Housing Development Finance Corporation Limited (HDFC), on Saturday, reported a 25 per cent rise in its consolidated net profit at Rs.1,275.86 crore for the quarter ended June 30, 2012, against Rs.1,020.06 crore in the corresponding quarter of the previous year.
. It had announced the standalone results on July 11 at the time of its annual meeting.
The standalone net profit for the quarter under reference stood at Rs.1,001.91 crore against Rs.844.53 crore in the year-ago period, an increase of 19 per cent.
The profit earned in the revenue account of HDFC Standard Life Insurance Company amounting to Rs.92.41 crore (net of tax) as compared to Rs.53.40 crore, has not been transferred to the shareholders’ profit and loss account as profits can be transferred only after the accounts are audited and recommended by the appointed actuary, as per IRDA guidelines.
The consolidated net profit for the quarter ended June 30, 2012 does not consider the charge in respect of the redemption premium on zero coupon debentures amounting to Rs.148.93 crore (net of tax) as compared to Rs.130.25 crore for the quarter ended June 30, 2011.
Considering both these adjustments “the profit after tax for the quarter ended June 30, 2012, would have been Rs.1,193.81 crore against Rs.928.46 crore, an increase of 29 per cent,” the release added.