Buy HDFC; target of Rs 3000: Prabhudas Lilladher

Trade

• Watchlist
• Portfolio
• Message
• Set Alert

 

 

Choose Stock Exchange: BSE LIVE NSE LIVE

26 Aug, 2025 12:21

Volume

Todays L/H

More

×

Prabhudas Lilladher's research report on HDFC

HDFC saw a good quarter with core metrics being in-line along with better margins, strong individual loan growth and improved asset quality. NII was a tad better (+12.9% YoY) led by higher NIM at 3.3% (PLe 3.2%). Loan accretion (+14.5% YoY) was driven by individual loans (+20% YoY) due to faster growth in metros that too in higher value home loans. Company expects this credit momentum to sustain while share of construction finance could enhance. NIM may improve in H2FY23 as asset repricing would catch up with that of liabilities. GNPL reduced by 19bps QoQ to 1.6% while OTR/stage-2 pools also declined.

Outlook

We retain our multiple at 2.3x and rolling forward to Sep’24 core ABV we increase TP from Rs2,900 to Rs3,000. Retain BUY.

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.

HDFC - 04-11-2022 - prabhu