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On Monday, HDFC had reported a 1.6 per cent YOY decrease in standalone net profit at Rs 3,000.67 crore for the April-June quarter of FY22 (Q1FY22) on the back of lower other income and higher tax and employee expenses. In the year-ago period, the profit stood at Rs 3,051.5 crore.
The number missed Street expectation, which had estimated up to 9 per cent YoY rise in PAT. Analysts at Nomura, for instance, had pegged HDFC’s net profit at Rs 3,318.5 crore while those at HSBC projected the same at Rs 3,253.6 crore, suggesting a rise between 7-9 per cent YoY. Sequentially, the profit declined 5.6 per cent from Rs 3,179.83 crore.
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On a consolidated basis, profit after tax stood at Rs 5,311 crore compared to Rs 4,059 crore in the previous year, representing a growth of 31 per cent. The profit before tax for the quarter ended June 30, 2021, stood at Rs 3,905 crore compared to Rs 3,607 crore in the previous year.
On the revenue front, the lender’s net interest income (NII) came in at Rs 4,147 crore for the quarter under review, up 22.2 per cent compared with the previous year’s NII of Rs 3,392 crore. On a quarterly basis, the income increased marginally by 2 per cent from Rs 4,064.8 crore reported in Q4FY21.
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