HDFC shares up over 2% on jump in Q4 net profit

Shares of HDFC on Tuesday rose by over 2% after the company reported a jump of nearly 31% in consolidated net profit for the March quarter.

The stock gained 2.12% to Rs 1,116 on the BSE. At the National Stock Exchange (NSE), shares of the company rose by 2.25% to Rs 1,116.55.

However, at 1120 hours, the company stock came down from the earlier high in the day and was dealing at Rs 1,108.70, up Rs 15.95 or 1.46% on the BSE. On the National Stock Exchange (NSE), the stock was dealing at Rs 1,108.55, up Rs 16.65 or 1.52%. 

Home finance major HDFC on Monday reported a nearly 31% jump in consolidated net profit at Rs 3,460.5 crore for the March quarter, boosted by the sale of the part stake in its life insurance arm for Rs 1,513 crore.

The company's net profit after taxes was Rs 2,646.35 crore in January-March quarter of 2014-15.

In March, the company sold 9% of its stake in HDFC Life to Standard Life Mauritius Holdings for a total consideration of Rs 1,706 crore, which yielded a net income of Rs 1,513 crore, HDFC Vice-Chairman and Chief Executive Keki Mistry said.

On a standalone basis, the net income rose 40% to Rs 2,607 crore, from Rs 1,862 crore, driven by the one-time income.

For the full fiscal, the consolidated net profit rose 16.3% to Rs 10,190.3 crore, from Rs 8,762.6 crore after providing Rs 3,015 crore for tax, including Rs 379 crore as deferred tax liability on special reserves.