HDFC Q4 Review – Strong Operating Performance Across Parameters: Motilal Oswal

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Housing Development Finance Corp.’s core profit before tax grew 19% YoY to Rs 33.4 billion (estimate of Rs 34.2 billion).

Net interest income (excluding-assignment income) at Rs 40.3 billion was 4% above our estimate.

On the other hand, provisions at Rs 7.2 billion were much higher than our estimate of Rs 3.8 billion.

Better-than-expected mark-to-market gains on investment led to a 12% beat on reported profit after tax (up 9 QoQ/42% YoY).

For FY21, core profit before tax/core operating profit grew a healthy 15%/17% YoY to Rs 126 billion/Rs 146 billion, despite an additional employee stock ownership plan charge of Rs 3.4 billion.

Click on the attachment to read the full report:

Motilal Oswal HDFC Q4FY21 Result Udpate.pdf


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