Sharekhan's research report on HDFC Bank
Q3FY25 numbers were stable given the transition period. Credit growth (up 1% q-o-q) continues to remain slower than deposit growth (up 3% q-o-q) to bring down LDR at normalised levels faster. The bank remains committed to achieve the glide path on the LDR and loan growth over FY25-27E. Most importantly, the quality of portfolio remains stable except some seasonality seen in agri-loan portfolio, at the time when the peers are witnessing asset quality headwinds.
Outlook
Stock trades at 2.1x/1.9x/1.6x its FY2025E/FY2026E/FY2027E core BV estimates. We maintain BUY with an unchanged PT of Rs. 2,100 and remain assertive from the medium to long term.
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