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 Corp. reported Q2 FY22 profit after tax (in-line) of Rs 37.8 billion, up 32% YoY/26% QoQ.
The increase was primarily driven by lower credit costs of 31 basis points. Net interest income (in-line) grew 14% YoY to Rs 41.1 billion. Reported spreads stood at 2.29% and were stable QoQ.
Assignment income was lower than expected and stood at Rs 1.3 billion versus our estimate of Rs 4.1 billion.
Emergency credit line/exposure at default declined 6 bps QoQ to 2.56%.
We have largely maintained our estimates. We now model assets under management growth of 13% in FY22E.
We estimate HDFC to deliver core return on asset/return on equity of ~2%/13% in FY23E.
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