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HDFC reported a 2% fall in its quarterly profit at Rs 3,001 crore on lower dividend and investment incomes but the earnings still beat analysts' estimates.
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"We retain our earnings estimates and expect HDFC to deliver 14-15% core PPOP (Pre-Provision Operating Profit) growth vs less than 10% core PPOP/share growth over FY15-20 as growth outlook for the core business remains strong. Valuations have corrected from 3 times one-year forward price-to-book to 2 times," said CLSA, retaining a target price of Rs 3,000.
Kotak Institutional Equities said HDFC has reported a strong performance with a stable net interest margin and a marginal rise in stressed loans despite a challenging business environment.
MumbaiMaharashtraIndiaMotilal-oswalKotak-institutional-equitiesPre-provision-operating-profitInstitutional-equitiesமும்பைமகாராஷ்டிராஇந்தியாமோட்டிலால்-ஒசுவள்Shares of Maruti Suzuki India ended down 2.2% at ₹6,991.90.
Kotak Institutional Equities said it remains concerned about market share loss in the sports utility vehicle segment, raw material headwinds and expensive valuation.
Investec said a normalising demand environment post Covid-19 could be further detrimental to Maruti Suzuki’s market share as the benefit of stronger rural growth and wider presence in the entry segment fades with urban recovery.
“Valuation at 33 times FY23 estimated EPS versus five-year average of 27 times is not comforting, especially when there is no visibility on the reversal of market share loss,” said Investec.
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MumbaiMaharashtraIndiaMaruti-suzukiMotilal-oswalKotak-institutional-equitiesMaruti-suzuki-indiaInstitutional-equitiesமும்பைமகாராஷ்டிராஇந்தியாMaruti suzuki share price target: Maruti likely to see a further dent in margin profile, loss in market share
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