HDFC slips after posting in-line first quarter earnings

Shares of HDFC Ltd. were marginally lower after India's top mortgage company reported an in-line set of quarterly numbers on the back of rising home loans sales.

HDFC said its first quarter Net Profit stood at 1,361 crore rupees compared with 1,345 crores in the same quarter a year ago. Its Net Interest Income during April-June inched 2 percent higher to 2,171 crore rupees from 2,115 crore rupees in the year ago period. The company made a provision of a meagre 50 crore rupees versus 35 crores in the previous quarter and its loan book stood at a whopping 2.31 lakh crore rupees.

HDFC fell 2 percent, or 28 rupees, to 1,307 rupees on the National Stock Exchange, where 28 lakh shares were traded compared with the 5-day average of 18 lakhs.

HDFC's market capitalisation has risen 23 percent to 2.08 lakh crore rupees over the past one year as investors sought the safety of blue chip assets.
(Image credits: Indiatimes)