HDFC stock price rises on good Q3, Motilal Oswal expects 15% upside

Motilal Oswal has maintained its ‘buy’ rating on the stock, with a target price of Rs 3,050

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Housing Development Finance Corporation (HDFC) share price edged higher in the morning session on February 3, a day after the company declared its December quarter earnings.

The country’s largest housing finance on February 2 reported a healthy 13 percent increase in its net profit increase in net profit for the December quarter on the back of strong loan disbursals and stable yield spreads.

Housing Development Finance Corporation reported a net profit of Rs 3,690.80 crore for the December quarter, up from Rs 3,260.69 crore in the same quarter of the previous year.

The lender’s net interest income rose by 13 percent to Rs 4,840 crore for the December quarter from Rs 4,284 crore in the corresponding quarter of FY22. Its total interest income rose to Rs 14,457 crore from Rs 11,055 crore in the year-ago period. Total revenue from operations was Rs 15,230.12 crore, up from Rs 11,783.60 crore in the year-ago period.