HDFC Bank Ltd

₹ 1,354 1.40%
24 Jun - close price
About

The Housing Development Finance Corporation Limited (HDFC) was amongst the first to receive an 'in principle' approval from the Reserve Bank of India (RBI) to set up a bank in the private sector. HDFC Bank is a publicly held banking company, the bank was incorporated in August 1994 in the name of 'HDFC Bank Limited', with its registered office in Mumbai, India. It is engaged in providing a range of banking and financial services including retail banking, wholesale banking and treasury operations. It is promoted by HDFC Ltd. which has 19.32% stake as on September 30, 2020. Currently, HDFC Bank Ltd. (HBL) is the largest private sector bank in India. As on March 31, 2020, the bank’s total balance sheet size stood at Rs. 15,30,511 Cr.

Key Points

Ratios [1]
Capital Adequacy Ratio - 18.8%
Net Interest Margin - 4.2%
Gross NPA - 1.32%
Net NPA - 0.40%
CASA Ratio - 46.1%

  • Market Cap 751,745 Cr.
  • Current Price 1,354
  • High / Low 1,725 / 1,272
  • Stock P/E 20.3
  • Book Value 367
  • Dividend Yield 1.14 %
  • ROCE 6.26 %
  • ROE 18.1 %
  • Face Value 1.00

Pros

  • Company has delivered good profit growth of 20.50% CAGR over last 5 years

Cons

  • Stock is trading at 3.69 times its book value
  • Company has low interest coverage ratio.
  • Contingent liabilities of Rs.1015845.74 Cr.
  • Company might be capitalizing the interest cost
  • Earnings include an other income of Rs.29509.90 Cr.

* 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: Banks Industry: Banks - Private Sector

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022
Revenue 27,392 28,166 29,370 29,885 30,378 29,977 30,080 30,424 30,483 31,353 32,468 33,449
Interest 14,097 14,651 15,197 14,681 14,713 14,201 13,762 13,303 13,474 13,669 14,025 14,576
9,731 10,106 10,940 12,062 10,803 11,759 11,989 13,875 12,991 13,203 12,845 13,465
Financing Profit 3,563 3,409 3,233 3,142 4,862 4,018 4,329 3,245 4,018 4,482 5,598 5,408
Financing Margin % 13% 12% 11% 11% 16% 13% 14% 11% 13% 14% 17% 16%
4,970 5,589 6,669 6,033 4,075 6,092 7,443 7,594 6,288 7,401 8,184 7,637
Depreciation 0 0 0 0 0 0 0 0 0 0 0 0
Profit before tax 8,534 8,997 9,902 9,174 8,938 10,110 11,772 10,839 10,306 11,883 13,782 13,045
Tax % 35% 29% 25% 24% 26% 26% 26% 24% 25% 26% 25% 23%
Net Profit 5,568 6,345 7,416 6,928 6,659 7,513 8,758 8,187 7,730 8,834 10,342 10,055
EPS in Rs 10.19 11.60 13.54 12.63 12.13 13.65 15.90 14.85 13.99 15.95 18.66 18.13
Gross NPA % 1.40% 1.38% 1.42% 1.26% 1.36% 1.08% 0.81% 1.32% 1.47% 1.35% 1.26% 1.17%
Net NPA % 0.43% 0.42% 0.48% 0.36% 0.33% 0.17% 0.09% 0.40% 0.48% 0.40% 0.37% 0.32%

