HDFC LIMITED
Q1 FY11 RESULTS
COMPARISON
HDFC Limited has declared its Q1 FY11 results, which are compared below with the preceding 4 quarters.
Net Sales at Rs.2797 Cr in Q1 FY11 is down by 1.7% from Rs.2847 Cr in Q4 FY10 – but is up by 0.2% from Rs.2793 Cr in Q1 FY10.
Total Expenditure is up by 56.7% to Rs.116 Cr in Q1 FY11 from Rs.74 Cr in Q4 FY10 – and up by 8.9% from Rs.106 Cr in Q1 FY10.
Profit Before Tax is down by 23.6% to Rs.967 Cr in Q1 FY10 from Rs.1266 Cr in Q4 FY10 – and up by 23.9% compared to Rs.780 Cr in Q1 FY10.
Net Profit is down by 25% to Rs.695 Cr in Q1 FY11 from Rs.926 Cr in Q4 FY 10 – but up by 23% from Rs.565 Cr in Q1FY10.
Basic EPS is Rs.24.02 compared to Rs.32.24 in the preceding quarter of Q4 FY10 – and compared to Rs.19.82 in Q1 FY10.
Thus, while the performance in Q1 FY 11 is very good compared to Q1 FY10 – it has come down compared to immediately preceding quarter of Q4 FY10.
However, when we take into account the additional information on the company (provided below) as on date - it is clear that the growth of HDFC continues to be robust and its performance will be highly growth oriented.
The company – is also giving attention to more Education Loans through a recent acquisition.
The current price is Rs.3080/-. At current rate of EPS, the overall annual EPS is likely to be around Rs.100 (on Rs.10 Face Value) – and thus, the PE ratio on this forward earnings of FY11 is around 30.8
OTHER CURRENT
INFORMATION ON HDFC
TOTAL ASSETS
As at June 30, 2010, the total assets of HDFC stood at Rs. 1,16,111 crores - against Rs. 97,479 crores as at June 30, 2009 - an increase of 19%.
LOAN BOOK
As at June 30, 2010, the loan book stood at Rs. 1,01,625 crores as against Rs. 87,046 crores as at June 30, 2009. Loans sold during the preceding 12 months amounted to Rs. 5,636 crores. The growth in the loan book inclusive of loans sold is 23%.
The spread on loans over the cost of borrowings for the quarter ended June 30, 2010 stood at 2.34% compared to 2.31% for the year ended March 31, 2010.
INVESTMENTS
As at June 30, 2010, the unrealised gains on HDFC’s listed investments amounted to Rs. 16,775 crores (previous year Rs. 11,662 crores). This excludes the appreciation in the value of unlisted investments.
LENDING OPERATIONS
Individual business for the quarter ended June 30, 2010 was robust with individual approvals growing by 56% and disbursements growing by 62% as compared to the corresponding quarter in the previous year. The high growth rates are also partly reflective of a lower base in the previous year.
NON PERFORMING LOANS
Gross non-performing loans as at June 30, 2010 amounted Rs. 905.03 crores. This is equivalent to 0.89% of the loan portfolio (previous year – 0.98%) This is the twenty-second consecutive quarter end at which the non-performing loans have been lower than the corresponding quarter in the previous year.
Based on a six months overdue basis, the non-performing loans as at June 30, 2010 stood at 0.54% of the loan portfolio as against 0.58% in the previous year.
In terms of the prudential norms as stipulated by the National Housing Bank, the Corporation is required to carry a provision of Rs. 332.68 crores in respect of non-performing assets and general provision on outstanding standard non-housing loans.
The balance in the provision for contingencies account as at June 30, 2010 stood at Rs. 696.73 crores, which is equivalent to 0.68% of the portfolio. The Corporation’s net non-performing loans stood at 0.21%.
RESOURCES
As at June 30, 2010, deposits stood at Rs. 23,906 crores as against Rs. 19,728 crores on the corresponding date last year, registering a growth of 21%. HDFC’s deposits carry a “AAA” rating from both, CRISIL and ICRA.
During the first quarter of the financial year, loans drawn from commercial banks, financial institutions and National Housing Bank amounted to Rs. 9,275 crores.
HDFC raised Rs. 3,850 crores through private placements of non-convertible debentures (NCDs) during the quarter ended June 30, 2010. The NCDs were “AAA” rated by both, CRISIL and ICRA.
