KR Choksey's research report on HDFC Bank
Net Interest Income (NII) for Q1FY25 stood at INR 298,371 Mn, a growth of 26.4% YoY/ 2.6% QoQ. NII was in line with our estimates. Pre-Provision Operating Profits (PPOP) grew 27.2% YoY (-18.4% QoQ) to INR 238,846 Mn, with operating income growing by 23.4% YoY. PPOP was in line with our estimates. Net profit for Q1FY25 stood at INR 161,748 Mn, a surge of 35.3% YoY (-2.0% QoQ) led by healthy operating performance. The net profit for the quarter was 2.0% higher than our estimates.
Outlook
We have assigned an Adj P/B multiple of 2.2x (earlier 2.0x) on the FY26E Adj Book value for the core banking business and subsidiaries value of INR 214 per share, resulting in a target price of INR 1,860 per share (earlier INR 1,714), an upside of 13.2% over the CMP. We have maintained our “ACCUMULATE” rating on the shares of HDFC Bank Ltd.
For all recommendations report, click here
Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.