Housing Development Finance Corporation (HDFC) shares jumped as much as 3.11 percent to Rs 2,539 on BSE during Tuesday's session amid high volumes, a day after the mortgage lender's quarterly performance beat analysts' forecasts.

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At 12:33 pm, HDFC shares quoted at Rs 2,534 on BSE, up 2.91 percent from their previous close. A total of 1.72 lakh shares had changed hands for the day so far, nearly three times the daily average of 59,000 in the past two weeks.

The stock outperformed the benchmark S&P BSE Sensex index, which was up 0.95 percent at 53,451.28 near an all-time high registered earlier on Tuesday.

HDFC on Monday reported a net profit of Rs 3,000.67 crore for the quarter ended June 30, down 1.67 percent on year. Analysts in a CNBC-TV18 poll had estimated the company's Q1 net profit at Rs 2,898.7 crore.

Interest income fell 2.48 percent on-year to Rs 10,523.36 crore. Total revenue from operations dropped 10.45 percent to Rs 11,657.47 crore. Net interest income grew 22 percent on a year-on-year basis, and the net interest margin fell to 3.7 percent from 3.5 percent in the previous quarter.

The lender's gross non-performing asset (NPA) ratio was at 2.24 percent in Q1, as against 1.98 percent in the last quarter of FY21.

Here's what brokerages said about HDFC' stock and Q1 performance:

CLSA

The brokerage said HDFC’s Q1 performance was mixed as core NII grew 22 percent, but asset quality deteriorated marginally. The asset quality performance looked manageable on a relative basis, especially with 2.6 percent of total expected credit loss (ECL) provisions, it said.

CLSA expects normalisation in credit costs by FY23CL. The brokerage reiterated its 'buy' rating on the stock with a target price of Rs 3,000, citing the company's improving core business outlook, strong compounding subsidiaries and reasonable valuations.

Morgan Stanley

The brokerage has an 'overweight' rating on the stock with a target price of Rs 3,160 apiece. The company's NII and core pre-provision operating profit (PPoP) growth looked strong, while its individual AUM growth picked up, it said, adding that the non-individual AUM growth is likely to be subdued for longer.

Macquarie

The brokerage has an 'outperform' call on the stock with a target price of Rs 2,960. The company's weaker loan growth was due to a decline in the non-individual books. The stock is cheap at current levels, the brokerage added.

CLSA

The brokerage has a 'buy' rating on the stock with a target at Rs 3,000, saying that the company's strong NIM aids pre-provision operating profit. Its core business outlook has improved and valuations look reasonable, according to CLSA.

Kotak Institutional Equities

The brokerage has a 'buy' rating on the stock with a target of Rs 3,100. The company gave a strong performance in Q1 with stable NIM, it said. There was only a marginal rise in stressed loans despite a challenging business environment, according to the brokerage. Kotak Institutional Equities said HDFC remains the best mortgage play in the country, citing the improving realty cycle and its strong debt market position.