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HDFC
For 2QFY2012, HDFC’s loan book grew by healthy 19.5% yoy and 2.3% qoq
to `126,992cr. Approvals in 2QFY2012 stood at `24,426cr (up 18% yoy),
while disbursements in 2QFY2012 stood at `20,825cr (up 19.0% yoy). The
spread on loans over the cost of borrowings stood at 2.29% for 1HFY2012
compared to 2.34% for 1HFY2011. HDFC’s NII increased by 14.1% yoy, while
PAT came in at `971cr, registering a growth of 20.2% yoy.
HDFC’s asset quality continued to be stable during 2QFY2012, with gross
NPA ratio falling by 4bp yoy to 0.82%. On a six-month overdue basis, gross
NPA ratio stood at 0.53%. Gross NPA increased by 16.3% yoy to `1,063cr
during 2QFY2012. HDFC continued to maintain a 100% provision coverage
ratio for 2QFY2012, similar to the last quarter.
During 2QFY2012, an amount of `255cr (net of deferred tax) was utilized
from the additional reserve to meet the additional provisions consequent to
changes in provisioning norms mainly on standard assets (0.4% standard
provisioning required on housing loans as well).
At the CMP, HDFC’s core business (after adjusting `225/share towards value
of the subsidiaries) is trading at 4.2x FY2013E ABV of `106.9 (including
subsidiaries, the stock is also trading at 4.2x FY2013E ABV of `159). We
recommend Neutral on the stock.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
HDFC
For 2QFY2012, HDFC’s loan book grew by healthy 19.5% yoy and 2.3% qoq
to `126,992cr. Approvals in 2QFY2012 stood at `24,426cr (up 18% yoy),
while disbursements in 2QFY2012 stood at `20,825cr (up 19.0% yoy). The
spread on loans over the cost of borrowings stood at 2.29% for 1HFY2012
compared to 2.34% for 1HFY2011. HDFC’s NII increased by 14.1% yoy, while
PAT came in at `971cr, registering a growth of 20.2% yoy.
HDFC’s asset quality continued to be stable during 2QFY2012, with gross
NPA ratio falling by 4bp yoy to 0.82%. On a six-month overdue basis, gross
NPA ratio stood at 0.53%. Gross NPA increased by 16.3% yoy to `1,063cr
during 2QFY2012. HDFC continued to maintain a 100% provision coverage
ratio for 2QFY2012, similar to the last quarter.
During 2QFY2012, an amount of `255cr (net of deferred tax) was utilized
from the additional reserve to meet the additional provisions consequent to
changes in provisioning norms mainly on standard assets (0.4% standard
provisioning required on housing loans as well).
At the CMP, HDFC’s core business (after adjusting `225/share towards value
of the subsidiaries) is trading at 4.2x FY2013E ABV of `106.9 (including
subsidiaries, the stock is also trading at 4.2x FY2013E ABV of `159). We
recommend Neutral on the stock.
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