HDFC Q2 FY10 : Net up 24%
HDFC (Housing Development Finance Corporation) is the country’s largest housing finance company and it witnessed a rise in net profit for the Q2 09-10 by 24.3%.
The net profits of the company rose to Rs 664 crore as compared to Rs 534 crore that it reported exactly a year ago for the same quarter. The revenue for the lending institution grew from Rs 2620 crore in the Q2 08-09 to Rs 2850 crore in Q2 09-10.
The company has managed a healthy growth in revenue and profits, and at the same time it even managed to control rise in expenses. The interest expense (primary expenditure) grew by only 4.5% whereas the company managed to reduce its staff expense for the quarter by 7.3%.
HDFC”s CMP is Rs 2758.
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