HDFC FY20 results: Profit rises 30% to Rs 22,826 crore, revenue up 10%

For the January-March quarter of FY20, HDFC reported a 10 per cent decline in consolidated net profit at Rs 4,341 crore as against Rs 4,811 crore for the corresponding quarter last year

Housing Development Finance Corporation (HDFC) on Monday reported a 30 per cent year-on-year growth in its consolidated net profit at Rs 22,826 crore for the financial year ended March 31, 2020. The housing finance company posted consolidated net profit of Rs 17,581 crore in the previous year, HDFC said in a filing to the Bombay Stock Exchange.

Consolidated revenue from operations rose by 10.25 per cent to Rs 45,253 crore for FY20 as compared to Rs 41,045 crore in the previous fiscal.

The Net Interest Income (excluding income on assigned loans) for the year ended March 31, 2020 stood at Rs 12,904 crore compared to Rs 11,457 crore in the previous year, representing a growth of 13 per cent.

For the January-March quarter of FY20, the mortgage lender reported a 10 per cent decline in consolidated net profit at Rs 4,341 crore as against Rs 4,811 crore for the corresponding quarter last year. The revenue from operations fell by 42 per cent to Rs 16,600 crore in Q4 FY20 as compared to Rs 28,747 crore in March quarter of FY19. The NII rose by 14 per cent to Rs 3,564 crore compared to Rs 3,139 crore in the same quarter of the previous year.

As at March 31, 2020, the loan book stood at Rs 4,50,903 crore as against Rs 4,06,607 crore in the previous year, registering a growth of 11 per cent. During the year ended March 31, 2020, the corporation assigned individual loans amounting to Rs 24,127 crore versus Rs 25,150 crore in the previous year, which comprise 76 per cent of the Assets under Management (AUM).

The company board announced dividend of Rs 21 per share of Rs 2 each compared to a final dividend of Rs 17.50 per equity in the previous year.

On the asset front, the gross non-performing loans stood at Rs 8,908 crore as at March 31, 2020. This is equivalent to 1.99 per cent of the loan portfolio. The non-performing loans of the individual portfolio stood at 0.95 per cent while that of the non-individual portfolio stood at 4.71 per cent.

On COVID-19, the lender said the impact of the coronavirus was felt towards the last fortnight of the financial year. Retail loan disbursements were disrupted in the latter half of the month of March, it said.

"With offices being closed in the months of April and part of May, individual loan disbursements have continued to be impacted. Loan approvals and loan servicing requirements are being done online," HDFC said in the exchange filing.

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