HDFC Results Update
Net profit drops 65% to Rs 2,926 cr, revenue falls 42%
Highlights
* Reported a 65 percent year-on-year decline in net profit for the quarter ended December to Rs 2,925.8 crore.
* The company’s total revenues fell 42.3 percent to Rs 11,707 crore.
The company said that earnings for the December quarter were not comparable with the previous quarter as it included the earnings of Gruh Finance
* The loans on assets under management basis stood at Rs 5.52 lakh crore as against Rs 5.05 lakh crore same time a year ago.
The company witnessed a 26% year-on-year growth in individual loan disbursements during in the quarter ended December.
*The company assigned loans worth Rs 7,076 crore to HDFC Bank as compared to Rs 4,258 crore in the corresponding quarter of the previous year.
*The collection efficiency for individual loans in the month of December 2020 stood at 97.6% compared to 96.3% in the month of September 2020,
*HDFC’s gross non-performing loans stood at 1.67 percent at the end of the December quarter. The provisions of the company stood at Rs 12,342 crore at the end of December.
Impact on HDFC
Flat to Negative
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Immediate support 2580, Resistance 2780. Either side of the move will give the next 150-200 points in the respective direction.
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