HDFC Posts Strong Q3 Operating Performance; Improving Growth Outlook: Motilal Oswal
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Motilal Oswal Report
Housing Development Finance Corporation Ltd.’s core profit before tax grew 21% YoY to Rs 33.5 billion (5% beat), driven by a similar beat on net interest income and higher assignment income recognized during the quarter (almost two times of estimate).
Provisions at Rs 5.9 billion were much higher than our estimate of Rs 4 billion. Individual disbursements grew 26% YoY for Q3, and individual asset under management grew 4% QoQ /10% YoY.
Led by overall buoyancy in the real estate sector, the growth outlook for the Individual segment remains healthy.
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