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Housing Development Finance reports YOY increase in fiscal Q1 profit

Housing Development Finance Corp. Ltd. reported a year-over-year increase in net profit for the quarter ended June 30.

The India-based company said its stand-alone net profit after tax for the fiscal first quarter increased to 21.90 billion rupees, or 12.83 rupees per share, from 14.24 billion rupees, or 8.89 rupees per share, in the prior-year period.

Revenue from operations rose to 98.84 billion rupees from 82.60 billion rupees. Fair value adjustment of investments more than doubled to 568 million rupees from 174.9 million rupees. Total income climbed to 99.52 billion rupees from 82.90 billion rupees.

Meanwhile, provisions and loan losses plunged to 197 million rupees from 1.64 billion rupees in the prior-year period.

As of July 27, US$1 was equivalent to 68.64 Indian rupees.