New Delhi: Shares of housing finance major HDFC climbed nearly 3 per cent on Thursday after the firm reported a 20 per cent rise in standalone net profit for the March quarter. The stock closed 2.64 per cent higher at Rs 2,862.35 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 closed at Rs 2,862 per share, up 2.66 per cent. The market capitalization of the company increased by Rs 13,511.86 crore to Rs 5,25,114.48 crore. HDFC on Thursday reported a 20 per cent rise in standalone net profit to Rs 4,425 crore for the quarter ended 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 the stock exchanges, HDFC said there was an 18 per cent rise in profit after tax for the year ended March 31, 2023, at Rs 16,239 crore as compared to Rs 13,742.18 crore in 2021-22.
The assets under management stood at over Rs 7.2 lakh crore. “Profit after tax after providing Rs 973 crore for taxes stood at Rs 4,425 crore as against Rs 3,700 crore in the corresponding quarter last year, showing a growth of 20 per cent,” the lender said.