HDFC Ltd on Thursday reported 25 per cent rise in its standalone net profit to Rs 2,467.08 crore in second quarter ended September 30. The company had registered a net profit of Rs 1,978.19 crore in the corresponding period of 2017-18.
Total income during the September quarter stood at Rs 11,256.96 crore, up from Rs 9,007.37 crore in the same period of the previous fiscal, HDFC Ltd said in a regulatory filing. The consolidated figures were not provided by the company. Shares of HDFC traded at Rs 1,756.95 apiece on BSE, down 0.71 per cent from its previous close.
Before this, HDFC Standard Life Insurance Company (HDFC Life) had reported 20.3 per cent rise in net profit at Rs 286.98 crore for Q2. The company's net profit in the year-ago period stood at Rs 238.49 crore. The gross premium income, inclusive of first year, renewal premium and single premium, rose to Rs 6,840.5 crore during the reported quarter. It was Rs 5,636.6 crore in the second quarter of 2017-18, HDFC Life said in a BSE filing.
The net premium income increased to Rs 6,777.55 crore as against Rs 5,389.43 crore earlier. On July 20, the Board of Directors approved a proposal to change the corporate name of the company to 'HDFC Life Insurance Company', subject to approval of shareholders and regulators, it said. Vibha Padalkar was appointed as Managing Director & CEO with effect from September 12, the company said. She will continue as the Chief Financial Officer for the interim period till further replacement, it added.
On second quarter earnings, Padalkar said: "We continue to grow faster than the industry whilst sustaining our leadership position on profitability. We shall continue to pursue our strategy of harnessing newer pools of profitability as well as deliver the best value proposition to our partners, customers and shareholders." Stock of HDFC Life closed 2.07 per cent down at Rs 359.15 on BSE.