HDFC reported strong performance across most parameters in 3QFY22

Chirag Batavia • 7 March 2022

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HOUSING DEVELOPMENT FINANCE COOPERATION LTD (HDFC)


  • HDFC reported strong performance across most parameters in 3QFY22.


  • HDFC remains well placed to capture growth in the real estate upcycle - individual disbursements are already close to peak, high-yield construction finance will likely pick up with the launch of new projects.


  • With most NBFCs slowing down in real estate lending, we expect pricing power for HDFC to remain strong.


  • A combination of high momentum in a retail business, pick up in high-yield non-individual loan book will support core earnings.


  • Faster rate transmission in this cycle and limited competition in the non-individual book will augur well.


  • We retain BUY on HDFC with SOTP-based FV of Rs. 3,400; at our FV for the core business, HDFC will trade at 2.9X FY2024E core book.


Note: The above is a brief note on the company, based on the inputs of the KIE research report dated 3rd February 2022, which is available on their website at: https://www.kotaksecurities.com/ksweb/ResearchCall/Fundamental. Disclaimer: http://bit.ly/2n5AxIE

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