HDFC pre-tax profit rises 219% at Rs 9,143 cr in December quarter

The mortgage lender received fair value gain of Rs 9,020 crore from derecognition of investment in Gruh Finance

Mortgage lender Housing Development Finance Corp (HDFC) reported a 219 per cent rise in profit before tax (PBT) at Rs 9,143 crore in the third quarter ended December 31 (Q3FY20), mainly aided by a one- time fair value gain of Rs 9,020 crore. Its PBT was Rs 2,868.80 crore in the year-ago period.

However, profit before dividend, sale of investments, fair value changes, and provision for losses grew 7 per cent year-on-year (YoY) at Rs 3,075.43 in Q3FY20, against Rs 2,873.62 crore in Q3FY19.

The company has received a fair value gain of Rs 9,020 crore in Q3FY20 from de-recognition of investment