HDFC Q3 Profit Jumps 296% YoY

On January 27, the housing finance major HDFC reported a whopping 296% jump in profit on a year on year basis. The sharp rise in profit is attributed to fair value gain on account of merger between Gruh Finance and Bandhan Bank.

HDFC Q3 Profit Jumps 296% YoY

In comparison to Rs. 2113.8 crore profit reported for the same period a year ago, the housing finance major's profit was placed at Rs. 8372.5 crore. For the period under review, operations from revenue also scaled higher by as much as 92% YoY to Rs. 20285.47 crore.

Post the merger of Bandhan Bank with Gruh Finance, which is an associate company of HDFC, the company got 9.9% stake in Bandhan Bank.

HDFC said it has recognised a fair value gain of Rs 9,019.81 crore on derecognition of investment in Gruh Finance.

At market closing, HDFC shares closed down by 2.25% at Rs. 2395.80 per share on the BSE.

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