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HDFC Q4 Review - Beat On Core Metrics, Demand Outlook Strong: Prabhudas Lilladher

HDFC Q4 Review - Beat On Core Metrics, Demand Outlook Strong: Prabhudas Lilladher

The Housing Development Finance Corp. (HDFC) logo is displayed inside the bank’s branch in Mumbai, India. (Photographer Vivek Prakash/Bloomberg)
The Housing Development Finance Corp. (HDFC) logo is displayed inside the bank’s branch in Mumbai, India. (Photographer Vivek Prakash/Bloomberg)

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.

Prabhudas Lilladher Report

Housing Development Finance Corporation Ltd. reported a good quarter with all core metrics beating estimates. Assets under management growth was higher at 14% YoY mainly driven by individual loans while net interest income and margins too were ahead of projections.

Core pre-provision operating profit was ahead by 5.1% while due to softer provisions, profit after tax was a beat by 12%.

FY22 core profit after tax at Rs 104.5 billion (up 26.4% YoY). Management indicated that home loan demand remains strong while construction finance could see an uptick.

Certain aspects of the merger were clarified i.e. HDFC’s non-individual loans, borrowings and deposits would form part of the merged balance sheet.

Click on the attachment to read the full report:

Prabhudas Lilladher HDFC Q4FY22 Result Update.pdf

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