HDFC Q4 consolidated net crawls up 9.6% on deferred tax outgo

Top mortgage lender HDFC today reported a tepid 9.6 per cent growth in consolidated net profit at Rs 2,646.35 crore for the three months to March as it had to set aside Rs 384 crore towards deferred tax liabilities during the period.
The deferred tax liability on special reserves for the year, amounting to Rs 384 crore, has been charged to the statement of profit and loss account in determining the consolidated profit, HDFC Vice-Chairman and Chief Executive Keki Mistry told reporters here.
"After providing for deferred tax liabilities on special reserves, net profit for the quarter stood at Rs 1,862 crore as against Rs 1,723 crore last year on a standalone basis," Mistry said.

The company had posted a consolidated net profit of Rs 2,414.70 crore in the January-March quarter of 2013-14.
Total income on a consolidated basis rose to Rs 14,726.18 crore in the last quarter of 2014-15, up from Rs 12,266.47 crore in the year-ago period.
For the fiscal year 2014-15, consolidated net profit stood at Rs 8,763 crore as against Rs 7,948 crore in 2013-14.

Total income on consolidated basis during 2014-15 increased to Rs 48,315.69 crore from Rs 40,753.17 crore in the previous year.
During the year, the loan book grew 16 per cent at Rs 2,28,181 crore as against Rs 1,97,100 crore the previous year.

"This growth of 16 per cent has been calculated after reducing the loan sold during the last 12 months which amounted to Rs 8,249 crore, of which Rs 5,000 crore was sold in the fourth quarter," Mistry said.
For the full year (2014-15), after providing Rs 365 crore for this tax, standalone net profit stood at Rs 5,990 crore, a growth of 10 per cent over Rs 5,440.24 crore, he said.
The individual loan book grew 23 per cent and the non- individual one expanded 14 per cent. Of the total loan book, individual loans comprised 71 per cent. Further, 78 per cent of the incremental growth in the loan book during the fiscal came from individual loans.

"As of end March, the total loan outstanding was Rs 25,152 crore, on which we are earning a weighted average return of 1.25 per cent," Mistry said.