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HDFC records 23% growth in net - Views on News from Equitymaster
 
 
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  • Jan 12, 2000

    HDFC records 23% growth in net

    Housing Development Finance Corporation (HDFC) has recorded a 23% YoY jump in net profit to Rs 951.6 m in the third quarter of FY00. Income from operations increased by 14.7% from Rs 4.4 bn in the previous year to Rs 5.1 bn. During this quarter its interest expenses grew by 13% YoY from Rs 3.3 bn in to Rs 3.7bn.

    HDFC (FY99 Total Income Rs 17.5 bn) is the largest housing finance company in India with a 55% market share. HDFC operates 41 offices and has a field force of more than 42,000 commission agents who mobilize retail deposits.

    (Rs m) 3QFY2000 3QFY1999 Change
    Income from operations 5,096.2 4,444.4 14.7%
    Other Income 6.6 4.8 37.5%
    Expenditure 188.6 161.6 16.7%
    Interest 3,689.6 3,265.7 13.0%
    Depreciation 120.0 119.3 0.6%
    Profit before Tax 1,104.6 902.6 22.4%
    Tax 153.0 129.0 18.6%
    Profit after Tax 951.6 773.6 23.0%
    Net profit margin 18.7% 17.4%  

    For the nine months period ending 31st December 1999 its loan disbursements increased by 30% YoY to Rs 29.6 bn. Its approvals have gone upto Rs 36.1 bn a growth of 27% YoY.

    The gross non-performing loans of HDFC were at 1.19% as at 31st December 1999. Since it fully provides for its NPA's, itt nine months of the current fiscal year.

    The gross non-performing loans of HDFC were at 1.19% as at 31st December 1999. Since it fully provides for its NPA's, it does not have any net NPA's.

    The growth in approvals and disbursements is again a pointer to the favourable incentives given to the housing sector in the budget. It is also a result of the improved economic scenario, stabilised real estate prices and favourable interest rate scenario.

    The main drivers of net profit have been better spreads in the third quarter of FY00, and also a higher level of disbursements. With a strong deposit base, good growth in approvals and disbursements HDFC continues to have strong long term growth prospects.

    Market View:
    The stock has always been a favorite of analysts and fund managers as it has an excellent asset quality and a good management. The FIIs have already exhausted their 30% investment limit in the company.

     

     

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