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HDFC net profit jumps 22%

Mumbai, Oct. 13: Housing Development and Finance Corporation Ltd (HDFC) has posted a 21.5 per cent growth in net profit to Rs 203.24 crore for the second quarter ended September 30 as against Rs 167.15 crore in the same period last year. Income from operations during the quarter rose to Rs 773.73 crore (Rs 742.82 crore).

In the first six months of this fiscal, net profit was up 21.8 per cent to Rs 371 crore as against Rs 304.45 crore.

HDFC said that loan approvals during the six-month period amounted to Rs 6,872 crore compared with Rs 5,295 crore in the same period last year, a growth of 30 per cent.

Loan disbursements during the period was up 30 per cent at Rs 5,471 crore as against Rs 4,222 crore year-on-year. The corporation added that retail growth continues to be very strong as a result of increased network of offices and intensified marketing efforts.

During the first half, total assets of the corporation rose 21 per cent to Rs 28,860 crore (Rs 23,908 crore).

Of the income of Rs 1,499.61 crore during the first half, interest on loans generated Rs 1,178.27 crore, fees and other charges Rs 53.74 crore, dividend income Rs 52.81 crore, net profit on sale of investments Rs 64.64 crore among others.

IPCL net rises

Indian Petrochemicals Corporation Ltd (IPCL) has recorded a 20 per cent growth in net profits for the quarter ended September 30 to Rs 54 crore as against Rs 45 crore in the same period last year.

While gross turnover of the company during the reporting quarter rose to Rs 2,762 crore (Rs 2,593 crore), the turnover, excluding inter-divisional transfers, were placed at Rs 1,572 crore (Rs 1,442 crore).

For the first half ended September 30, net profit was up 138 per cent at Rs 93 crore over Rs 39 crore in the same period last year. Gross turnover was also up 23 per cent at Rs 5,395 crore (Rs 4375 crore).

Chairman Mukesh Ambani said: “We are satisfied that IPCL has reported another quarter of strong financial performance. The petrochemical cycle is looking up and we are confident of achieving an improved performance in the future.”

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