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HDFC Announces Quarterly Results (2QFY19); Net Profit Up 17.4%

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HDFC Announces Quarterly Results (2QFY19); Net Profit Up 17.4%
Mon, 5 Nov

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

HDFC Quarterly Financials

No. of Mths
Qtr. Ending
3
Sep-17*
3
Jun-18*
3
Sep-18*
QoQ ChangeYoY Change
Operating incomeRs m87,50699,407112,45613.1%28.5%
Other incomeRs m1041131140.3%9.6%
Total revenuesRs m87,60999,520112,57013.1%28.5%
InterestRs m55,34163,52770,44510.9%27.3%
Gross Profit Rs m32,04835,75041,87717.1%30.7%
Other expensesRs m3,0805,1637,10037.5%130.5%
Profit before taxRs m29,07130,70034,89113.7%20.0%
TaxRs m8,0608,80010,22016.1%26.8%
Profit after taxRs m21,01121,90024,67112.7%17.4%
Gross profit margin %36.636.037.2
Effective tax rate%27.728.729.3
Net profit margin%24.022.021.9
* 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 28.5% on a year-on-year (YoY) basis. The interest expended was up by 27.3% YoY during the same period.
  • The bank's operating profit increased by 30.7% YoY during the quarter. Consequently, operating profit margins remained same and stood at 37.2% in 2QFY19.
  • Other income increased by 9.6% YoY during the quarter.
  • Net profit for the quarter increased by 17.4% YoY. Net profit margins during the quarter declined from 24.0% in 2QFY18 to 21.9% in 2QFY19.
Quarter-on-Quarter Performance:
  • The bank's operating income (interest earned) during the quarter grew 13.1% on a quarter-on-quarter (QoQ) basis. The interest expended was up by 10.9% QoQ during the same period.
  • The bank's operating profit increased by 17.1% QoQ during the quarter. Consequently, operating profit margins witnessed a growth and stood at 37.2% in 2QFY19 as against 36.0% in 1QFY18.
  • Net profit for the quarter increased by 12.7% QoQ, while net profit margins declined from 22.0% in 1QFY18 to 21.9% in 2QFY19.

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 1,775.4 to Rs 1,786.8, registering a Gain of Rs 11.4 or around 0.6%.

Overall, the S&P BSE SENSEX is up 4.0% over the year.

Current Valuations

At the current price of Rs 1,786.8, the price to earnings (P/E) ratio of HDFC stands at 21.5 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 3.3 times.

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