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HDFC Announces Quarterly Results (1QFY19); Net Profit Up 40.8%

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HDFC Announces Quarterly Results (1QFY19); Net Profit Up 40.8%
Wed, 1 Aug

HDFC has announced its results for the quarter ended June 2018. Here is a detailed performance review of the same:

HDFC Quarterly Financials

No. of Mths
Qtr. Ending
3
Jun-17*
3
Mar-18*
3
Jun-18*
QoQ ChangeYoY Change
Operating incomeRs m81,30996,22299,4073.3%22.3%
Other incomeRs m109117113-3.6%4.0%
Total revenuesRs m81,41896,33999,5203.3%22.2%
InterestRs m54,44457,10963,52711.2%16.7%
Gross Profit Rs m26,75238,98835,750-8.3%33.6%
Other expensesRs m3,2733,9965,16329.2%57.7%
Profit before taxRs m23,58735,17230,700-12.7%30.2%
TaxRs m8,0306,7108,80031.1%9.6%
Profit after taxRs m15,55728,46221,900-23.1%40.8%
Gross profit margin %32.940.536.0
Effective tax rate%34.019.128.7
Net profit margin%19.129.622.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster


Year-on-Year Performance:
  • The bank's operating income (interest earned) during the quarter grew 22.3% on a year-on-year (YoY) basis. The interest expended was up by 16.7% YoY during the same period.
  • The bank's operating profit increased by 33.6% YoY during the quarter. Consequently, operating profit margins witnessed a growth and stood at 36.0% in 1QFY19 as against 32.9% in 1QFY18.
  • Other income increased by 4.0% YoY during the quarter.
  • Net profit for the quarter increased by 40.8% YoY. Net profit margins during the quarter increased from 19.1% in 1QFY18 to 22.0% in 1QFY19.
Quarter-on-Quarter Performance:
  • The bank's operating income (interest earned) during the quarter grew 3.3% on a quarter-on-quarter (QoQ) basis. The interest expended was up by 11.2% QoQ during the same period.
  • The bank's operating profit declined by 8.3% QoQ during the quarter. Consequently, operating profit margins witnessed a decline and stood at 36.0% in 1QFY19 as against 40.5% in 4QFY18.
  • Net profit for the quarter declined by 23.1% QoQ, while net profit margins declined from 29.6% in 4QFY18 to 22.0% in 1QFY19.

To see how HDFC has performed over the last eight quarters, please visit here.

HDFC Share Price Performance

Over the last one year, HDFC share price has moved up from Rs 1,774.4 to Rs 1,987.2, registering a Gain of Rs 212.8 or around 12.0%.

Overall, the S&P BSE SENSEX is down 0.0% over the year.

Current Valuations

At the current price of Rs 1,987.2, the price to earnings (P/E) ratio of HDFC stands at 24.6 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 5.2 times.

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