India’s largest mortgage lender HDFC on Monday reported a 28.63 per cent rise in consolidated net profit at Rs 3,961.17 crore for the quarter ended March 31, 2018. The company had registered a net profit of Rs 3,079.33 crore in the January-March quarter of the previous financial year. Total income during the quarter grew 17.78 per cent to Rs 21,248.79 crore as against Rs 18,040.59 crore in the year-ago period, HDFC said in a regulatory filing. For the full fiscal 2018, the net profit of HDFC was up 47 per cent to Rs 16,254.96 crore from Rs 11,051.12 crore in 2016-17. On a standalone basis, HDFC posted a 39.23 per cent rise in net profit at Rs 2,846.22 crore in the reported quarter as compared to Rs 2,044.2 crore earlier. The firm’s total income grew 13.14 per cent to Rs 9,633.89 crore against Rs 8,514.51 crore in year-ago period. Total income in the full financial year grew to Rs 69,141.67 crore from Rs 61,087.63 crore in 2016-17. The company’s board has proposed a final dividend of Rs 16.50 per share, subject to the approval of the members at the upcoming annual general meeting. The board of HDFC has approved NCDs (secured or unsecured) up to Rs 85,000 crore on a private placement basis, subject to the approval of members at the upcoming AGM. It has also approved the increase in the overall borrowing powers of the corporation, subject to the approval of the members at the AGM scheduled to be held on July 30, 2018. In a separate filing, HDFC also announced the appointment of UK Sinha, former chairman of Sebi and JA Dani as independent directors on the board for a period of five years with effect from April 30, 2018, subject to the approval of the members at the ensuing AGM. It also announced the resignation of D M Sukthankar, Non-Executive Director and D N Ghosh, Independent Director from the board with effect from April 30. Shares of HDFC closed 1.44 per cent higher at Rs 1,884.65 a piece on BSE Ltd.
