Sharekhan's research report on HDFC Bank
Q3FY22 PAT grew by ~18% y-o-y to Rs. 10,342 crore versus our expectations of Rs. 9,832 crore, on lower-than-expected provisions. NIM was stable at 4.10%. Asset quality improved q-o-q with GNPA at 1.26%. Advances grew by ~17% y-o-y with retail and commercial segment demonstrating robust growth. HDB Financial PAT rose by ~59% q-o-q to Rs. 304 crore. Its stage 3 loans improved to 6.05% versus 6.1% in Q2FY22.
Outlook
Stock is currently trading at 3.0x/2.6x its FY2023E and FY2024E book value. We maintain a Buy on the stock with a revised price target of Rs. 1,973.
More Info
At 16:00 hrs HDFC Bank was quoting at Rs 1,521.55, down Rs 23.70, or 1.53 percent.
It has touched an intraday high of Rs 1,556.45 and an intraday low of Rs 1,519.65.
It was trading with volumes of 448,365 shares, compared to its thirty day average of 294,421 shares, an increase of 52.29 percent.
In the previous trading session, the share closed up 1.11 percent or Rs 16.90 at Rs 1,545.25.
The share touched its 52-week high Rs 1,724.30 and 52-week low Rs 1,342.00 on 18 October, 2021 and 28 January, 2021, respectively.
Currently, it is trading 11.76 percent below its 52-week high and 13.38 percent above its 52-week low.
Market capitalisation stands at Rs 843,303.79 crore.For all recommendations report, click here
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