For HDFC, the country’s largest home loan provider, this has meant stronger demand for home loans and better profitability.

For the fourth quarter, HDFC reported a 26 per cent increase in net profit to Rs 926 crore while net interest income grew 19 per cent to Rs 1287 crore on net interest margins which expanded marginally to 2.3 per cent.

The pick-up in HDFC’s earnings came from a sustained demand by first time home buyers, which make up a bulk of HDFC’s client base, a fact that reflected in a strong 35 per cent growth in disbursements for the quarter.

While sceptics wonder whether the pace of home loan demand will sustain as prices hit pre-crisis levels, the management remains confident of growth in excess of 25 per cent.

While delivering on expectations for the year gone by, HDFC also set the agenda for the year ahead where greater shareholder returns and value unlocking seem to be on the management’s agenda.

Kicking that off, HDFC approved a stock split of Rs 10 shares into shares of Rs 2 each with the objective of increasing retail participation.

Later in the year the management also hopes to unlock value in some of its unlisted investments.

Meanwhile, as HDFC sets itself up for the first full fiscal without Deepak Parekh in an executive position, the country’s largest home loan provider seems set to build on Parekh’s legacy.

While continuing to maintain growth in the home loan business, HDFC is now also focusing on stronger pick-up in its subsidiaries and perhaps even fresh business areas like education loans.

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