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HDFC: Repeat performance

Jan 16, 2004

HDFC, the housing finance major, has reported a lackluster performance, as far as its topline is concerned, in the December quarter. The bottomline has, however, displayed strength. It has reported a 25% net profit growth on the back of a 2% growth in topline on a YoY basis. The bottomline growth has been aided mainly by a fall in interest expenses (consequently improving operating margins). The improvement in operating margins has been achieved despite strong rise in operating expenses.

(Rs m) 3QFY03 3QFY04 Change 9mFY03 9mFY04 Change
Income from Operations 7,325 7,448 1.7% 21,782 22,445 3.0%
Other Income 25 24 -4.4% 52 63 20.2%
Interest Expenses 5,096 4,749 -6.8% 15,037 14,302 -4.9%
Net interest income 2,229 2,699 21.1% 6,744 8,142 20.7%
Other Expenses 366 456 24.7% 1,037 1,288 24.2%
Operating Profit 1,863 2,243 20.4% 5,707 6,855 20.1%
Operating Profit Margin (%) 25.4% 30.1%   26.2% 30.5%  
Provisions for contingencies 86 59 -31.2% 203 164 -18.9%
Profit before Tax 1,803 2,208 22.5% 5,557 6,753 21.5%
Tax 336 380 13.1% 1,046 1,215 16.2%
Profit after Tax/(Loss) 1,467 1,828 24.7% 4,511 5,538 22.8%
Net Profit Margin (%) 20.0% 24.5%   20.7% 24.7%  
No. of Shares (m) 243.9 245.1   243.9 245.1  
Diluted Earnings per share* (Rs) 23.9 29.8   24.7 30.1  
P/E Ratio (x)   21.5     21.3  
*(annualised)            

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