HDFC Ltd net profit rises about 12% at Rs 1,425 crore

HDFC Ltd's net profit rose by 11.6% to Rs 1,425.49 crore in the third quarter ended December 2014-15.

The country's largest mortgage lender had reported a profit after tax of Rs 1,277.71 crore in the corresponding October-December quarter of 2013-14.

Company's total income rose to Rs 6,870.95 crore during the quarter under review, up from Rs 6,019.80 crore during the period a year ago, it said in a filing to the BSE.

In the income components, it rose 12.9% to Rs 6,758.36 crore from operations as compared to Rs 5,985.18 crore a year ago. Income from profit on sale of investments jumped over three fold to Rs 112.59 in Q3 FY15.

Housing Development Finance Corporation (HDFC) Ltd's provisions towards contingencies and bad loans increased to Rs 45 crore in the third quarter of current fiscal, over Rs 25 crore a year ago.

Its loan book stood at Rs 2.19 lakh crore as of December 31, 2014, as against Rs 1.92 lakh crore in the same period of previous year.

During the quarter ended December 31, 2014, the company sold 1,19,69,000 equity shares of Rs 10 each of HDFC Standard Life Insurance Company Ltd at a price of Rs 105 per share.

The shares sold represent 0.6% of the total issued, subscribed and paid-up equity capital of HDFC Life, it said in the filing.

HDFC Ltd scrips traded 2.58% down at Rs 1,310 per share on the BSE in noon trades.