HDFC Q3FY22 Results: Profit rises 11% YoY, sales flat, asset quality slips QoQ

Index heavyweight Housing Development Corporation Limited (HDFC) registered a healthy third-quarter number for the financial year 2021-22 (Q3FY22) on Wednesday. The topline came flat with meager gain, and the bottom line surged in double-digit, while the asset quality of the company declined. 

According to the filing of HDFC, “The reported profit after tax stood at Rs 3,261 crore in Q3FY22 as compared to Rs 2,926 crore in the corresponding quarter of the previous year, representing a growth of 11 per cent year-on-year.” 

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While the total revenue from operations of the company came at Rs 11783 crore in the October-December quarter as against Rs 11707 crore in a year-ago quarter, up 0.6 per cent YoY. The gross non-performing assets came at 2.32 per cent from 2 per cent quarter-on-quarter (QoQ). 

Individual approvals and disbursements grew by 45 per cent and 48 per cent respectively during the nine months ended December 31, 2021, compared to the corresponding period in the previous year. 

HDFC said, “In December 2021, the Corporation recorded its second-highest monthly individual disbursements ever. This is despite the fact that the previous year entailed concessional stamp duty benefits in certain states which were not there in the current year.” 

“The demand for home loans and pipeline of loan applications continues to remain strong. Growth in home loans was seen in both, affordable housing as well as in high-end properties. The rising sales momentum and new project launches augur well for the housing sector,” HDFC added.