HDFC clocks three-fold yoy rise in Q3FY18 standalone PAT; to issue bonds of Rs 35,000 crore

NBFC-giant Housing Development Finance Corp (HDFC) surpassed analysts' estimate by clocking over three times rise in its standalone net profit for the third quarter ended December 2017 (Q1FY18).

HDFC posted standalone net profit of Rs 5,670.21 crore in Q3FY18, rising by a whopping 233.30% compared to Rs 1,701.21 crore in the corresponding period of the previous year.

Standalone Q3FY18 net profit also jumped by a massive 169.87% from Rs 2,101.12 crore in the preceding quarter.

A Bloomberg poll of analysts expected HDFC’s net profit at Rs 4,980 crore for Q3FY18.

Standalone total income of HDFC came in at Rs 8,695.09 crore, which increased by 6.70% from Rs 8,148.61 crore in Q3FY17, but gradually dropped by 0.75% versus Rs 8,760.92 crore in Q2FY18.

For the nine months period of FY18, standalone bottom-line (profit) stands at Rs 9,327.07 crore up 72.77% year-on-year (YoY), while top-line (total income) was at Rs 25,597.77 crore growing by 3.86% on yearly basis.

On consolidated basis, net profit stood at Rs 6,677.06 crore in Q3FY18, growing by 144.70% yoy, and that of total income were at Rs 16,846.77 crore up 12.40% yoy.

In its meeting held on Monday, HDFC board members has approved for issuance of secured redeemable non-convertible debentures, aggregating up to Rs 35,000 crore, in various tranches, on a private placement basis.

Also, the members approved issuance of rupee denominated bonds/foreign currency denominated bonds to overseas investors for an additional amount not exceeding $1,500 million in various tranches.

Post Q3FY18 announcement, the HDFC share price is trading at Rs 1953.50 per piece on the BSE, up Rs 50.95 or 2.68% at around 1420 hours.