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HDFC Announces Quarterly Results (3QFY19); Net Profit Down 62.7%

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HDFC Announces Quarterly Results (3QFY19); Net Profit Down 62.7%
Wed, 30 Jan

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

HDFC Quarterly Financials

No. of Mths
Qtr. Ending
3
Dec-17*
3
Sep-18*
3
Dec-18*
QoQ ChangeYoY Change
Operating incomeRs m86,834112,456105,552-6.1%21.6%
Other incomeRs m11711413922.8%18.8%
Total revenuesRs m86,951112,570105,691-6.1%21.6%
InterestRs m55,45770,44572,5863.0%30.9%
Gross Profit Rs m31,25641,87732,828-21.6%5.0%
Other expensesRs m3,2247,1004,279-39.7%32.7%
Profit before taxRs m64,90234,89128,688-17.8%-55.8%
TaxRs m8,20010,2207,550-26.1%-7.9%
Profit after taxRs m56,70224,67121,138-14.3%-62.7%
Gross profit margin %36.037.231.1
Effective tax rate%12.629.326.3
Net profit margin%65.321.920.0
* 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 21.6% on a year-on-year (YoY) basis. The interest expended was up by 30.9% YoY during the same period.
  • The bank's operating profit increased by 5.0% YoY during the quarter. Consequently, operating profit margins witnessed a decline and stood at 31.1% in 3QFY19 as against 36.0% in 3QFY18.
  • Other income increased by 18.8% YoY during the quarter.
  • Net profit for the quarter declined by 62.7% YoY. Net profit margins during the quarter declined from 65.3% in 3QFY18 to 20.0% in 3QFY19.
Quarter-on-Quarter Performance:
  • The bank's operating income (interest earned) during the quarter fell 6.1% on a quarter-on-quarter (QoQ) basis. The interest expended was up by 3.0% QoQ during the same period.
  • The bank's operating profit declined by 21.6% QoQ during the quarter. Consequently, operating profit margins witnessed a decline and stood at 31.1% in 3QFY19 as against 37.2% in 2QFY18.
  • Net profit for the quarter declined by 14.3% QoQ, while net profit margins declined from 21.9% in 2QFY18 to 20.0% in 3QFY19.

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 1,933.3 to Rs 1,876.0, registering a Loss of Rs 57.3 or around 3.0%.

Overall, the S&P BSE SENSEX is down 1.7% over the year.

Current Valuations

At the current price of Rs 1,876.0, the price to earnings (P/E) ratio of HDFC stands at 30.9 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 3.4 times.

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