Housing Development Finance Corporation Ltd (HDFC) has reported lower profits on account of high extraordinary income last year that inflated the base.
However, purely on the basis of core performance, net profit for the fourth quarter ended March 2009 has gone up by 20 per cent to Rs 732.89 crore against Rs 609.57 crore in the same quarter last year. With the extraordinary incomes accounted, HDFC has reported a 6.7 per cent fall in net profit to Rs 733.37 crore a year ago.
For the year ended March 31, 2009, HDFC’s net profit without considering last year’s extraordinary income went up by 23 per cent to Rs 2,258.83 crore against Rs 1,834.55 crore in the previous year. With the extraordinary incomes, HDFC’s net profit fell 6.3 per cent to Rs. 2,282 crore for 2008/09 as a whole.
“The figures are not comparable as we had received extraordinary income last year due to sale of stakes in several firms. Without that extraordinary income, the profit for the whole year has gone up by 23 per cent,” said Keki M Mistry, vice chairman and MD, HDFC.
“We are confident of growing by 18 to 20 per cent during this year. Real estate prices have come down a level which is attractive for many buyers,” Mistry said.