Housing Development Finance Company (HDFC), the parent company behind HDFC Bank, published its Q3 results which showed an 11.4% YoY rise in its standalone profits to Rs 3,260.69 crores, meeting the figures estimated by analysts. Revenues saw a modest rise as the figures for the quarter were Rs 11,783.66 crores against Rs 11,707 crores for the same period last year. Its growth was backed by a robust rise in net interest income.
Its assets stood at Rs 6.19 lakh crore, up 12%. Individual loans grew 16% where the company noticed mild immaterial disruptions in business which did not impact the business greatly. The company’s Gross NPA saw an increment of 65 bps as it stood at 2.32%.
The stock was seeing good momentum as it closed at Rs 2612.95 per share on 2/2/22. However, after the announcement of the results, the shares fell over 3% as it reached a low of Rs 2527.05.
Highlight by Aman Agarwal.