HDFC beats expectations in Q3; conservative provisioning offers comfort

Housing Development Finance Corporation’s (HDFC’s) December 2019 quarter (Q3) results beat the Street’s expectations on most operating parameters. While the housing financier major clocked over 3 times year-on-year (YoY) jump in its profit before tax to Rs 9,143 crore, its assets under management (AUM, which indicates the loan book size) grew 14 per cent. Analysts had pegged these two numbers at Rs 4,803 crore and 12-15 per cent, respectively. One-time gains of Rs 9,019 crore on account of stake sale in Gruh Finance —HDFC’s erstwhile affordable housing arm —.....

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