drop in consolidated net profit at Rs 3,079.33 crore for the three months to March, due to higher one-time income in the same period last year.
In the March 2016 quarter, the company had logged in a consolidated net of Rs 3,460.46 crore boosted by the profit booked on sale of 9 per cent equity in HDFC life to Standard life Mauritius Holdings for over Rs 1,700 crore.On standalone basis, net dipped 22 per cent to Rs 2,044.20 crore in the March quarter from Rs 2,607.05 crore.
“The current year figures are not comparable because in the March 2016 quarter we had sold 9 per cent equity in our life insurance business to Standard life pursuant to an agreement, leading to a one-time profit of Rs 1,513 crore,” HDFC vice-chairman and chief executive Keiki Mistry told reporters.
The largest mortgage player also created a one-time special provision of Rs 450 crore during the reporting period. For the full year, its stand alone net stood at Rs 7,443 crore compared to Rs 7,093 crore. The core net interest margin for the quarter was at 4.5 per cent which was same as in the previous year. Gross non-performing loans stood at 0.79 per cent.