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HDFC Securities Report
Motilal Oswal Financial Services Ltd.'s Q1 FY21 reported strong spurt in cash volumes (88.2% YoY) bolstered capital markets adjusted profit after tax (APAT) 63.5% YoY (down 5.9% versus estimates), while a steep decline of 16.2% YoY in quarterly average asset under managements meant that the asset management company's adjusted profit after tax declined 33.3% YoY (down 8.8% versus estimates).
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Management enhanced provisions to 27.8% (up 556 basis points QoQ) of gross non-performing loans due to the potential Covid-19 impact, which resulted in Motilal Oswal Home Finance Ltd.(MOHFL) reporting a 35.1% YoY lower APAT.
Significant mark to market gain (Rs 1.3 billion, up 272.3% YoY) on treasury resulted in Motilal Oswal Financial Services (ex. MOHFL) APAT growth of 98.1%.
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