HDFC Shares Hit New 52-Week High After Q4 Earnings Beat Expectations

HDFC’s share price was upbeat on Thursday ahead of the Q4 results that came out in the afternoon and after the results, the stock surged to hit a new 52-week high of ₹2,862.80.

What Happened: The company’s net interest income – the difference between the income a bank makes from its lending activities and the interest it pays to depositors – for the quarter stood at ₹5,321 crore, up 16% from the year-ago period. Total standalone revenue from operations jumped 35% in the March quarter to ₹16,679.43 crore from ₹12,299.99 crore in the corresponding quarter of last year.

See Also: Cholamandalam Finance’s Q4 Earnings Cheers Investors, Analysts

At the end of the year ended March 31, the company’s assets under management stood at ₹7,23,988 crore as against ₹6,53,902 crore in the previous year. The company’s profits saw a 20% year-over-year jump at ₹4,425 crore. Basic earnings per share for the quarter stood at ₹24.19. The profits were much above street estimates of around ₹3,700-₹3,800 crore.

The company has also declared a ₹44/share dividend. The record date for the dividend is May 16, 2023. The dividend shall be paid from June 1 onwards.

Price Action: HDFC’s share price was up 2.57% to ₹2,859.40 in the late hours of trading on Thursday.

Do Not Miss: Last Date Extended: How To Link Pan-Aadhaar Cards More Details

Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.

Posted In: NewsMoversTrading IdeasHDFC