HDFC Asset Management Company Ltd

hdfcfund.com BSE: 541729 NSE : HDFCAMC
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.

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Website BSE NSE
  • Market Cap ₹ 57,547 Cr.
  • Current Price ₹ 2,701
  • High / Low ₹ 3,365 / 2,226
  • Stock P/E 41.8
  • Book Value ₹ 225
  • Dividend Yield 1.26 %
  • ROCE 39.9 %
  • ROE 30.1 %
  • Face Value ₹ 5.00
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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 12.02 times its book value
  • Promoter holding has decreased over last quarter: -5.03%
  • 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

Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021
477 486 504 498 525 476 411 456 482 503 507 542
161 130 109 107 111 104 95 91 96 107 126 131
Operating Profit 316 357 396 391 414 372 316 366 386 396 381 411
OPM % 66% 73% 78% 79% 79% 78% 77% 80% 80% 79% 75% 76%
Other Income 56 61 48 51 67 -27 80 114 113 43 101 66
Interest 0 0 2 2 2 2 2 2 2 2 2 2
Depreciation 4 3 12 12 13 13 14 14 14 14 14 14
Profit before tax 368 415 430 428 466 330 380 463 483 423 466 461
Tax % 34% 33% 32% 14% 24% 24% 21% 27% 23% 25% 26% 25%
Net Profit 243 276 292 368 353 250 302 338 369 316 345 344
EPS in Rs 11.45 12.99 13.73 17.32 16.58 11.74 14.21 15.88 17.34 14.84 16.21 16.16
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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 2,034
775 776 802 709 431 388 460
Operating Profit 715 792 1,068 1,366 1,693 1,806 1,574
OPM % 48% 51% 57% 66% 80% 82% 77%
Other Income 4 20 0 22 19 8 323
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 1,833
Tax % 33% 31% 33% 32% 24% 24%
Net Profit 478 550 711 931 1,262 1,326 1,375
EPS in Rs 189.90 218.64 33.78 43.78 59.32 62.26 64.55
Dividend Payout % 42% 42% 47% 55% 47% 55%
Compounded Sales Growth
10 Years: %
5 Years: 8%
3 Years: 5%
TTM: 9%
Compounded Profit Growth
10 Years: %
5 Years: 23%
3 Years: 23%
TTM: 11%
Stock Price CAGR
10 Years: %
5 Years: %
3 Years: 26%
1 Year: 18%
Return on Equity
10 Years: %
5 Years: 35%
3 Years: 33%
Last Year: 30%

Balance Sheet

Figures in Rs. Crores

Corporate actions Corp actions Equity History
Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Sep 2021
25 25 105 106 106 106 107
Reserves 1,126 1,398 2,149 2,964 3,923 4,670 4,682
Borrowings 0 0 0 0 0 0 0
272 177 218 153 279 319 338
Total Liabilities 1,423 1,600 2,472 3,224 4,309 5,095 5,126
31 31 31 40 157 153 141
CWIP 1 2 6 3 5 1 0
Investments 986 1,237 2,058 2,935 3,945 4,753 4,793
405 329 378 246 203 187 193
Total Assets 1,423 1,600 2,472 3,224 4,309 5,095 5,126

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
Debtor Days 9 20 18 15 10 13
Inventory Days
Days Payable
Cash Conversion Cycle 9 20 18 15 10 13
Working Capital Days 9 17 -5 11 -22 -17
ROCE % 62% 58% 52% 47% 40%

Shareholding Pattern

Numbers in percentages

Insider trades
Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021
82.77 82.72 82.71 82.70 79.67 79.61 73.95 73.93 73.92 73.92 73.88 68.85
3.90 4.17 4.73 5.78 8.14 8.00 10.70 8.79 9.11 9.37 9.14 8.95
2.20 2.21 2.27 1.68 0.91 1.40 3.20 1.74 5.63 5.95 6.57 7.58
11.13 10.90 10.29 9.84 11.27 10.99 12.14 15.53 11.34 10.76 10.41 14.62

Documents

Announcements

Annual reports

Credit ratings

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