HDFC = RESULTS FOR = Q3 FY 2012 = Q/E DEC,2011 = NPT UP 10.14%YOY

Housing Development Finance Corporation Limited

NSE Symbol        HDFC

HDFC Has declared its results for Q3 FY2012 ending Dec, 2011.

Net Sales stands at Rs.4379.34 Cr in current Qtr ending Dec,2011 - compared to Rs.4077.05 Cr (Up By 7.41%) compared to the previous qtr ending Sep,2011 – and Rs.3148.95 cr (Up By 39.07%) in corresponding Qtr ending Dec’2010. The Net sales increase is impressive.

Profit from Operations has gone up almost by the same proportion to Rs.4247.49 cr in  current Qtr – compared to Rs.3936.12 cr (Up by 7.91%) in previous qtr and Rs.3033.63 cr (Up by 40.01%) in corresponding Qtr.

Other Income for current qtr stands At Rs.93.17 cr – compared to Rs.92.09 cr (Up by 1.17%) in previous qtr and Rs.172.09 cr (down by -45.86%) in corresponding Qtr.

Interest Expense stands at Rs.3012.41 cr in current Qtr – compared to Rs.2690.51 cr (Up by 11.96%) in previous qtr and Rs.1992.84 cr (Up by 51.16%) in corresponding Qtr. The increase in this main expense head is much more than proportionate increase in Net sales and Profit from operations.

Profit before tax stands at Rs.1328.25 cr in current Qtr – compared to Rs.1337.70 cr (down by -0.71%) in previous qtr; and Rs.1212.88 cr ( Up by 9.51%) in corresponding Qtr.

Tax expense stands at Rs.347 cr in current Qtr – compared to Rs.367 cr (down by -5.45%) in previous qtr; and Rs.322 Cr (Up by 7.76%) in corresponding Qtr.

Net Profit stands finally at Rs.981.25 cr in current Qtr – compared to Rs.970.70 cr (Up by 1.09%) in previous qtr; and Rs.890.88 cr (Up by 10.14%) in corresponding Qtr. HDFC has thus managed to sustain double digit growth in NPT level this quarter also.

On a Face Value of Rs.2, Basic EPS stands at Rs.6.65 in Q3 FY 12; Rs.6.6 in Q2 FY 12 and Rs.5.75 in Q1 FY 12; The same was Rs.7.76 in Q4 FY 11; and Rs.6.09 in Q3 FY 11.

If Interest rates & borrowing costs come down in Q4 onwards, HDFC’s margins may go up well. This is likely in future.

As of Q3 FY 12 – the annualized EPS is likely to be around – Rs.25.65.

Current Market price is around Rs.687.50; while the 52 week high price is Rs.737.90 and the 52 week low price is Rs.582.30.

The price earning Ratio works out to 26.8.

RESULTS TABLE

HDFC	31-Dec-11	30-Sep-11	% DIF	30-Jun-11	31-Mar-11	31-Dec-10	% DIF
Net Sales	437934	407705	7.41	380067	364056	314895	39.07
Employees Cost	5080	5258	-3.39	5276	3837	4505	12.76
Depreciation	538	483	11.39	446	523	555	-3.06
Other Expenditure	7567	8352	-9.4	7392	5735	6472	16.92
Total Expenditure	13185	14093	-6.44	13114	10095	11532	14.33
Profit from Operations	424749	393612	7.91	366953	353961	303363	40.01
Other Income	9317	9209	1.17	2093	14430	17209	-45.86
Interest	301241	269051	11.96	251493	212996	199284	51.16
Profit before tax	132825	133770	-0.71	117553	155395	121288	9.51
Tax expense	34700	36700	-5.45	33100	41200	32200	7.76
Net Profit	98125	97070	1.09	84453	114195	89088	10.14
Face Value (In Rs	2	2	0	2	2	2	0
Paid Up Equity	-	-		29399	29337	-
Basic EPS	6.65	6.6	0.76	5.75	7.76	6.09	9.2
Diluted EPS	6.56	6.49	1.08	5.65	7.6	5.91	11

Announcements by HDFC

12-01-2012          standalone Results for the quarter ended on 31-DEC-2011 as follows: Net Sales of Rs. 437934 lacs for quarter ending on 31-DEC-2011 against Rs. 314895 lacs for the quarter ending on 31-DEC-2010. Net Profit / (Loss) of Rs. 98125 lacs for the quarter ending on 31-DEC-2011 against Rs. 89088 lacs for the quarter ending on 31-DEC-2010.

09-11-2011          Housing Development Finance Corporation has approved the incorporation of a wholly owned subsidiary towards the Corporation's foray into the education sector. In this regard the Company has issued a Press Release titled "HDFC's Strategic Foray into The Indian Education Sector"

17-10-2011          standalone Results for the quarter ended on 30-SEP-2011 as follows: Net Sales of Rs. 407705 lacs for quarter ending on 30-SEP-2011 against Rs. 290655 lacs for the quarter ending on 30-SEP-2010. Net Profit / (Loss) of Rs. 97070 lacs for the quarter ending on 30-SEP-2011 against Rs. 80754 lacs for the quarter ending on 30-SEP-2010.

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