HDFC rallies on expectations of better than expected Q4 results

NEW DELHI: Housing Development Finance Corporation Limited ( HDFC Ltd) rallied over 2 per cent in trade on Wednesday on expectations of better than expected results.

At 10:40 am, HDFC was trading 1.8 per cent higher at Rs 868.10. It has hit a low of Rs 853 and a high of Rs 873 in trade today.

HDFC is expected to report net profit of Rs 1515 crore for the quarter ended March 2013 (Q4FY13) up 14.2 per cent YoY, as compared to Rs 1326.10 crore reported in the year ago period, according to ET Now estimates.

Net interest income or the difference between income from operations less interest expenses is likely to rise by 12.50 per cent on year-on-year basis.

Net interest income is expected to have grown to Rs 2100 crore, up 12.50 per cent, against Rs 1866.70 crore reported in the year ago period.

“The NII is expected to increase by 21.3 per cent YoY to Rs 2,265 crore. The non-interest income is expected to come in at Rs 105 cr, registering an increase of 22.6 per cent YoY,” Angel Broking said in a report.

Operating income and operating profit are expected to grow by 21.4 per cent and 21.3 per cent respectively. While provisioning is expected to be Rs 49 cr compared to Rs 25 crore in 4QFY2012.

The Mumbai-based brokerage firm has a ‘neutral’ rating on the stock.