HDFC Ltd consolidated net profit rises to ₹5,724 crore in third quarter

The corporation said that profit numbers for the quarter and nine months ended December 31, 2020 are not comparable with that of the corresponding quarter/period of the previous year.

HDFC Ltd on Tuesday posted a consolidated net profit of ₹5,724.23 crore for the third quarter of 2020-21 fiscal against that of ₹4,196.48 crore in the October-December period of the previous fiscal year.

Pedestrian walk past an HDFC Bank Ltd. branch in Mumbai, India, (Bloomberg)

The company's total income (consolidated basis) rose to ₹39,267.59 crore during the third quarter as against ₹29,073.19 crore in the same period of 2019-20, HDFC Ltd said in a regulatory filing.

However, the corporation said that profit numbers for the quarter and nine months ended December 31, 2020 are not comparable with that of the corresponding quarter/period of the previous year.

The merger of GRUH Finance with Bandhan Bank was effective October 17, 2019, it added.

"There has been a significant recovery and strong growth in the individual business during the quarter ended December 31, 2020. On a nine month basis from April 1, 2020 to December 31, 2020, the impact of the pandemic induced lockdown has to be factored in and hence the current and previous year’s numbers are not directly comparable," it added further.

HDFC shares were trading higher by 3.72 per cent at ₹2,678.65 apiece on BSE in pre-close session.