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Motilal Oswal Report
Housing Development Finance Corporation Ltd.'s core profit before tax grew 12% YoY to Rs 32.2 billion (5% beat).
Net interest income (excluding-assignment income) at Rs 41.3 billion was 2% above our estimate.
On the other hand, provisions at Rs 6.9 billion were lower than our estimate of Rs 8 billion.
Better-than-expected mark-to-market gains on investment led to an 11% beat on reported profit after tax (down 6% QoQ/2% YoY).
HDFC's strong disbursement growth (on a low base) of 181% YoY, stable QoQ spreads at 2.3%, 26 basis point QoQ decline in gross non performing asset to 2.24%, and an increase of 30 bps QoQ in stage-II assets were some of the operational highlights for the quarter.
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