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Q4FY21 Result Update-HDB Financials Limited


HDB Financial Services is a leading NBFC that caters to the growing needs of an inspirational India, serving both retail and commercial clients. It provides lending services and business process outsourcing services. In addition to these services, it also provides marketing and promotional services of various financial products.

G. Ramesh is the MD and CEO of the company.




HDB Financial have shown poor top-line growth in Q4FY21, signifying less disbursals made during the quarter. Few of its peers, like Shriram Transport, Cholamandalam, have surpassed their Pre-covid levels till date unlike HDB, thus signifying relative weakness in growing its business. The bottom-line has shown 123% y-o-y growth mainly due to falling interest rate in FY21.On a yearly basis, the company’s cost to income ratio have increased sharply from 78% in FY20 to 93% in FY21, indicating operational inefficiency. This impacted the profit and lead to earnings de-growth by 61% during the year. Owing to this poor performance, we believe that the stock is currently overpriced in the unlisted market.


This article is prepared by CA Shraddha Jain, Senior Research Analyst – Unlisted & Private Equity, on January, 22 2021. The views expressed herein are based on the facts and assumptions indicated in the document.

All investment / financial opinions and/or views expressed herein are the personal views of the author. All the information contained herein is to be construed as indicative data which has to be corelated with actual market and economic conditions.

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