Shares of housing finance major HDFC on Thursday climbed nearly 3 per cent after the firm reported a 20 per cent growth in standalone net profit for the March quarter.
The stock advanced 2.64 per cent to finish at Rs 2,862.35 apiece on the BSE. During the day, it jumped 2.80 per cent to its 52-week high of Rs 2,867. On the NSE, it gained 2.66 per cent to settle at Rs 2,862 per share. The company's market valuation rallied Rs 13,511.86 crore to Rs 5,25,114.48 crore. HDFC on Thursday reported a 20 per cent growth in standalone net profit to Rs 4,425 crore for the quarter ending March 2023 on the back of higher interest income.
The bank's profit in the January-March quarter of 2021-22 was Rs 3,700 crore. In a filing to stock exchanges, HDFC said there was an 18 per cent growth in the standalone profit after tax for the year ended March 31, 2023, at Rs 16,239 crore compared to Rs 13,742.18 crore in 2021-22. Assets under management stood at over Rs 7.2 lakh crore.
"After providing Rs 973 crore for tax, the reported profit after tax stood at Rs 4,425 crore compared to Rs 3,700 crore in the corresponding quarter of the previous year, representing a growth of 20 per cent," the lender said.
