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.’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.
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