BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Motilal Oswal Report
Housing Development Finance Corporation Ltd.’s core profit before tax grew 12% YoY to Rs 32.2 billion (5% beat).
Net interest income (excluding-assignment income) at Rs 41.3 billion was 2% above our estimate.
On the other hand, provisions at Rs 6.9 billion were lower than our estimate of Rs 8 billion.
Better-than-expected mark-to-market gains on investment led to an 11% beat on reported profit after tax (down 6% QoQ/2% YoY).
HDFC's strong disbursement growth (on a low base) of 181% YoY, stable QoQ spreads at 2.3%, 26 basis point QoQ decline in gross non performing asset to 2.24%, and an increase of 30 bps QoQ in stage-II assets were some of the operational highlights for the quarter.
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