Housing Development Finance CorporationLtd(Merged)

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Housing Development Finance CorporationLtd(Merged)

₹ 2,724 -0.84%
12 Jul 2023
hdfc.com
About

Housing Development Finance Corporation Limited is an Indian financial services company based in Mumbai, India. It is a major housing finance provider in India. It also has a presence in banking, life and general insurance, asset management, venture capital, realty, education, deposits and education loans

Key Points

Pioneer In Housing Finance In India
In 1977, HDFC Ltd. became the first housing finance company in India [1]. Later, HDFC itself incorporated India’s next three housing finance companies – Gruh Finance [2], SBI Home Finance and Can Fin Homes [3] [4].

Website
  • Market Cap ₹ 5,04,384 Cr.
  • Current Price ₹ 2,724
  • High / Low ₹ 2,927 / 2,618
  • Stock P/E 31.1
  • Book Value ₹ 729
  • Dividend Yield 1.62 %
  • ROCE 8.48 %
  • ROE 12.8 %
  • Face Value ₹ 2.00
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Pros

  • Company has been maintaining a healthy dividend payout of 41.3%

Cons

  • Stock is trading at 3.74 times its book value
  • Company has low interest coverage ratio.
  • The company has delivered a poor sales growth of 8.14% over past five years.
  • Company has a low return on equity of 12.4% over last 3 years.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: Finance Industry: Finance - Housing

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023
Revenue 11,976 13,018 11,728 11,707 11,697 11,657 12,216 11,784 12,300 13,240 15,027 15,230 16,679
Interest 7,662 7,817 7,399 6,833 6,566 6,522 6,573 6,873 6,771 7,556 8,560 9,694 10,185
1,584 1,561 766 1,080 1,181 1,199 943 831 859 1,049 1,004 875 1,011
Financing Profit 2,730 3,640 3,563 3,795 3,950 3,937 4,699 4,080 4,670 4,635 5,463 4,661 5,484
Financing Margin % 23% 28% 30% 32% 34% 34% 38% 35% 38% 35% 36% 31% 33%
6 2 5 9 10 6 10 9 8 8 9 17 13
Depreciation 43 35 36 52 37 38 39 40 56 54 58 66 98
Profit before tax 2,692 3,607 3,532 3,753 3,924 3,905 4,671 4,048 4,622 4,590 5,414 4,612 5,398
Tax % 17% 15% 19% 22% 19% 23% 19% 19% 20% 20% 18% 20% 18%
2,233 3,052 2,870 2,926 3,180 3,001 3,780 3,261 3,700 3,669 4,454 3,691 4,426
EPS in Rs 12.89 17.59 15.98 16.25 17.63 16.62 20.91 18.00 20.41 20.22 24.51 20.20 24.12
Gross NPA % 1.99% 1.87% 1.81% 1.67% 1.98% 2.24% 2.00% 2.32% 1.91% 1.78% 1.59% 1.49% 1.18%
Net NPA % 1.15% 1.06%
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Revenue 17,333 21,112 24,143 27,401 30,905 33,113 40,689 43,348 58,739 48,150 47,957 60,177
Interest 11,157 13,891 16,029 17,975 19,375 20,896 23,498 27,838 31,001 28,615 26,739 35,995
511 660 696 842 1,420 1,481 3,971 2,355 7,263 4,587 3,832 3,939
Financing Profit 5,665 6,561 7,418 8,584 10,111 10,736 13,221 13,155 20,474 14,948 17,385 20,243
Financing Margin % 33% 31% 31% 31% 33% 32% 32% 30% 35% 31% 36% 34%
22 35 55 70 51 47 18 30 24 26 33 47
Depreciation 21 24 32 30 54 56 49 67 148 159 172 276
Profit before tax 5,666 6,573 7,440 8,624 10,108 10,727 13,190 13,119 20,351 14,815 17,246 20,014
Tax % 27% 26% 27% 31% 30% 31% 17% 27% 13% 19% 20% 19%
4,123 4,848 5,440 5,990 7,093 7,443 10,959 9,632 17,770 12,027 13,742 16,239
EPS in Rs 27.91 31.35 34.86 38.04 44.90 46.85 65.39 55.96 102.59 66.67 75.80 88.52
Dividend Payout % 39% 40% 40% 39% 38% 38% 31% 38% 20% 34% 40% 50%
Compounded Sales Growth
10 Years: 11%
5 Years: 8%
3 Years: 1%
TTM: 25%
Compounded Profit Growth
10 Years: 13%
5 Years: 8%
3 Years: -3%
TTM: 18%
Stock Price CAGR
10 Years: 12%
5 Years: 6%
3 Years: 4%
1 Year: -1%
Return on Equity
10 Years: 16%
5 Years: 14%
3 Years: 12%
Last Year: 13%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Equity Capital 295 309 312 315 316 318 335 344 346 361 363 367
Reserves 18,722 24,521 27,643 30,655 33,754 39,277 64,879 77,011 85,812 108,115 119,581 133,311
139,128 158,828 183,973 208,599 237,763 279,732 319,716 366,214 419,102 441,365 499,681 568,222
9,375 11,703 13,504 14,383 17,044 17,980 13,979 15,208 18,834 17,758 21,237 24,875
Total Liabilities 167,520 195,361 225,432 253,952 288,877 337,306 398,910 458,778 524,094 567,599 640,862 726,774
234 238 280 677 665 1,000 1,040 973 2,239 2,196 4,130 4,286
CWIP 0 0 0 0 0 0 0 0 0 0 0 0
Investments 12,207 13,613 13,913 14,294 15,345 20,053 30,717 46,240 64,944 68,637 68,592 97,718
155,079 181,510 211,239 238,980 272,867 316,254 367,153 411,565 456,910 496,765 568,141 624,770
Total Assets 167,520 195,361 225,432 253,952 288,877 337,306 398,910 458,778 524,094 567,599 640,862 726,774

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
-23,755 -19,840 -21,469 -25,469 -27,405 -36,119 -55,904 -41,166 -43,817 -28,437 -44,410 -41,623
180 -867 152 199 853 -1,398 -3,587 -9,952 -5,854 -8,500 -14,572 -26,894
22,695 21,531 23,628 22,392 26,301 39,088 56,506 50,246 52,452 34,565 58,777 68,653
Net Cash Flow -880 825 2,311 -2,878 -250 1,571 -2,985 -871 2,781 -2,372 -204 136

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
ROE % 23% 22% 21% 20% 22% 20% 21% 14% 22% 12% 12% 13%

Shareholding Pattern

Numbers in percentages

Sep 2020Dec 2020Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023
70.00% 71.95% 72.78% 72.22% 71.95% 72.14% 69.19% 67.75% 67.77% 67.22% 66.20% 63.59%
18.45% 17.12% 16.13% 16.47% 16.85% 16.59% 18.99% 21.02% 20.91% 21.57% 22.35% 24.17%
0.22% 0.22% 0.22% 0.14% 0.14% 0.14% 0.14% 0.14% 0.13% 0.13% 0.13% 0.13%
11.33% 10.72% 10.88% 11.18% 11.06% 11.13% 11.69% 11.09% 11.18% 11.07% 11.30% 12.11%
No. of Shareholders 6,27,6555,31,7105,84,3236,62,8186,28,8566,71,5418,14,2838,81,9998,39,4917,59,2327,45,5227,20,777

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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