ADVERTISEMENT

Gruh Finance Profit Rises For Second Straight Quarter

Net profit rose 20 percent to Rs 61.98 crore.



Indian one Thousand Rupee Banknotes (Photographer: Dhiraj Singh/BloombergDirect Download)
Indian one Thousand Rupee Banknotes (Photographer: Dhiraj Singh/BloombergDirect Download)

Gruh Finance, subsidiary of HDFC Ltd., posted a 20 percent increase in profit for the second quarter of financial year 2017, largely inline with street estimates.

Net profit for the July-September quarter rose to Rs 61.98 crore from Rs 51.7 crore in the corresponding month of the previous financial year. The Bloomberg consensus estimate stood at Rs 64.7 crore.

Revenue for the September ended quarter stood at Rs 367.4 crore, up 17.8 percent from Rs 311.8 crore in the same quarter last year.

The company's finance costs went up by 18.3 percent to Rs 235 crore. Loan assets grew 22 percent to Rs 12,089 crores as on September 30, 2016.

The non banking financial company's aggregate non-performing assets stood at 0.62 percent while the net NPAs were at 0.29 percent of advances.