Housing Development Finance Corporation (HDFC) today reported a 82.54% increase in net profit at Rs 648.93 crore for the third quarter ended December 31, 2007 when compared with Rs 355.49 crore in Q3FY07.
Total income increased to Rs 2,154.72 crore from Rs 1,457.73 crore in Q3FY07.
The profit is inclusive of profit on sale of stake in its subsidiary HDFC Standard Life Insurance Company. HDFC, last month, sold 7.15% stake to its joint venture partner Standard Life (Mauritius Holdings) for Rs 200 crore.
Besides the stake sale in HDFC Standard Life, the net profit also includes the entire sale of its holdings in an associate company, Intelenet Global Services, amounting to Rs 434.19 crore (as compared to Rs 32.98 crore in a subsidiary and associate company in the corresponding period in the previous year).
Interest income for the third quarter increased 45.94% to Rs 1,981.51 crore from Rs 1,357.67 crore in Q3FY07. Total income, which includes interest income, other operating income, fees and other charges, was Rs 2,154.72 crore when compared with Rs 1,457.73 crore.
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