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regular-article-logo Sunday, 23 June 2024

HDFC net profit rises 14.7 per cent

HDFC’s net interest income rose 13 per cent to Rs 4,840 crore for December quarter from Rs 4,284 crore in corresponding quarter of FY22

PTI Mumbai Published 03.02.23, 01:49 AM
Representational image.

Representational image. File picture

Largest pure-play mortgage lender HDFC reported a 14.74 per cent rise in its December quarter consolidated net profit at Rs 7,077.91 crore, with growth being restricted by rate hikes.

On a standalone basis, the city-based company, which is merging with its subsidiary HDFC Bank, had a profit after tax of Rs 3,690.80 crore against Rs 3,260.69 crore in the year-ago period.

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HDFC’s net interest income rose 13 per cent to Rs 4,840 crore for the December quarter from Rs 4,284 crore in the corresponding quarter of FY22. Its total interest income rose to Rs 14,457 crore from Rs 11,055 crore in the year-ago period.

Vice-chairman and chief executive officer Keki Mistry said the profit growth has been restricted due to rate hikes by the RBI, explaining that while the company’s liabilities get repriced faster, it takes a while for the assets to reflect the newer rates.

TCPL profit up 25%

Tata Consumer Products Ltd (TCPL) on Thursday reported a 25.63 per cent increase in consolidated net profit at Rs 364.43 crore for the December quarter led by growth from the domestic food business. The company had posted a net profit of Rs 290.07 crore for the October-December period a year ago.

Revenue from operations was up 8.29 per cent to Rs 3,474.55 crore against Rs 3,208.38 crore a year ago.

Berger Paints

Berger Paints on Thursday reported a decline of 20.47 per cent in its consolidated net profit at Rs 201.17 crore in the third quarter ended December.

The company had posted a net profit of Rs 252.97 crore in the October-December period a year ago, Berger Paints said in a regulatory filing.

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