CAPITAL ADEQUACY RATIO
HDFC’s capital adequacy ratio stood at 14.8% of the risk weighted assets, as against the minimum requirement of 12%. Tier 1 capital was 13.6% against a minimum requirement of 6%.
DISTRIBUTION NETWORK
HDFC’s distribution network spans 277 outlets that include 64 offices of HDFC’s distribution company, HDFC Sales Private Limited (HSPL). In addition, HDFC covers over 90 locations through its outreach programmes. Distribution channels form an integral part of the distribution network with home loans being distributed through HSPL, HDFC Bank Limited and other few third party direct selling associates.
To cater to non-resident Indians, HDFC has offices in London, Dubai and Singapore and service associates in Kuwait, Oman, Qatar, Sharjah, Abu Dhabi and Saudi Arabia – Al Khobar, Jeddah and Riyadh.
HDFC STANDARD LIFE IPO LIKELY TO HIT NEXT YEAR:
Jul 14, 2010 : Housing Development Finance Corporation (HDFC) Chairman Deepak Parekh has said that Initial Public Offering (IPO) of HDFC Standard Life may be considered next year. However he ruled out of any possibility to list non-life insurance subsidiary. HDFC is also not considering its merger with HDFC Bank.
ACQUISITION :
THE CORPORATION IS KEEN TO DEVELOP SUSTAINABLE BUSINESS MODELS IN THE EDUCATION SPACE. TOWARD THIS INITIATIVE, THE CORPORATION NOW HOLDS A 51% STAKE IN CREDILA FINANCIAL SERVICES PRIVATE LIMITED, WHICH IS A COMPANY THAT EXCLUSIVELY FOCUSES ON PROVIDING EDUCATION LOANS. THUS CREDILA IS NOW A SUBSIDIARY OF THE CORPORATION.
SUB-DIVISION OF SHARES :
WITH THE OBJECTIVE OF INCREASING RETAIL PARTICIPATION IN THE EQUITY SHARES OF THE CORPORATION AND CONSIDERING THE REQUESTS RECEIVED FROM MANY INDIVIDUAL SHAREHOLDERS, THE BOARD OF DIRECTORS AT ITS MEETING HELD ON MAY 3, 2010, APPROVED THE PROPOSAL TO SUB-DIVIDE THE NOMINAL FACE VALUE OF EQUITY SHARES OF THE CORPORATION FROM RS. 10 PER SHARE TO RS. 2 PER SHARE.
The 5 quarters’ results in figures are as below :
Jun-10 | Mar-10 | Dif%1 | Dec-09 | Sep-09 | Jun-09 | Dif%2 | |
Net Sales | 279713 | 284688 | -1.7 | 270557 | 278354 | 279289 | 0.2 |
Employ. Cost | 4515 | 3240 | 39.4 | 3887 | 3286 | 4252 | 6.2 |
Depreciation | 401 | 528 | -24.1 | 449 | 446 | 397 | 1 |
Other Expdr | 6661 | 3622 | 83.9 | 5737 | 6346 | 5986 | 11.3 |
Total Expdr | 11577 | 7390 | 56.7 | 10073 | 10078 | 10635 | 8.9 |
Opr.Profit | 268136 | 277298 | -3.3 | 260484 | 268276 | 268654 | -0.2 |
Other Incom | 482 | 5244 | -90.8 | 5664 | 6669 | 5618 | -91.4 |
P B I&IE | 268618 | 282542 | -4.9 | 266148 | 274945 | 274272 | -2.1 |
Interest | 171959 | 155954 | 10.3 | 170423 | 183651 | 196280 | -12.4 |
P B T | 96659 | 126588 | -23.6 | 95725 | 91294 | 77992 | 23.9 |
Tax expens | 27200 | 33950 | -19.9 | 28600 | 24900 | 21500 | 26.5 |
P A T | 69459 | 92638 | -25 | 67125 | 66394 | 56492 | 23 |
Net Profit | 69459 | 92638 | -25 | 67125 | 66394 | 56492 | 23 |
Dividend-% | - | 360 | - | - | - | ||
Face Value-Rs | 10 | 10 | 0 | 10 | 10 | 10 | 0 |
Pd Up Equity | 29095 | 28711 | 1.3 | 28586 | 28490 | 28456 | 2.2 |
Basic EPS | 24.02 | 32.24 | -25.5 | 23.47 | 23.27 | 19.82 | 21.2 |
Diluted EPS | 23.54 | 31.32 | -24.8 | 22.65 | 22.79 | 19.16 | 22.9 |
Public holding-% | 100 | 0 | 100 | 100 | 100 | 0 |
ANNOUNCEMENTS
TO THE EXCHANGE
14-07-2010 Housing Development Finance Corporation Limited has informed the Exchange regarding the standalone Results for the quarter ended on 30-JUN-2010 as follows: Net Sales of Rs. 279713 lacs for quarter ending on 30-JUN-2010 against Rs. 279289 lacs for the quarter ending on 30-JUN-2009. Net Profit / (Loss) of Rs. 69459 lacs for the quarter ending on 30-JUN-2010 against Rs. 56492 lacs for the quarter ending on 30-JUN-2009. -