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
Revenue 19,928 27,874 35,065 41,136 48,470 60,221 69,306 80,241 98,972 114,813 120,858 127,753
Interest 9,385 14,990 19,254 22,653 26,074 32,630 36,167 40,146 50,729 58,626 55,979 55,744
8,561 10,613 12,261 12,959 15,407 18,999 22,464 27,712 32,529 41,644 47,123 52,504
Financing Profit 1,982 2,272 3,550 5,524 6,989 8,592 10,676 12,383 15,714 14,542 17,757 19,506
Financing Margin % 10% 8% 10% 13% 14% 14% 15% 15% 16% 13% 15% 15%
4,334 5,784 6,853 7,920 8,996 10,752 12,296 15,220 17,626 23,261 25,205 29,510
Depreciation 497 543 652 672 656 706 833 906 1,140 1,196 1,302 0
Profit before tax 5,819 7,513 9,751 12,772 15,329 18,638 22,139 26,697 32,200 36,607 41,659 49,015
Tax % 33% 31% 31% 34% 33% 34% 34% 34% 35% 28% 25% 25%
Net Profit 3,926 5,167 6,726 8,478 10,216 12,296 14,550 17,487 21,078 26,257 31,117 36,961
EPS in Rs 8.44 11.01 14.13 17.67 20.38 24.32 28.39 33.69 38.70 47.89 56.44 66.65
Dividend Payout % 20% 20% 19% 19% 20% 20% 19% 19% 19% 5% 12% 23%
Compounded Sales Growth
10 Years: 16%
5 Years: 13%
3 Years: 9%
TTM: 6%
Compounded Profit Growth
10 Years: 22%
5 Years: 21%
3 Years: 21%
TTM: 19%
Stock Price CAGR
10 Years: 17%
5 Years: 10%
3 Years: 3%
1 Year: -11%
Return on Equity
10 Years: 18%
5 Years: 17%
3 Years: 17%
Last Year: 18%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
465 469 476 480 501 506 513 519 545 548 551
Reserves 24,911 29,455 35,738 42,999 61,508 72,172 88,950 105,776 148,662 170,438 203,170
222,980 270,553 329,254 406,776 496,009 631,393 717,669 911,876 1,040,226 1,292,131 1,470,548
28,996 37,432 34,864 41,344 32,484 36,725 56,709 45,764 55,108 67,394 72,602
Total Liabilities 277,353 337,910 400,332 491,600 590,503 740,796 863,840 1,063,934 1,244,541 1,530,511 1,746,871
2,171 2,347 2,703 2,940 3,122 3,343 3,627 3,607 4,030 4,432 4,909
CWIP 0 0 0 0 0 0 0 0 0 0 0
Investments 70,929 97,483 111,614 120,951 151,642 195,836 214,463 242,200 293,116 391,827 443,728
204,253 238,079 286,015 367,709 435,740 541,617 645,750 818,127 947,395 1,134,253 1,298,233
Total Assets 277,353 337,910 400,332 491,600 590,503 740,796 863,840 1,063,934 1,244,541 1,530,511 1,746,871

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
-376 -17,095 -1,869 8,364 -15,862 -30,132 23,585 26,074 -56,055 -16,690 41,495 -14,209
-1,126 -662 -855 -1,623 -1,933 -627 -1,985 -523 -1,231 -891 -1,262 -1,292
1,228 9,026 9,066 5,563 14,543 33,347 -11,568 48,411 15,718 22,852 -7,381 48,192
Net Cash Flow -274 -8,731 6,342 12,303 -3,252 2,587 10,033 73,963 -41,567 5,271 32,852 32,691

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
ROE % 17% 19% 20% 21% 19% 18% 18% 18% 16% 16% 17%

Shareholding Pattern

Numbers in percentages

Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022
26.25 26.21 26.18 26.14 26.10 26.02 26.00 25.97 25.89 25.83 25.80 25.78
38.64 37.64 37.92 36.68 37.04 37.43 39.35 39.79 39.39 38.23 37.47 35.62
16.86 21.05 20.86 21.74 21.85 22.66 21.47 20.99 21.46 22.53 22.97 24.55
0.21 0.21 0.21 0.23 0.25 0.24 0.24 0.24 0.16 0.16 0.16 0.16
18.05 14.89 14.83 15.21 14.76 13.65 12.95 13.01 13.10 13.25 13.60 13.89

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