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HDFC reports strong show in Q3, interim dividend of Rs 148 announced

New Delhi: HDFC Securities, the brokerage arm of India’ private lender, has announced its earnings for the period ended on December 31, 2021.

It reported a 58.15% rise in the net profit to Rs 258.03 crore in the quarter ended on December 31, 2021 as against a net profit of Rs 163.15 crore in corresponding period previous year. On a sequential basis, the bottomline jumped 7.7% from Rs 239.57 crore.

The brokerage firm has reported a rise of 58.4% in the topline to Rs 532.03 crore in December 2021 quarter from Rs 335.86 crore in December 2020 quarter. The revenue grew about 10% from Rs 485.81 crore on a sequential basis.

EBIT of the company surged more than 51% to Rs 347.09 crore from Rs 228.97 crore during the period under review. It has reported an EBIT of Rs 322.52 crore in the September 2021 quarter.

HDFC Securities reported an diluted EPS of Rs 163.34 per share for the Q3 FY22, against an EPS of Rs 103.64 apiece in Q3 FY 22.

HDFC Securities kicked off its operations in April 2020 as a Joint Venture between HDFC Bank, HDFC and Indocean eSecurities Holdings. Currently, HDFC Bank holds more than 96 per cent stake in the brokerage arm.

Along with broking services, HDFC Securities is engaged in the distribution of financial products in India. It is among the oldest brokerages of the country.

For the nine months ended on December 31, the company reported a rise of 60% in the net profit to Rs 1,004.1 crore, which was Rs 627.62 crore in the same period previous fiscal.

The revenue from operations advanced about 55% to Rs 1,469.96 crore for the given period, which was Rs 950.46 in the corresponding period. EPS jumped 62% to Rs 474.37 per share from 291.45 during the period under review.

HDFC Securities has announced an interim dividend of Rs 148 per cent for the period ended on December 31, 2021 including the tax deducted as source.

The COVID -19 pandemic continues to have a considerable impact on economic activities across the various parts of the country and across the globe, said Dheeraj Relli, Managing Director, HDFC Securities.

“The Government of India and various state governments have introduced a series of initiatives over the past year including lockdowns in order to contain the impact of the virus.”

Stock broking and depository services have been declared as essential services all through the year and accordingly, the Company has faced no business stoppage/interruption on account of the lockdown.

“As of 31 December 2021, based on facts and circumstances existing as of that date, the Company does not anticipate any material uncertainties which affects its liquidity position and also ability to continue as a going concern,” Relli added.

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