HDFC ends 2% down; Q4 PAT up 8.1% at Rs 1862 crore

MUMBAI: Shares of HDFC slipped as much as 2.92 per cent in intraday trade on Wednesday even as the mortgage lender’s Q4 reports were inline with Street expectations. The company reported a net profit of Rs 1,862 crore, up 8.1 per cent, from Rs 1,723 crore in the corresponding quarter last fiscal.

The stock ended the day in red, down 2.11 per cent or Rs 25.95 at Rs 1201.8.

Net interest income for the quarter rose to Rs 2,640 crore, up 12 per cent, from Rs 2,352 crore, in year-ago period.

As of March 31 loan book stood at Rs 2.28 lakh crore against Rs 1.97 lakh crore in the same period last fiscal. The loan sold during preceding 12 months stood at Rs 8,249 crore.

According to Keki Mistry, Vice Chairman and CEO, HDFC, the non-performing loan number continues to trend lower. Q4 Gross NPA in non-individual book is at 1.01 per cent vs 1.03 per cent, Q-o-Q.

HDFC’s book value is at Rs 553 crore including unrealised gain on listed investments. Embedded value of life insurance business is at Rs 8,085 cr Vs Rs 6,992 crore, Y-o-Y.

"Results are in-line with expectations and looks like another steady quarter for HDFC," said Kaitav Shah, Lead Analyst Banking, SBI Cap Securities to ET Now. "It’s a good franchise and we has hav 'Buy' rating on the stock."