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Broking house, IL&FS Investmart has downgrade its recommendation from ‘Buy’ to ‘Accumulate’.
IL&FS Investmart report on HDFC Bank:
"HDFC Bank reported a 30% plus net profit growth for yet another quarter - Q2FY07 was the bank's 14th consecutive quarter to register such profit growth. Net profits increased by 32% YoY and 10% QoQ; this increase was registered despite the surge in interest expenses (92% up YoY) and heavy provisions made towards NPAs and standard assets during this quarter."
"HDFC Bank's balance sheet growth appears to be consciously controlled and more directed to high yielding asset classes. This step has enabled the bank to manage the increasing cost of funds without pressurizing the margins. HDFC Bank maintained its NIMs at 4%."
"For the fourth quarter in a row, HDFC Bank has been unable to open any additional branch due to non-receipt of licenses from the RBI. This regulatory risk and uncertainty is likely to remain as a key concern for the bank, over mid-long term."
"We strongly believe in HDFC Bank's impeccable asset liability management and its ability to take pro-active steps to be in line with the changing business environment. Nevertheless, the current valuations, at 26.8x and 20.6x FY07 and FY08 EPS respectively, and 5.1 and 4.4 times estimated BV respectively, look stretched. This has forced us to downgrade our recommendation from 'Buy' to 'Accumulate'."
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