The company’s net interest income grew 7 percent on-year to Rs 4,284 crore, ahead of Street’s estimate of Rs 4,107 crore.
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//$ .each(d.ac,function(i,v) //{ // accStr+=”+v.nm+”; //}); $ .each(d.data,function(i,v) { if(v.flg == ‘0’) { var modalContent = ‘Scheme added to your portfolio.’; var modalStatus = ‘success’; //if error, use ‘error’ $ (‘.mc-modal-content’).text(modalContent); $ (‘.mc-modal-wrap’).css(‘display’,’flex’); $ (‘.mc-modal’).addClass(modalStatus); //$ (‘#acc_sel_port’).html(accStr); //$ (‘#mcpcp_addportfolio .form_field, .form_btn’).removeClass(‘disabled’); //$ (‘#mcpcp_addportfolio .form_field input, .form_field select, .form_btn input’).attr(‘disabled’, false); // //if(call_pg == “2”) //{ // adtxt =’ Scheme added to your portfolio We recommend you add transactional details to evaluate your investment better. x‘; //} //else //{ // adtxt =’ Stock added to your portfolio We recommend you add transactional details to evaluate your investment better. x‘; //} //$ (‘#mcpcp_addprof_info’).css(‘background-color’,’#eeffc8′); //$ (‘#mcpcp_addprof_info’).html(adtxt); //$ (‘#mcpcp_addprof_info’).show(); 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HDFC shares declined in the early trade on February 3 after the company announced its December quarter earning a day before.
On February 2, Housing Development Finance Corporation (HDFC) reported an 11.4 percent year-on-year (YoY) rise in net profit at Rs 3,260.7 crore for the quarter ended December, which was sharply higher than analysts’ estimate of Rs 2,524.9 crore.
The country’s biggest housing finance company’s bottomline was aided by lower tax expenses at Rs 787.5 crore as against Rs 826.7 crore in the year-ago quarter.
The non-bank lender’s net interest income grew 7 percent on-year to Rs 4,284 crore, ahead of the Street’s estimate of Rs 4,107 crore.
HDFC saw a deterioration in its asset quality on a reported basis, as gross bad loans rose to Rs 12,149 crore from Rs 10,341 crore in the previous quarter.
Its gross non-performing assets (GNPA) ratio stood at 2.32 percent at the end of the reported quarter, against 2 percent in the previous quarter.
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Here is what brokerages have to say about the stock and the company post December quarter earnings:
Credit Suisse
Credit Suisse has kept ‘outperform’ call on the stock with a target at Rs 3,350 on the back of steady growth.
The company remains a good play on housing segment, and expects the RoE to improve to more than 13 percent in FY23.
CLSA
The research firm has maintained ‘outperform’ call and cut the target price to Rs 3,050 from Rs 3,250. The risk-reward better now, but NII growth to lag AUM growth.
The firm has cut core PPoP estimates by 4-5 percent due to lower NII and expect individual CAGR of 17-18 percent over FY23-24. “The best of margin improvement is behind us,” said CLSA.
Morgan Stanley
The brokerage house has kept ‘overweight’ call with a target at Rs 3,340 per share on HDFC.
The core PPoP was 6 percent below estimate, while NII was 7 percent below estimate. However, asset quality improved, with stage 2 + 3 loans declining 80 bps.
The individual AUM growth remained strong at 16 percent YoY and 4 percent QoQ. The non-individual loan book growth remained muted.
Citi
The research firm has kept the ‘buy’ call on the stock with a target at Rs 3,300 on the back of strong demand, while the asset quality also improves.
Both individual and total AUM growth has improved. The firm has tweaked its FY22/23 estimate by -2 percent/+1 percent.
Nomura
The broking house has maintained the ‘buy’ call with a target at Rs 3,350 as the earnings were marginally ahead of expectations, with a 3 percent beat on core PPoP.
The valuation comfort is high for steady delivery. The NII muted on an elevated base while NIM is stable QoQ at 3.6 percent.
The AUM growth improved, aided by continued inch-up in individual AUMs. The company has continued to gain market share in retail mortgage segment and broking house expect normalised credit cost from FY23.
At 9:16am, Housing Development Finance Corporation was quoting at Rs 2,596.55, down Rs 15.45, or 0.59 percent on the BSE.
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