India’s leading housing financier HDFC on Friday reported a 42.43 per cent year-on-year growth in standalone net profit at Rs 3,179.83 for January-March quarter of FY21 (Q4FY21). This compares with profit of Rs 2,232.5 crore reported in the previous year period (Q4FY20). On a quarterly basis, the profit rose 8.6 per cent from Rs 2,925.8 crore reported in Q3FY21. HDFC’s Board also approved re-appointment of Keki M. Mistry as the managing director (MD) of the Corporation for a period of three years with effect from May 7, 2021. Besides, it has recommended a final dividend of Rs 23 per equity share for FY21, compared to Rs 21 per equity share in the previous year.
Equity indices traded in a range with small gains in mid morning trade. The Nifty hovered at 14,550 level. Pharma, PSU banks and metal stocks were in demand while FMCG and auto shares were under pressure.
At 11:27 IST, the barometer index, the S&P BSE Sensex, was up 174.16 points or 0.36% at 48,427.33. The Nifty 50 index was up 51.85 points or 0.36% at 14,548.35.
In broader market, the S&P BSE Mid-Cap index was up 0.29% while the S&P BSE Small-Cap index was gained 0.46%.
The market breadth, indicating the overall health of the market, is strong. On the BSE, 1661 shares rose and 988 shares fell. A total of 156 shares were unchanged.
Benchmark indices ended a volatile session with strong gains on Wednesday after the Reserve Bank of India announced measures to tackle the rising second wave of COVID-19 pandemic. The Nifty managed to close above the 14,600 mark. Barring the Nifty Realty index, all sectoral indices on the NSE ended in the green.
As per the provisional closing data, the S&P BSE Sensex, rallied 424.04 points or 0.88% to 48,677.82. The Nifty 50 index gained 121.35 points or 0.84% to 14,617.40.
In the broader market, the S&P BSE Mid-Cap index added 1.05% while the S&P BSE Small-Cap index surged 0.77%.
The market breadth was strong. On the BSE, 1,842 shares rose and 1,097 shares fell. A total of 173 shares were unchanged.
RBL Bank reported 34.1% drop in net profit to Rs 75.34 crore on 3.6% decline in total income to Rs 2610.83 crore in Q4 FY21 over Q4 FY20.
Net Interest Income (NII) declined by 11% to Rs 906 crore in Q4 FY21 over Q4 FY20. Net Interest Margin (NIM) was at 4.17% as on 31 March 2021 as against 4.93% as on 31 March 2020. Cost to income was 45% in Q4 FY21 as against 50.6% in Q4FY20.
The bank s operating profit grew 17% to Rs 877 crore in Q4 March 2021 from Rs 752 crore in Q4 March 2020.
Provisions and contingencies increased 27.5% to Rs 766.25 crore in Q4 FY21 compared with Rs 601.17 crore in Q4 FY20.
Profit before tax in the fourth quarter stood at Rs 110.28 crore, down 26.9% from Rs 150.76 crore in the same period last year.
BUSINESS HIGHLIGHTS
Sequential quarterly Commercial Portfolio growth continues the trend that started last year, up 3% QoQ to reach $5.7 billion, driven by higher loan origination (+5% QoQ), with a continued focus on defensive sectors and stricter credit underwriting standards.
During 1Q21, Bladex continues to collect virtually all loan maturities (close to 100% since the onset of Covid-19), evidencing the high quality of the Bank s borrower base and short-term nature of its business.
As of March 31, 2021, Bladex s credit quality remains sound, with a well-diversified exposure across countries, having 57% of the Commercial Portfolio in investment grade countries, 53% with financial institutions and 18% with sovereign and state-owned corporations. As well, Bladex continues with the downsize of exposures to higher risk sectors since the onset of Covid-19, such as sugar (-46%) and airlines (-67%), now representing 1% and 0.8% of the total portfolio, respectively.