Mumbai Jan 30 (IANS) Housing finance major HDFC on Monday said that its standalone net profit during the third quarter of 2017-18 increased to Rs 5 670 crore.
According to the company its standalone net profit during the quarter under review included the proceeds from the IPO of HDFC Life.
The company had reported a net profit of Rs 1 701 crore for the corresponding period of the previous fiscal.
"In the quarter ended December 31 2017 the Corporation received Rs 5 250 crore (net of estimated expenses which are yet to be fully crystalised) from the initial public offer (IPO) of HDFC Standard Life Insurance Company Limited (HDFC Life) " HDFC said in a statement.
"The Corporation also created an additional special provision (as a charge to the statement of profit and loss) of Rs 1 575 crore being 30 per cent of the pre-tax gains on this transaction thereby building an additional buffer against any unexpected risk in the future."
--IANS
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