Buy HDFC, target price Rs 2423: ICICI Securities

ICICI Securities has given a buy rating to HDFC with a target price of Rs 2423. The share price moved up by 3.28 per cent from its previous close of Rs 1948.30. The stock’s last traded price is Rs 2012.30.
Housing Development Finance Corporation Ltd., incorporated in the year 1977, is a Large Cap company (having a market cap of Rs 349896.62 Crore) operating in NBFC sector.

Housing Development Finance Corporation Ltd. key Products/Revenue Segments include Interest which contributed Rs 42647.12 Crore to Sales Value (72.60 % of Total Sales), Income From Sale Of Share & Securities which contributed Rs 14747.98 Crore to Sales Value (25.10 % of Total Sales), Dividend which contributed Rs 1080.68 Crore to Sales Value (1.83 % of Total Sales), Fees & Commission Income which contributed Rs 192.78 Crore to Sales Value (0.32 % of Total Sales) and Rental Income which contributed Rs 70.36 Crore to Sales Value (0.11 % of Total Sales)for the year ending 31-Mar-2020.

Financials
For the quarter ended 30-06-2020, the company reported a Consolidated sales of Rs 29953.57 Crore, up 80.44 % from last quarter Sales of Rs 16600.08 Crore and up 29.53 % from last year same quarter Sales of Rs 23124.73 Crore. The Company reported net profit after tax of Rs 2457.72 Crore in latest quarter.

Promoter/FII Holdings
FIIs held 70.87 per cent stake in the company as of March 31, 2020, while DIIs held 17.78 per cent, and public and others 11.08 per cent.