HDFC Q4 Review - Strong Operating Performance Across Parameters: Motilal Oswal
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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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