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Motilal Oswal Report
Key takeaways from Housing Development Finance Corporation Ltd.'s pre-quarterly release.
HDFC sold loans worth Rs 83.7 billion in Q4 FY22 versus Rs 75.03 billion YoY and Rs 74.7 billion QoQ. In addition, the company also assigned Rs 15 billion of standard non-individual loans during the quarter. We expect HDFC to report an upfront assignment income of Rs 3.1-3.2 billion from the sell-down.
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It is important to note that HDFC has sold ~Rs 285 billion worth of loans in FY22 versus ~Rs 190 billion in FY21.
Profit from the sale of investments in subsidiaries/associate companies was zero, similar to Q4 FY21.
Under the Indian Accounting Standard guidelines, employee stock options are fairly valued and charged to the profit and loss, under employee expenses, over a two-year vesting period. ESOP expenses have now declined and are likely to register a quarterly run-rate of Rs 0.6-0.7 billion over the next four quarters.
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This report is authored by an external party. BloombergQuint does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BloombergQuint.
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