Sharekhan's research report on HDFC Bank
Q4FY2021 results saw steady operational performance along with stable NIMs and market share gains. PAT came marginally below expectations due to aggressive provisions, but places the bank well with adequate cushions going forward; the bank is taking corrective steps to rectify technical outages seen recently. Asset quality surprised positively and improved sequentially (compared with proforma basis) with decent pick-up in advances and improved CASA helping in sustaining NIM on a q-o-q basis. HDFC Bank currently trades at 3.6x/3.2x its FY2022E/FY2023E ABVPS, and the stock has corrected 13% from its highs and risk reward is favourable.
Outlook
We retain Buy with an unchanged PT of Rs. 1,810.
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