By Kosaku Narioka

Housing Development Finance Corp. said Thursday that its first-quarter net profit rose 17%, thanks partly to higher earnings from its life-insurance business and affiliates.

The Indian mortgage lender said net profit for the quarter ended June rose to 36.14 billion rupees ($482.2 million) from INR30.94 billion a year earlier. On a standalone basis, net profit was INR30.52 billion, beating the estimate of INR26.56 billion from a FactSet poll of analysts.

Segment profit fell 13% to INR36.57 billion for the group's loans business but rose 41% to INR6.24 billion for its life-insurance business. Meanwhile, profits from affiliates increased 25% to INR16.01 billion.

First-quarter revenue rose 29% to INR299.54 billion, it said. 



  Write to Kosaku Narioka at kosaku.narioka@wsj.com