HDFC Q1 net profit up 54% at Rs 2,190 crore, beats analyst expectations

Housing Development Finance Corporation reported a 54 percent year-on-year (YoY) rise in profit at Rs 2,190 crore for June quarter FY19 helped by a healthy growth in interest income and assets under management.

The Keki Mistry-led non-banking finance company (NBFC) and largest mortgage player had reported a fall in net profit a year ago at Rs 1,424.5 crore.

The adjustment or impact because of the new Ind AS accounting standards (from Indian GAAP) was a reduction in profit by Rs 127.95 crore in Q1FY18 from Rs 1,552 crore.

A Reuters' poll had estimated a 37 percent rise in profit to Rs 2,143 crore.

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Source: https://www.moneycontrol.com/news/business/earnings/hdfc-q1-net-profit-up-54-at-rs-2190-crore-beats-analyst-expectations-2779431.html