REG - Housing Dev Fin Corp - 1st Quarter Results <Origin Href="QuoteRef">HDFC.NS</Origin>

Housing Development FinanceAnnouncement

26/07/2017 09:55

RNS Number : 1383M
Housing Development Fin. Corp. Ltd.
26 July 2017
Ref. No. SE/ 2017-18/145
July 26, 2017
BSE Limited National Stock Exchange of India Ltd.
P. J. Towers,   Exchange Plaza, Plot No. C/1, Block G,
Dalal Street,  Bandra-Kurla Complex, Bandra (East)
Mumbai 400 001. Mumbai 400 051.
Kind Attn: - Sr. General Manager   Kind Attn: Head - Listing 
  DCS - Listing Department
Dear Sirs,
Sub: Outcome of Board Meeting.
We wish to inform you that at the meeting of the Board of Directors held today i.e. on July 26, 2017, the Board has approved the un-audited financial results [standalone] of the Corporation and the un-audited consolidated financial results for the quarter ended June 30, 2017, which have been subjected to limited review by the Statutory Auditors of the Corporation, in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (Listing Regulations).
Please note that the profit numbers for the quarter ended June 30, 2017 are not comparable with that of the quarter ended June 30, 2016. In the quarter ended June 30, 2016, the Corporation had sold shares of HDFC ERGO General Insurance Company to ERGO International AG, a subsidiary of Munich Re for a consideration of ` 922 crore and had also created a one-time special provision of `275 crore as a charge to the statement of profit and loss.
The reported profit before tax for the quarter ended June 30, 2017 stood at `2,359 crore compared to `2,700 crore in the corresponding quarter of the previous year. After considering the above-mentioned one-time transaction, the adjusted profit before tax for the quarter ended June 30, 2016 stood at `2,053 crore. The profit before tax for the quarter ended June 30, 2017 after this adjustment represented a growth of 15% over the corresponding quarter of the previous year. 
The effective tax rate for the quarter ended June 30, 2017 was higher at 34.0% compared to 30.7% in the corresponding quarter of the previous year. This was because the stake sale of unlisted shares of HDFC ERGO in the corresponding quarter of the previous year attracted long-term capital gains tax at a lower rate of 23.07% compared to the marginal corporate tax rate. We expect the tax rate to significantly reduce in the subsequent quarters on account of dividend income and sale of investments. 
As a consequence of the above, the reported profit after tax for the quarter ended June 30, 2017 stood at ` 1,556 crore as compared to ` 1,871 crore in the corresponding quarter of the previous year.
A copy of the said results along with the limited review reports is enclosed herewith and the same are being uploaded on the website of the Corporation i.e. www.hdfc.com.The quarterly results would also be published in the newspapers in the prescribed format. 
We further wish to inform you that the Board at the said meeting has also granted its approval for issue of Secured Redeemable Non-Convertible Debentures (NCD) aggregating to ` 35,000 crore on a private placement basis under a Shelf Disclosure Document, in terms of the SEBI (Issue and Listing of Debt Securities) Regulations, 2008.
Please note that the said Board meeting commenced at 12.00 noon and concluded at 2.05 p.m.
Please also note that in terms of the HDFC Share Dealing Code and the SEBI (Prohibition of Insider Trading) Regulations, 2015, the window for trading in the Securities of the Corporation by its employees and directors of the Corporation will open from Saturday, July 29, 2017.
You are requested to take note of the above and arrange to bring this to the notice of all concerned.
Thanking you,
Yours faithfully,
For Housing Development Finance Corporation Ltd.
Ajay Agarwal
Company Secretary 
Encl: a/a
Copy to: London Stock Exchange
  10, Patemoster Square,
  London, EC4M 7LS.
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