09-07-2010 Housing Development Finance Corporation Limited has informed the Exchange vide its letter dated July 9, 2010 that "Corporation had agreed to acquire approximately 41% in the fully diluted equity share capital of Credila Financial Services Pvt. Limited (Credila) from DSP Merrill Lynch Capital Limited, subject to compliance with applicable regulations. In this connection, please note that today Corporation has subscribed to an additional 40,28,000 equity shares of Rs. 10/- each of Credila for cash at par aggregating to Rs. 4.03 crore. Further please note that consequent to the said subscription, the shareholding of the Corporation in Credila would increase to 51% of Credila's total issued and paid up share capital and as such Credila would become a subsidiary company of the Corporation." -
29-06-2010 Housing Development Finance Corporation Limited has informed the Exchange that the Corporation on June 28, 2010, allotted 3,74,970 equity shares of Rs. 10 each under distinctive numbers from 290576334 to 290951303 (both numbers inclusive) pursuant to conversion of FCCBs. Post the above allotment, the paid-up equity share capital of the Corporation would stand at Rs. 290,95,13,030 consisting of 29,09,51,303 equity shares of Rs. 10 each. -
16-06-2010 Housing Development Finance Corporation Limited submitted to the Exchange a copy of the Notice of the Annual General Meeting of the members of the company to be held on July 14, 2010.
03-05-2010 Housing Development Finance Corporation Limited has informed the Exchange that the Board of Directors of the Company at its meeting held on May 03, 2010 approved the proposal to sub-divide the nominal value of the equity shares of the Corporation from Rs. 10 each to the nominal value of Rs. 2 each, subject to the approval of the Members at the Annual General Meeting (AGM) of the Corporation. -
03-05-2010 Housing Development Finance Corporation Limited has informed the Exchange regarding the standalone Results for the quarter ended on 31-MAR-2010 as follows: Net Sales of Rs. 284688 lacs for quarter ending on 31-MAR-2010 against Rs. 293501 lacs for the quarter ending on 31-MAR-2009. Net Profit / (Loss) of Rs. 92638 lacs for the quarter ending on 31-MAR-2010 against Rs. 73337 lacs for the quarter ending on 31-MAR-2009. -
03-05-2010 Housing Development Finance Corporation Limited has informed the Exchange that the Board of Directors of the Company at its meeting held on May 03, 2010 recommended a dividend of Rs. 36 per equity share of Rs. 10 each for the financial year 2009-10 (Previous year: Rs. 30.00 per equity share).
03-05-2010 Housing Development Finance Corporation Limited has informed the Exchange regarding the consolidated Results for the year ended on 31-MAR-2010 as follows: Net Sales of Rs. 1209306 lacs for year ending on 31-MAR-2010 against Rs. 1082102 lacs for the year ending on 31-MAR-2009. Net Profit / (Loss) of Rs. 324098 lacs for the year ending on 31-MAR-2010 against Rs. 231050 lacs for the year ending on 31-MAR-2009. -
03-05-2010 Housing Development Finance Corporation Limited has informed the Exchange regarding the standalone Results for the year ended on 31-MAR-2010 as follows: Net Sales of Rs. 1112888 lacs for year ending on 31-MAR-2010 against Rs. 1048627 lacs for the year ending on 31-MAR-2009. Net Profit / (Loss) of Rs. 282649 lacs for the year ending on 31-MAR-2010 against Rs. 228254 lacs for the year ending on 31-MAR-2009.
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