Demand growth coming from mid, high-income brackets, says HDFC’s Keki Mistry

HDFC on Tuesday posted a consolidated net profit of Rs 5,724.23 crore for the third quarter of 2020-21 fiscal against that of Rs 4,196.48 crore in the October-December period of the previous fiscal year. Speaking to CNBC-TV18, Keki Mistry, vice chairman and chief executive officer of HDFC said, “74 percent of the restructuring is non-individual loans, 26 percent is individual loans and of Rs 5,000 crore odd of restructuring 52 percent of restructuring is only on one single account. Therefore, if you exclude that single account then the amount of restructuring would be under Rs 2,500 crore.”

On the housing demand front, he said, “The growth is not coming only from the affordable housing segment like historically it used; growth is also coming in the middle and higher income brackets.”

Talking about the Union Budget 2021, Mistry said, “It’s a good budget given the circumstances and given the pandemic we have gone through. The good part of the budget is that it’s growth-oriented. So there is focus on growth and the growth has come about letting the fiscal deficit slip a bit with a statement that by 2026 we will come back on track.”