HDFC Announces Quarterly Results (3QFY21); Net Profit Down 65.1%

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HDFC Announces Quarterly Results (3QFY21); Net Profit Down 65.1%
Wed, 3 Feb

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

HDFC Quarterly Financials

No. of Mths
Qtr. Ending
3
Dec-19*
3
Sep-20*
3
Dec-20*
QoQ ChangeYoY Change
Operating incomeRs m200,121115,313115,6330.3%-42.2%
Other incomeRs m60479397.0%56.2%
Total revenuesRs m200,181115,361115,7260.3%-42.2%
InterestRs m77,69673,99168,327-7.7%-12.1%
Gross Profit Rs m122,00540,96346,79014.2%-61.6%
Other expensesRs m33,3697,65910,79541.0%-67.6%
Profit before taxRs m91,43035,31837,5256.3%-59.0%
TaxRs m7,7056,6178,26724.9%7.3%
Profit after taxRs m83,72528,70129,2581.9%-65.1%
Gross profit margin %61.035.540.5
Effective tax rate%8.418.722.0
Net profit margin%41.824.925.3
* 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 fell 42.2% on a year-on-year (YoY) basis. The interest expended was down by 12.1% YoY during the same period.
  • The bank's operating profit declined by 61.6% YoY during the quarter. Consequently, operating profit margins witnessed a decline and stood at 40.5% in 3QFY21 as against 61.0% in 3QFY20.
  • Other income increased by 56.2% YoY during the quarter.
  • Net profit for the quarter declined by 65.1% YoY. Net profit margins during the quarter declined from 41.8% in 3QFY20 to 25.3% in 3QFY21.
Quarter-on-Quarter Performance:
  • The bank's operating income (interest earned) during the quarter grew 0.3% on a quarter-on-quarter (QoQ) basis. The interest expended was down by 7.7% QoQ during the same period.
  • The bank's operating profit increased by 14.2% QoQ during the quarter. Consequently, operating profit margins witnessed a growth and stood at 40.5% in 3QFY21 as against 35.5% in 2QFY20.
  • Net profit for the quarter increased by 1.9% QoQ, while net profit margins increased from 24.9% in 2QFY20 to 25.3% in 3QFY21.

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

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HDFC Share Price Performance

Over the last one year, HDFC share price has moved up from Rs 2,260.8 to Rs 2,689.2, registering a Gain of Rs 428.4 or around 18.9%.

Overall, the S&P BSE SENSEX is up 26.6% over the year.

Current Valuations

At the current price of Rs 2,689.2, the price to earnings (P/E) ratio of HDFC stands at 41.9 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 3.7 times.

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