HDFC Q3 net profits at Rs 1278 crores; in line with estimates

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HDFC Q3 net profits at Rs 1278 crores; in line with estimates
Housing Development Finance Corporation: Quotes, News
BSE 1218.55BSE Quote21.5 (1.76%)
NSE 1215.55NSE Quote21.25 (1.75%)
Housing finance major, HDFC reported numbers that were in line with estimates with net profits for Q3 ending Dec 31, 2013 at Rs 1278 crores, as against Rs 1140 crores in the same quarter of the previous year.

Total income for the institution was placed at Rs 6020 crores for Q3 2013, as against Rs 5242 crores in the corresponding period of the previous year.

The results of the company were largely in line with expectations, which is why the stock was almost trading flat at Rs 840 on the National Stock Exchange.

The results have been satisfactory against the backdrop of stiff competition that the institution has been facing from banks.

Last month the institution hiked lending rates on home loans of up to Rs 30 lakh to 10.5 per cent and that of Rs 30 lakh-sub Rs 75 lakh to 10.75 percent.

HDFC, is a blue chip stock that is heavily owned by foreign institutional investors.

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