BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Motilal Oswal Report
Housing Development Finance Corporation Ltd. reported a profit after tax of Rs 36.7 billion in Q1 FY23 (8% miss), up 22% YoY. It reported a net interest margin compression of ~10 basis points YoY and 30 bps QoQ at 3.4%. Credit costs rose ~7 bps QoQ to ~36 bps.
Disbursements in the Individual segment grew 66% YoY to ~Rs 420 billion. Individual/total assets under management rose 20%/17% YoY. The management guided at a strong pipeline in non-individual segment, which will translate into healthy AUM growth.
With the merger announced, taking a view in isolation is difficult, but we feel that HDFC continues to have a strong ‘Right to Win’ in its standalone mortgage business.
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