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HDFC: Consistent growth

Jan 21, 2003

HDFC Bank, the largest housing finance company in the country, has announced robust 3QFY03 results in line with its performance in the first two quarters of FY03. The company has reported a 11% increase in its interest income, while its net profit has grown by 21%. Operating margins in 3QFY03 have also shown a 240 basis points improvement over 3QFY02.

(Rs m) 3QFY02 3QFY03 Change 9m FY02 9m FY03 Change
Income from Operations 6,652 7,376 10.9% 19,698 22,010 11.7%
Other Income 11 25 134.9% 38 52 35.8%
Interest Expenses 4,829 5,148 6.6% 14,177 15,266 7.7%
Net interest income 1,823 2,229 22.3% 5,520 6,744 22.2%
Other Expenses 356 421 18.3% 1,021 1,140 11.6%
Operating Profit 1,467 1,808 23.2% 4,499 5,605 24.6%
Operating Profit Margin (%) 22.1% 24.5%   22.8% 25.5%  
Provisions and Contingencies 30 30 0.0% 90 100 11.1%
Profit before Tax 1,448 1,803 24.5% 4,448 5,557 24.9%
Tax 238 336 41.5% 712 1,046 46.8%
Profit after Tax/(Loss) 1,210 1,467 21.2% 3,736 4,511 20.8%
Net Profit Margin (%) 18.2% 19.9%   19.0% 20.5%  
No. of Shares (m) 120.3 244.0   120.3 244.0  
Diluted Earnings per share* 19.8 24.0   20.4 24.6  
P/E Ratio   15.6     15.2  
*(annualised)            

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