HDFC Asset Management Company Ltd

₹ 1,887 -1.57%
23 Sep - close price
About

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. [1]

Key Points

Leadership
There are 23 equity-oriented schemes & 90 debt oriented schemes as of March 2020.
HDFC AMC total customer count stands at 56 Lakh as against the total of 2.08 Crore in the market which is 27% of the market share.

  • Market Cap 40,247 Cr.
  • Current Price 1,887
  • High / Low 3,239 / 1,690
  • Stock P/E 29.6
  • Book Value 259
  • Dividend Yield 2.23 %
  • ROCE 36.2 %
  • ROE 27.0 %
  • Face Value 5.00

Pros

  • Company is almost debt free.
  • Company has a good return on equity (ROE) track record: 3 Years ROE 30.4%
  • Company has been maintaining a healthy dividend payout of 55.4%

Cons

  • Stock is trading at 7.28 times its book value
  • The company has delivered a poor sales growth of 9.14% over past five years.
  • Promoter holding has decreased over last 3 years: -13.9%

* 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 & Investments

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Quarterly Results

Figures in Rs. Crores

Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022
504 498 525 476 411 456 482 503 507 542 550 516 522
109 107 111 104 95 91 96 107 126 131 135 123 132
Operating Profit 396 391 414 372 316 366 386 396 381 411 414 393 390
OPM % 78% 79% 79% 78% 77% 80% 80% 79% 75% 76% 75% 76% 75%
48 51 67 -27 80 114 113 43 101 66 86 65 11
Interest 2 2 2 2 2 2 2 2 2 2 2 2 2
Depreciation 12 12 13 13 14 14 14 14 14 14 13 13 14
Profit before tax 430 428 466 330 380 463 483 423 466 461 485 443 385
Tax % 32% 14% 24% 24% 21% 27% 23% 25% 26% 25% 26% 22% 18%
Net Profit 292 368 353 250 302 338 369 316 345 344 360 344 314
EPS in Rs 13.73 17.32 16.58 11.74 14.21 15.88 17.34 14.84 16.21 16.16 16.87 16.11 14.73
Raw PDF

Profit & Loss

Figures in Rs. Crores

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 TTM
777 898 1,056 1,490 1,568 1,870 2,075 2,124 2,194 2,429 2,130
321 372 432 775 776 802 709 431 388 515 521
Operating Profit 456 525 624 715 792 1,068 1,366 1,693 1,806 1,913 1,609
OPM % 59% 59% 59% 48% 51% 57% 66% 80% 82% 79% 76%
7 6 9 4 20 0 22 19 8 4 228
Interest 0 0 0 0 0 0 0 9 9 9 9
Depreciation 16 8 10 11 12 9 13 50 55 54 54
Profit before tax 447 522 623 708 800 1,058 1,375 1,653 1,749 1,855 1,774
Tax % 29% 32% 33% 33% 31% 33% 32% 24% 24% 25%
Net Profit 319 358 416 478 550 711 931 1,262 1,326 1,393 1,362
EPS in Rs 126.28 141.74 164.61 189.90 218.64 33.78 43.78 59.32 62.26 65.32 63.87
Dividend Payout % 35% 35% 39% 42% 42% 47% 55% 47% 55% 64%
Compounded Sales Growth
10 Years: %
5 Years: 9%
3 Years: 5%
TTM: 9%
Compounded Profit Growth
10 Years: %
5 Years: 20%
3 Years: 14%
TTM: -1%
Stock Price CAGR
10 Years: %
5 Years: %
3 Years: -12%
1 Year: -41%
Return on Equity
10 Years: %
5 Years: 32%
3 Years: 30%
Last Year: 27%

Balance Sheet

Figures in Rs. Crores

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
25 25 25 25 25 105 106 106 106 107
Reserves 677 876 1,095 1,126 1,398 2,149 2,964 3,923 4,670 5,423
0 0 0 0 0 0 0 0 0 0
765 220 192 272 177 218 153 279 319 350
Total Liabilities 1,467 1,121 1,312 1,423 1,600 2,472 3,224 4,309 5,095 5,880
19 28 34 31 31 31 40 157 153 135
CWIP 0 0 0 1 2 6 3 5 1 0
Investments 665 737 651 986 1,237 2,058 2,935 3,945 4,753 5,570
784 357 627 405 329 378 246 203 187 175
Total Assets 1,467 1,121 1,312 1,423 1,600 2,472 3,224 4,309 5,095 5,880

Cash Flows

Figures in Rs. Crores

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
742 455 618 894 1,285 1,085 1,254
-297 -176 -633 -777 -928 -483 -508
-447 -279 15 -119 -332 -628 -746
Net Cash Flow -2 0 1 -1 26 -25 0

Ratios

Figures in Rs. Crores

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
Debtor Days 9 6 6 9 20 18 15 10 13 11
Inventory Days
Days Payable
Cash Conversion Cycle 9 6 6 9 20 18 15 10 13 11
Working Capital Days -6 -319 90 9 17 -11 11 -22 -17 -16
ROCE % 65% 62% 62% 62% 58% 52% 47% 40% 36%

Shareholding Pattern

Numbers in percentages

7 recently
Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022
82.70 79.67 79.61 73.95 73.93 73.92 73.92 73.88 68.85 68.84 68.81 68.80
5.78 8.14 8.00 10.70 8.79 9.11 9.37 9.14 8.95 10.54 10.42 7.28
1.68 0.91 1.40 3.20 1.74 5.63 5.95 6.57 7.58 9.44 9.02 11.32
9.84 11.27 10.99 12.14 15.53 11.34 10.76 10.41 14.62 11.19 11.75 12.59

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