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HDFC Q1: Outlier in a troubled sector

Mortgage lender HDFC remains a key beneficiary of the structural consolidation under way in the housing and real estate financing business

July 31, 2020 / 01:28 PM IST
HDFC Q1: Outlier in a troubled sector

Good Host Spaces was initially backed by Goldman Sachs and HDFC Ltd.

PRO Only Highlights
Quarterly performance largely backed by improved realisations
Medium-term triggers China plus and protectionist measures for tyre industry
Valuations not inexpensive; but improved medium-term outlook

HDFC’s (CMP: Rs 1,811, MCAP: 314,137 crore) net profit declined by 5 percent over a year ago to Rs 3,052 crore in the first quarter of FY21. Its performance was adversely impacted by national lockdowns owing to COVID-19. Also, its net profit is not directly comparable over the year ago figure due to one-time transactions and exceptional items. Assets under management (AUM) of non-banking finance companies (NBFCs) are expected to de-grow for the first time in nearly two decades in...

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