Vaibhav Agarwal of Angel Broking feels the bottomline numbers are in line with the estimates.
"Clearly the net profit number has been backed by a couple of things for HDFC in two quarter. One of that is deferred tax and the other generally even on the dividend side investment income," he said.
Below is the transcript of Vaibhav Agrawal's interview with Ekta Batra & Reema Tendulkar on CNBC-TV18.
Ekta: Is it in line with what the street was working with?
A: These numbers on the bottomline are pretty much exactly in line with our estimates.
Ekta: Anything more that you would like to add in terms of what you have seen from the numbers as of now because it is a growth of around 12 odd percent. The profit was expected to be subdued but if you could just tell our viewers why the profit estimates were expected to be subdued this quarter?
A: Clearly the net profit number has been backed by a couple of things for HDFC in two quarter. One of that is the deferred tax and the other generally even on the dividend side investment income. If you actually address for these numbers, we were expecting adjusted for these numbers about a 15 percent growth now of course we do not yet have the data on investment income but barring any surprises, it looks like that is what they have delivered.
Ekta: What are you expecting in terms of the other income this time around? Are you expecting it to be supported by that sale of the HDFC Life stake to Azim Premji, is it expected to have been added into this quarter?
A: We would wait for clarity on whether it has been added or not. We were taking about a total of Rs 166 crore on that front.
Ekta: Why do you think the stock is reacting negatively to its numbers? Is it simply because profit-booking considering that the stock has gained around 15 odd percent on a month to date basis at current reckoning?
A: That is what we believe because after the substantial increase on the topline on FY16 book value it is trading at a very rich 5.5x price to book which is quite expensive so a little bit of profit booking is not surprising.
Reema: What would be your expectations in terms of the net interest incomes (NIIs) as well as net interest margins (NIMs) this quarter?
A: As far as the spreads are concerned, they have been quite stable for HDFC and they expected to have remained quite stable the NII number that we were working which was around 2,140.
Ekta: Wanted to ask you in terms of valuations because that one seems to be the most highly valued at this point in time, HDFC is already trading at around six times FY15 and over five times FY16 as well price to book value. Do you think that there could be any sort of shave off in the near term or do you think that the valuations will sustain at these levels?
A: Considering the outlook for housing finance possibly and also some amount of speculation on the merger that might actually happen, these valuations may sustain. As far as we can see it is quite expensive and so we would maintain a neutral view on the stock.
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