HDFC Bank Ltd

HDFC Bank is a publicly held banking company engaged in providing a range of banking and financial services including retail banking, wholesale banking and treasury operations.

Pros:
Company has been maintaining a healthy dividend payout of 19.40%
Cons:
Stock is trading at 5.89 times its book value
Company has low interest coverage ratio.
Promoter holding is low: 21.41%
Contingent liabilities of Rs.918242.05 Cr.
Company might be capitalizing the interest cost

Peer Comparison Sector: Banks // Industry: Banks - Private Sector

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Quarterly Results Standalone Figures in Rs. Crores / View Consolidated

Mar 2016 Jun 2016 Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018
Revenue 15,997 16,516 17,070 17,606 18,114 18,669 19,670 20,581 21,321 22,549 24,200 25,890
Interest 8,543 8,735 9,076 9,297 9,059 9,298 9,918 10,267 10,663 11,735 12,436 13,314
5,247 5,636 5,619 5,558 6,484 6,926 7,016 7,084 7,592 7,613 8,119 8,931
Financing Profit 2,207 2,146 2,375 2,751 2,571 2,445 2,736 3,231 3,066 3,200 3,644 3,646
Financing Margin % 14% 13% 14% 16% 14% 13% 14% 16% 14% 14% 15% 14%
Other Income 2,866 2,807 2,901 3,143 3,446 3,517 3,606 3,869 4,229 3,818 4,016 4,921
Depreciation 0 0 0 0 0 0 0 0 0 0 0 0
Profit before tax 5,072 4,952 5,276 5,893 6,018 5,961 6,342 7,100 7,295 7,018 7,660 8,567
Tax % 33% 35% 34% 34% 34% 35% 35% 35% 34% 34% 35% 35%
Net Profit 3,374 3,239 3,455 3,865 3,990 3,894 4,151 4,643 4,799 4,601 5,006 5,586
Gross NPA % 0.94% 1.04% 1.02% 1.05% 1.05% 1.24% 1.26% 1.29% 1.30% 1.33% 1.33% 1.38%
Net NPA % 0.28% 0.32% 0.30% 0.32% 0.33% 0.44% 0.43% 0.44% 0.40% 0.41% 0.40% 0.42%
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss Standalone Figures in Rs. Crores / View Consolidated

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 TTM
Revenue 6,648 10,115 16,332 16,173 19,928 27,874 35,065 41,136 48,470 60,221 69,306 80,241 93,960
Interest 3,179 4,887 8,911 7,786 9,385 14,990 19,254 22,653 26,074 32,630 36,167 40,146 48,148
3,204 4,959 7,233 7,686 8,561 10,613 12,260 12,959 15,407 18,999 22,464 27,712 32,255
Financing Profit 265 269 189 700 1,982 2,272 3,551 5,524 6,989 8,592 10,676 12,383 13,557
Financing Margin % 4% 3% 1% 4% 10% 8% 10% 13% 14% 14% 15% 15% 14%
Other Income 1,594 2,283 3,471 3,983 4,334 5,784 6,852 7,920 8,996 10,752 12,296 15,220 16,983
Depreciation 220 272 360 394 497 543 652 672 656 706 833 906 0
Profit before tax 1,639 2,281 3,299 4,289 5,819 7,513 9,751 12,772 15,329 18,638 22,139 26,697 30,540
Tax % 30% 30% 32% 31% 33% 31% 31% 34% 33% 34% 34% 34%
Net Profit 1,141 1,590 2,245 2,949 3,926 5,167 6,726 8,478 10,216 12,296 14,550 17,487 19,992
EPS in Rs 6.91 8.68 10.22 12.49 16.34 21.32 27.33 34.18 39.13 46.70 56.78 67.38
Dividend Payout % 20% 19% 19% 19% 20% 20% 19% 19% 20% 20% 19% 19%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:23.01%
5 Years:18.01%
3 Years:18.30%
TTM:21.97%
Compounded Profit Growth
10 Years:27.10%
5 Years:21.05%
3 Years:19.65%
TTM:19.88%
Return on Equity
10 Years:18.50%
5 Years:18.60%
3 Years:18.00%
Last Year:17.87%

Balance Sheet Standalone Figures in Rs. Crores / View Consolidated

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018
319 354 425 458 465 469 476 480 501 506 513 519
Reserves 6,114 11,143 14,221 21,062 24,911 29,455 35,738 42,999 61,508 72,172 88,950 105,776
Borrowings 71,113 105,364 151,975 180,320 222,980 270,553 329,254 406,776 496,009 631,393 717,669 911,876
13,773 16,390 16,737 20,717 29,072 37,494 34,922 41,403 32,557 36,819 56,831 45,817
Total Liabilities 91,319 133,251 183,359 222,557 277,429 337,972 400,390 491,658 590,576 740,890 863,962 1,063,988
967 1,175 1,707 2,123 2,171 2,347 2,703 2,940 3,122 3,343 3,627 3,607
CWIP 0 0 0 0 0 0 0 0 0 0 0 0
Investments 30,565 49,394 58,818 58,608 70,929 97,483 111,614 120,951 151,642 195,836 214,463 242,200
59,788 82,682 122,834 161,826 204,329 238,141 286,073 367,767 435,813 541,710 645,872 818,181
Total Assets 91,319 133,251 183,359 222,557 277,429 337,972 400,390 491,658 590,576 740,890 863,962 1,063,988

Cash Flows Standalone Figures in Rs. Crores / View Consolidated

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018
574 2,723 -1,736 9,390 -376 -17,095 -1,869 8,364 -15,862 -30,132 23,585 26,074
-311 -620 1,500 -553 -1,126 -662 -855 -1,623 -1,933 -627 -1,985 -523
1,638 3,628 2,965 3,599 1,228 9,026 9,066 5,563 14,543 33,347 -11,568 48,411
Net Cash Flow 1,901 5,732 2,728 12,436 -274 -8,731 6,342 12,303 -3,252 2,587 10,033 73,963

Ratios Standalone / View Consolidated

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018
ROE % 19% 18% 17% 16% 17% 19% 20% 21% 19% 18% 18% 18%