HDFC Q4 net up 26%, board okays stock split
Mumbai, May 3: Housing lender HDFC Ltd on Monday said its net profit jumped 26.3 per cent to Rs 926.4 crore for the January-March quarter on the back of a fall in expenditure.
The company, which saw income from interest fall during the period under review, had posted a net profit of Rs 733.4 crore a year ago, HDFC said in a filing to the BSE.
The total income declined to Rs 2,899.3 crore for the quarter ended March 31, from Rs 3,153.6 crore of the corresponding period a year earlier.
The board has approved the subdivision of the company’s shares in the ratio of 1:5, which means that one share of Rs 10 will be split into 5 shares of Rs 2 each — which will make it the first stock split of HDFC shares in over a decade.
“The board has approved a proposal to sub-divide the face value of the equity shares of the Corporation from Rs 10 per share to Rs 2 per share,” HDFC vice-chairman and CEO, Mr Keki Mistry, said after announcing the results for 2009-10.
Currently, HDFC has 28.7 crore shares, which would go up to 143.5 crore shares after the split.
The board also proposed a dividend of 360 per cent or Rs 36 per share on the face value of Rs 10 each for the financial year 2009-10.
The housing lender reported an interest income of Rs 1,559.5 crore (including other charges).
For the year ended March 31, 2010, HDFC reported a jump of over 40.3 per cent in its consolidated net profit at Rs 3,241 crore.
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Idea Q4 net up 4.6 %
Mumbai, May 3: Aditya Birla group owned Idea Cellular on Monday reported an increase of 4.6 per cent in its consolidated net profit at Rs 266.6 crore for the fourth quarter ended March 31, 2010, over the same period last year.
The company had a net profit Rs 255 crore for the fourth quarter ended March 2008-09, Idea Cellular said in a filing to the Bombay Stock Exchange.
The total revenue rose to Rs 3,348 crore for the quarter ended March 31, from Rs 2,942 crore in the same period last year. — pti