Mumbai (Maharashtra) [India], May 7 (ANI): Home loan lender Housing Development Finance Corporation (HDFC) on Friday reported 42 per cent growth in net profit at Rs 3,180 crore in the quarter ended March as compared to Rs 2,233 crore in the same period of previous year.
Profit before tax stood at Rs 3,924 crore in Q4 FY21 compared to Rs 2,692 crore in Q4 FY20, representing a growth of 46 per cent.
HDFC said there was a substantial recovery in the second half of FY21 after the Covid-19 induced national lockdown from March to early June.
The second wave and partial lockdowns have brought new challenges. "Given the scale up of the corporation's digitalisation platforms for borrowers, depositors, channel partners and deposit agents coupled with the learnings of past year as of date, the corporation stands in a ready state to tackle the extant challenges," it said.
HDFC's revenue, however, contracted 2 per cent to Rs 11,697 crore in Q4 FY21 from Rs 11,975 crore in the same period of previous fiscal.
The company said demand for home loans continued to remain strong owing to low interest rates, softer property prices, concessional stamp duty rates in certain states and continued fiscal incentives.
Individual loan disbursements grew by 60 per cent over the corresponding quarter of previous year. March witnessed the highest levels in terms individual receipts, approvals and disbursements. The growth in home loans was seen in both affordable housing segment as well as high-end properties.
HDFC has recommended a final dividend of Rs 23 per equity share compared to Rs 21 per equity share in the previous year. The dividend pay-out ratio is 34.5 per cent.
The company's board of directors also approved re-appointment of Keki M Mistry as the managing director for three years. (ANI)