HDFC Q1 net flat at Rs 3,001 crore; individual home loans grow 22%

Company says said the profit numbers for Q1Fy22 are comparable with that of the previous year for reasons including higher effective tax rate.

The country’s largest mortgage lender, Housing Development Finance Corp (HDFC), on Monday reported a marginal drop in net profit for the first quarter as expenses rose.
 
On a standalone basis, net profit was at Rs 3,000.67 crore compared to Rs 3051.52 crore in the year-ago period, according to a BSE filing.
 
Keki Mistry, vice-chairman and chief executive officer of HDFC, said the profit number for Q1FY22 is not directly comparable with that of the previous year for various reasons, including higher tax rate of 23.1 per cent this year against 15.4 per cent last year.
 
Total tax