In line with Street estimates, housing finance lender HDFC has reported a net profit of Rs 3,180 crore for the Jan-March quarter. This is a 42 per cent increase in the standalone profit after tax for the quarter ended March 31, 2021.
"The profit before tax for the quarter ended March 31, 2021, stood at Rs 3,924 crore compared to Rs 2,692 crore in the corresponding quarter of the previous year, representing a growth of 46 per cent. After providing for tax of Rs 744 crore, the profit after tax stood at Rs 3,180 crore compared to Rs 2,233 crore in the previous year, representing a growth of 42 per cent," HDFC said in a statement.
Quarterly, HDFC's net profit grew 8.6 per cent from Rs 2,925.8 crore reported in Q3FY21. The company's standalone profit for the year ended March 31, 2021, stood at Rs 12,027 crore. The consolidated profit for FY21 rose 30 per cent Rs 5,350 crore.
HDFC's Board of Directors has recommended a dividend for the year ended March 31, 2021, of Rs 23 per equity share of Rs 2 each compared to Rs 21 per equity in the previous year. The dividend payout ratio is 34.5 per cent. The board also approved the re-appointment of Keki M Mistry as the Managing Director of the Corporation for three years with effect from May 7, 2021.
To facilitate a like-for-like comparison of the financials, after adjusting for profit on the sale of investments, dividend, fair value adjustments, income on assigned loans, charge for employee stock options and provisions, the adjusted profit before tax for the year ended March 31, 2021, grew 19 per cent to Rs 13,823 crore compared to Rs 11,586 crore in the previous year.
Quarterly, HDFC's PBT (profit before tax) grew a whopping 45.73 per cent to Rs 3,923.94 crore from Rs 2,692.44 crore during the same period last year. Total comprehensive income for the year ended March 31, 2021, stood at Rs 13,762 crore, while revenue for the said quarter shrunk 2 per cent to Rs 11,975 crore yoy compared to Rs 11,697.1 crore in the same quarter previous year.
Loans on assets under management (AUM) grew to Rs 5,69,894 crore against Rs 5,16,773 crore in the previous year. As of March 31, 2021, individual loans comprise 77 per cent of the assets under management (AUM). The individual loan book on an AUM basis grew 12 per cent and the non-individual loan book grew by 4 per cent in FY21. The growth in the total AUM was 10 per cent.