HDFC Ltd Q4 profit declines 10% to Rs 4,342 crore
New Delhi: Housing finance agency HDFC Ltd on Monday reported a 10 per cent decline in consolidated internet revenue to Rs 4,341.58 crore for the fourth quarter ended March 31.
The firm’s internet revenue (earlier than adjustment of minority curiosity) was Rs 4,811.26 crore in January-March quarter of 2018-19.
The board has proposed a dividend of Rs 21 per share of the face worth of Rs 2 per unit, HDFC Ltd mentioned in a regulatory submitting.
On standalone foundation, the revenue of HDFC through the quarter slipped by 22 per cent at Rs 2,232.55 crore as in opposition to Rs 2,861.58 crore in the identical quarter earlier fiscal.
“After offering for tax of Rs 460 crore, the reported revenue after tax for the quarter ended March 31, 2020 stood at Rs 2,233 crore and for the entire yr it was Rs 17,770 crore.
“In the fourth quarter, the factors that impacted the result include – extra provisioning due to COVID-19 requirement, dividend income was Rs 2 crore compared to Rs 537 crore last year and profit on sale of investments was Rs 2 crore as against Rs 321 crore,” HDFC Ltd vice chairman and CEO Keki Mistry mentioned by way of video convention.
During the quarter, the web curiosity earnings improved to Rs 3,780 crore in comparison with Rs 3,161 crore within the corresponding quarter earlier yr.
For the complete fiscal, the web revenue on standalone foundation practically doubled to Rs 17,769.65 crore as in opposition to Rs 9,632.46 crore.
However, HDFC Ltd in a press release mentioned the revenue numbers for the yr will not be instantly comparable with that of the earlier yr on account of numerous causes, together with extra provisioning for the affect of COVID-19 of Rs 5,913 crore as in opposition to Rs 935 crore within the earlier fiscal.
“The gross non-performing loans as at March 31, 2020 stood at Rs 8,908 crore. This is equivalent to 1.99 per cent of the loan portfolio. The non-performing loans of the individual portfolio stood at 0.95 per cent while that of the non-individual portfolio stood at 4.71 per cent,” it mentioned.
As per National Housing Bank (NHB) norms, it mentioned, the corporate is required to hold a complete provision of Rs 4,188 crore. Of this, Rs 1,921 crore is in the direction of provisioning for traditional belongings and Rs 2,267 crore is in the direction of non-performing belongings.
During FY20, it had revenue of Rs 3,524 crore on sale of investments, which was not there within the earlier yr and it had a good worth acquire of Rs 9,020 crore on account of amalgamation GRUH Finance Limited (GRUH) with Bandhan Bank.
Mistry additional mentioned because of the exterior setting, the company saved an enormous quantity of liquidity within the stability sheet.
“We have been slowly building up liquidity. Against the liquidity level of Rs 6,000 crore last year, this year in the balance sheet we were carrying as much as Rs 30,000 crore of liquidity. The excess liquidity which we carry gives us a negative carry in the P&L,” he added.
Net curiosity earnings for the quarter ended March 31, 2020 grew by 17 per cent to Rs 3,780 crore.
Net curiosity margin stood at 3.Four per cent, in comparison with 3.Three per cent within the earlier yr.
Gross non-performing loans as on March 31, 2020 stood at Rs 8,908 crore, which is equal to 1.99 per cent of the mortgage portfolio.
Non-performing loans of the person portfolio stood at 0.95 per cent, whereas that of the non-individual portfolio stood at 4.71 per cent.
On the idea of classification of belongings below Ind AS, as on March 31, 2020, 97.7 per cent of the publicity at default (EAD) comprised stage 1 and a couple of belongings.
Total particular person mortgage approvals grew by 14 per cent in quantity phrases and 12 per cent in worth phrases.
As on March 31, 2020, the mortgage ebook stood at Rs 4,50,903 crore as in opposition to Rs 4,06,607 crore within the earlier yr, representing a development of 11 per cent.
Individual loans comprise 76 per cent of the belongings below administration (AUM).
Its capital adequacy ratio stood at 17.7 per cent, of which tier I capital was 16.6 per cent and tier II capital was 1.1 per cent.
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