HDFC Announces Quarterly Results (2QFY21); Net Profit Down 27.6%

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HDFC Announces Quarterly Results (2QFY21); Net Profit Down 27.6%
Thu, 26 Nov

HDFC has announced its results for the quarter ended September 2020. Here is a detailed performance review of the same:

HDFC Quarterly Financials

No. of Mths
Qtr. Ending
3
Sep-19*
3
Jun-20*
3
Sep-20*
QoQ ChangeYoY Change
Operating incomeRs m134,874125,418115,313-8.1%-14.5%
Other incomeRs m671647194.4%-29.0%
Total revenuesRs m134,941125,434115,361-8.0%-14.5%
InterestRs m78,30778,17173,991-5.3%-5.5%
Gross Profit Rs m56,23446,90140,963-12.7%-27.2%
Other expensesRs m10,99715,6087,659-50.9%-30.4%
Profit before taxRs m45,30436,06835,318-2.1%-22.0%
TaxRs m5,6895,5536,61719.2%16.3%
Profit after taxRs m39,61530,51528,701-5.9%-27.6%
Gross profit margin %41.737.435.5
Effective tax rate%12.615.418.7
Net profit margin%29.424.324.9
* 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 fell 14.5% on a year-on-year (YoY) basis. The interest expended was down by 5.5% YoY during the same period.
  • The bank's operating profit declined by 27.2% YoY during the quarter. Consequently, operating profit margins witnessed a decline and stood at 35.5% in 2QFY21 as against 41.7% in 2QFY20.
  • Other income declined by 29.0% YoY during the quarter.
  • Net profit for the quarter declined by 27.6% YoY. Net profit margins during the quarter declined from 29.4% in 2QFY20 to 24.9% in 2QFY21.
Quarter-on-Quarter Performance:
  • The bank's operating income (interest earned) during the quarter fell 8.1% on a quarter-on-quarter (QoQ) basis. The interest expended was down by 5.3% QoQ during the same period.
  • The bank's operating profit declined by 12.7% QoQ during the quarter. Consequently, operating profit margins witnessed a decline and stood at 35.5% in 2QFY21 as against 37.4% in 1QFY20.
  • Net profit for the quarter declined by 5.9% QoQ, while net profit margins increased from 24.3% in 1QFY20 to 24.9% in 2QFY21.

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

Get Details: These 3 Stocks are the Dark Horses of the Stock Market

HDFC Share Price Performance

Over the last one year, HDFC share price has moved down from Rs 2,303.9 to Rs 2,196.4, registering a Loss of Rs 107.5 or around 4.7%.

Overall, the S&P BSE SENSEX is up 7.0% over the year.

Current Valuations

At the current price of Rs 2,196.4, the price to earnings (P/E) ratio of HDFC stands at 22.9 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 3.4 times.

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