HDFC Ltd Q2 Results FY2023, PAT at Rs. 4454 crores

On 3rd November 2022, HDFC Ltd announced its quarterly results for the second quarter of FY2023.
 

Q2FY23 Performance updates:

- Revenue from Operations stood at Rs. 15,027.21 crores with a growth of 23% YoY.
- The profit before tax for Q2FY23 stood at Rs. 5,414 crores. 
- The Corporation reported a profit after tax stood at Rs. 4,454 crores, representing a growth of 18%.

Business Highlights:

- During H1FY23 individual approvals and disbursements grew by 35%. The demand for home loans continues to remain strong. Growth in home loans was seen in both, the mid-income segment as well as high-end properties. 
-During H1FY23, 92% of new loan applications were received through digital channels.
- During H1FY23, the average size of individual loans stood at Rs. 35.7 lakhs compared to Rs. 33.1 lakhs in FY22. 
- The assets under management stood at Rs. 6,90,284 crores as against Rs. 5,97,339 crores in the previous year. Individual loans comprise 81% of the Assets Under Management (AUM). 
- On an AUM basis, the growth in the individual loan book was 20% and the growth in the total loan book on an AUM basis was 16%. 
- During Q2FY23, the Corporation assigned loans amounting to Rs. 9,145 crores to HDFC Bank. 
- Loans sold in the preceding 12 months amounted to Rs. 34,513 crores. The outstanding amount in respect of individual loans sold was Rs. 93,566 crores. 
- The growth in the individual loan book, after adding back loans sold in the preceding 12 months was 28%. The growth in the total loan book after adding back loans sold was 21%. 
- The collection efficiency for individual loans on a cumulative basis stood at over 99% during Q2FY23. 
- The gross individual non-performing loans (NPLs) stood at 0.91% of the individual portfolio, while the gross non-performing non-individual loans stood at 3.99% of the non-individual portfolio. The gross NPLs stood at Rs. 9,355 crores. This is equivalent to 1.59% of the portfolio
- The Corporation carried a total provision of Rs. 13,146 crores. The provisions carried as a percentage of the Exposure at Default (EAD) is equivalent to 2.21%.
- The Corporation’s Expected Credit Loss (ECL) charged to the Statement of Profit and Loss for H1FY23 was lower at Rs. 987 crores.
- Annualised credit costs for Q2FY23 stood at 29 basis points. Credit costs for H1FY23 stood at 31 basis points. 
- The NII for Q2FY23 stood at Rs. 4,639 crores registering a growth of 13%. 
- The unaccounted gains on listed investments in subsidiary and associate companies amounted to Rs. 2,24,781 crores. 
- The Corporation’s capital adequacy ratio stood at 22.5%, of which Tier I capital was 21.9% and Tier II capital was 0.6%.
- HDFC’s distribution network spans 709 outlets which include 212 offices of HDFC’s distribution company
 

HDFC Ltd share price dropped by 0.11%.