Credit ratings agency, CARE has reaffirmed ‘AAA’ rating to Housing Development Finance Corporation’s (HDFC) long term bank facilities worth Rs 6,450 crore. The rating agency has also reaffirmed ‘A1+’ rating to the company’s short term bank facilities worth Rs 9,366 crore which enhanced from Rs 3237 crore.
The company has received the said rating on the back of its market leadership in the housing finance industry, long-standing track record of operations, adequate capitalization levels, low operating costs, technology efficiency and good asset quality.
The entity has reported 17.27% increase in net profit at Rs 1,555 crore for the quarter ended March 31, 2013 against Rs 1,326 crore in a year ago quarter. Total income grew by 15.99% to Rs 5,666.08 crore against Rs 4,884.75 crore in the year ago quarter.
For the fiscal ended March 31, the entity has reported a net profit of Rs 4,848.34 crore, recording increase of 17.60% against Rs 4,122.62 crore over the previous fiscal. The total income of the company recorded a growth of 21.81% at Rs 21,112.50 crore against Rs 17,332.77 crore of corresponding fiscal.
