HDFC earns Rs 263 cr profit on sale of investments during Jun quarter

The country's largest mortgage lender HDFC Ltd on Friday said it earned Rs 263 crore as profit on sale of investments during the first quarter of the current financial year.

Its profit on sale of investments during the June 2020 quarter had stood at Rs 1,241 crore, HDFC said in a regulatory filing.

During the June 2021 quarter, the mortgage lender sold its entire stake in associate company Good Host Spaces for Rs 54 crore and sold part stake in insurance arm HDFC ERGO General Insurance Company for Rs 209 crore.

The company's stake in HDFC ERGO General Insurance stood at 49.98 per cent as of June 30, 2021, it said.

The gross income from dividend during the first quarter of 2021-22 stood at Rs 16 crore, compared with Rs 298 crore in the year-ago quarter, it said.

With regard to loans assigned by it under home loan arrangement with HDFC Bank, the company assigned Rs 5,489 crore worth of loans to the lender, up from Rs 1,376 crore in the same quarter of FY20.

Individual loans sold in the preceding 12 months amounted to Rs 23,093 crore as compared with Rs 18,273 crore in the previous year, it added.

HDFC's shares on Friday closed 0.61 per cent down to Rs 2,475.10 apiece on the BSE.

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Free Press Journal