CARE reaffirms the rating assigned to the bank facilities of HDFC

Credit rating agency, CARE has reaffirmed the assigned ‘CARE AAA’ rating to the long-term bank facilities of Housing Development Finance Corporation (HDFC) for Rs 17,690.18 crore. The agency has also reaffirmed the assigned ‘PR1+’ rating to the short-term bank facilities for Rs 21,797.77 crore.

The ratings considers HDFC’s long-standing track record of operations, adequate capitalization levels, low operating costs, technology efficiency and good asset quality. Maintaining spreads in a competitive environment and funding the capital needs of the subsidiaries would be the key rating sensitivities.

The company’s net profit after tax for the quarter ended March 31, 2011 has surged by 23.27% at Rs 1141.95 crore as compared to Rs 926.38 crore for the quarter ended March 31, 2010. Its total income has surged by 30.54% from Rs 2899.32 crore for the corresponding quarter of the previous year to Rs 3784.86 crore for the quarter under review.

The company’s net profit after tax for the year ended March 31, 2011 has grown by 25.06% at Rs 3534.96 crore as compared to Rs 2826.49 crore for the Year ended March 31, 2010. Its total Income has increased by 13.35% at Rs 12878.07 crore for the year under review from Rs 11360.83 crore for the previous year.

On consolidated basis, the group’s profit after tax attributable to the corporation has registered growth of 39.72% at Rs 4528.41 crore for the year ended March 31, 2011 as compared to Rs 3240.98 crore for the year ended March 31, 2010. Its total income has inched up by 1.34% at Rs 25792.63 crore for the year from Rs 25451.80 crore for a period ago.