HDFC Asset Management Company Ltd

About [ edit ]

HDFC Asset Management Company (HDFC AMC) is Promoted by HDFC Ltd (52.72% of share) and Standard Life(21.24%), is one of the largest AMCs in India with total assets under management (AUM) of 406800 Cr. as of Dec 2020. The company offers a large suite of savings and investment products across asset classes.
The company also provides Portfolio Management & separately managed account services to HNIs, family offices, domestic corporates, trusts, provident funds, and domestic and global institutions. #

Key Points [ edit ]
  • Market Cap 60,813 Cr.
  • Current Price 2,854
  • High / Low 3,359 / 2,070
  • Stock P/E 44.4
  • Book Value 224
  • Dividend Yield 1.19 %
  • ROCE 39.9 %
  • ROE 30.1 %
  • Face Value 5.00

Pros

  • Company is almost debt free.
  • Company has delivered good profit growth of 22.64% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 33.15%
  • Company has been maintaining a healthy dividend payout of 52.21%

Cons

  • Stock is trading at 12.73 times its book value
  • The company has delivered a poor sales growth of 8.04% over past five years.

Peer comparison

Sector: Finance Industry: Finance & Investments

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Quarterly Results

Figures in Rs. Crores

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
480 477 486 504 498 525 476 411 456 482 503 507
215 161 130 109 107 111 104 95 91 96 107 126
Operating Profit 265 316 357 396 391 414 372 316 366 386 396 381
OPM % 55% 66% 73% 78% 79% 79% 78% 77% 80% 80% 79% 75%
Other Income 35 56 61 48 51 67 -27 80 114 113 43 101
Interest 0 0 0 2 2 2 2 2 2 2 2 2
Depreciation 3 4 3 12 12 13 13 14 14 14 14 14
Profit before tax 297 368 415 430 428 466 330 380 463 483 423 466
Tax % 31% 34% 33% 32% 14% 24% 24% 21% 27% 23% 25% 26%
Net Profit 206 243 276 292 368 353 250 302 338 369 316 345
EPS in Rs 9.70 11.45 12.99 13.73 17.32 16.58 11.74 14.21 15.88 17.34 14.84 16.21

Profit & Loss

Figures in Rs. Crores

Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
1,490 1,568 1,870 2,075 2,124 2,194 1,948
775 776 802 709 431 388 420
Operating Profit 715 792 1,068 1,366 1,693 1,806 1,529
OPM % 48% 51% 57% 66% 80% 82% 78%
Other Income 4 20 0 22 19 8 370
Interest 0 0 0 0 9 9 9
Depreciation 11 12 9 13 50 55 55
Profit before tax 708 800 1,058 1,375 1,653 1,749 1,835
Tax % 33% 31% 33% 32% 24% 24%
Net Profit 478 550 711 931 1,262 1,326 1,369
EPS in Rs 189.90 218.64 33.78 43.78 59.32 62.26 64.27
Dividend Payout % 42% 42% 47% 55% 47% 55%
Compounded Sales Growth
10 Years:%
5 Years:8%
3 Years:5%
TTM:2%
Compounded Profit Growth
10 Years:%
5 Years:23%
3 Years:23%
TTM:8%
Stock Price CAGR
10 Years:%
5 Years:%
3 Years:%
1 Year:18%
Return on Equity
10 Years:%
5 Years:35%
3 Years:33%
Last Year:30%

Balance Sheet

Figures in Rs. Crores

Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
25 25 105 106 106 106
Reserves 1,126 1,398 2,149 2,964 3,923 4,670
Borrowings 0 0 0 0 0 0
272 177 218 153 279 319
Total Liabilities 1,423 1,600 2,472 3,224 4,309 5,095
31 31 31 40 157 153
CWIP 1 2 6 3 5 1
Investments 986 1,237 2,058 2,935 3,945 4,753
405 329 378 246 203 187
Total Assets 1,423 1,600 2,472 3,224 4,309 5,095

Cash Flows

Figures in Rs. Crores

Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
742 455 618 894 1,285 1,085
-297 -176 -633 -777 -928 -483
-447 -279 15 -119 -332 -628
Net Cash Flow -2 0 1 -1 26 -25

Ratios

Figures in Rs. Crores

Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
ROCE % 62% 58% 52% 47% 40%
Debtor Days 9 20 18 15 10 13
Inventory Turnover

Shareholding Pattern

Numbers in percentages

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
82.80 82.77 82.72 82.71 82.70 79.67 79.61 73.95 73.93 73.92 73.92 73.88
3.75 3.90 4.17 4.73 5.78 8.14 8.00 10.70 8.79 9.11 9.37 9.14
1.91 2.20 2.21 2.27 1.68 0.91 1.40 3.20 1.74 5.63 5.95 6.57
11.53 11.13 10.90 10.29 9.84 11.27 10.99 12.14 15.53 11.34 10.76 10.41

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