Power packed performance by HDFC in 1Q - Views on News from Equitymaster

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Power packed performance by HDFC in 1Q

Jul 11, 2000

Housing Development Finance Corporation (HDFC), India's premier housing finance company has recorded a 21% jump in net profit to Rs 911 m during the first quarter ended June 30, 2000. The company's income from operations grew by 23% to Rs 5,522 m.

(Rs m)1QFY001QFY01Change
Income from Operations 4,489 5,522 23.0%
Other Income 3 5 45.2%
Interest Expenses 3,287 4,117 25.2%
Operating Profit (EBDIT) 1,201 1,405 17.0%
Operating Profit Margin (%)26.8%25.4%
Other Expenses 192 251 30.9%
Depreciation 120 108 -10.4%
Profit before Tax 893 1,052 17.8%
Tax 137 141 2.7%
Profit after Tax/(Loss) 756 911 20.5%
Net profit margin (%)16.8%16.5%
Earnings per share*25.3830.59
(annualised)

The company's margins were however, a shade lower compared to the first quarter in the previous year. This was probably because the decline in the housing finance interest rates across the sector put pressure on the margins and affected spreads.

Approvals during the three month period aggregated Rs 12,060 m signifying a jump of 42% over the previous year's correponding quarter. The company's disbursals were also up 43% to Rs 9,736 m.

This improved performance by HDFC underlines more housing demand, implying that the economy is robust. Finance taken for new houses translates to demand for cement, steel and a number of other commodities. Therefore, robust growth in income for HDFC is a positive indicator of the health of the economy.

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