HDFC Q1 profit falls 2% YoY to Rs 3,001 cr, misses estimates; NII up 22%

India’s biggest mortgage lender HDFC on Monday reported a 1.6 per cent year-on-year (YoY) decrease in standalone net profit at Rs 3,000.67 crore for April-June quarter of FY22 (Q1FY22) on the back of lower other income and higher tax and employee expenses. In the year-ago period, the profit stood at Rs 3,051.5 crore.
 

The number missed Street expectation, which had estimated up to 9 per cent YoY rise in PAT. Analysts at Nomura, for instance, had pegged HDFC’s net profit at Rs 3,318.5 crore while those at HSBC projected the same at Rs 3,253.6 crore, suggesting a rise between 7-9