HDFC Announces Quarterly Results (3QFY20); Net Profit Up 296.1%

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HDFC Announces Quarterly Results (3QFY20); Net Profit Up 296.1%
Tue, 28 Jan

HDFC has announced its results for the quarter ended December 2019. Here is a detailed performance review of the same:

HDFC Quarterly Financials

No. of Mths
Qtr. Ending
3
Dec-18*
3
Sep-19*
3
Dec-19*
QoQ ChangeYoY Change
Operating incomeRs m105,552134,874202,85550.4%92.2%
Other incomeRs m1396760-10.5%-57.1%
Total revenuesRs m105,691134,941202,91550.4%92.0%
InterestRs m72,58678,30777,696-0.8%7.0%
Gross Profit Rs m32,82856,234124,739121.8%280.0%
Other expensesRs m4,27910,99733,369203.4%679.7%
Profit before taxRs m28,68845,30491,430101.8%218.7%
TaxRs m7,5505,6897,70535.4%2.1%
Profit after taxRs m21,13839,61583,725111.3%296.1%
Gross profit margin %31.141.761.5
Effective tax rate%26.312.68.4
Net profit margin%20.029.441.3
* 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 92.2% on a year-on-year (YoY) basis. The interest expended was up by 7.0% YoY during the same period.
  • The bank's operating profit increased by 280.0% YoY during the quarter. Consequently, operating profit margins witnessed a growth and stood at 61.5% in 3QFY20 as against 31.1% in 3QFY19.
  • Other income declined by 57.1% YoY during the quarter.
  • Net profit for the quarter increased by 296.1% YoY. Net profit margins during the quarter increased from 20.0% in 3QFY19 to 41.3% in 3QFY20.
Quarter-on-Quarter Performance:
  • The bank's operating income (interest earned) during the quarter grew 50.4% on a quarter-on-quarter (QoQ) basis. The interest expended was down by 0.8% QoQ during the same period.
  • The bank's operating profit increased by 121.8% QoQ during the quarter. Consequently, operating profit margins witnessed a growth and stood at 61.5% in 3QFY20 as against 41.7% in 2QFY19.
  • Net profit for the quarter increased by 111.3% QoQ, while net profit margins increased from 29.4% in 2QFY19 to 41.3% in 3QFY20.

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

Revealed: Top 3 Stocks for 2020 and Beyond

HDFC Share Price Performance

Over the last one year,HDFC share price has moved up from Rs 1,948.6 to Rs 2,446.0, registering a Gain of Rs 497.4 or around 25.5%.

Overall, the S&P BSE SENSEX is up 15.2% over the year.

Current Valuations

At the current price of Rs 2,446.0, 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 3.8 times.

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For the quarter ended June 2019, HDFC has posted a net profit of Rs 32 bn (up 46.3% YoY). Sales on the other hand came in at Rs 130 bn (up 30.7% YoY). Read on for a complete analysis of HDFC's quarterly results.

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