HDFC Bank Ltd

HDFC Bank Limited (HDFC Bank or the Bank), incorporated in Mumbai, India is a publicly held banking company engaged in providing a range of banking and financial services including retail banking, wholesale banking and treasury operations.(Source : 201903 Annual Report Page No: 109)

Pros:
Company has been maintaining a healthy dividend payout of 19.35%
Cons:
Stock is trading at 4.58 times its book value
Company has low interest coverage ratio.
Promoter holding is low: 21.29%
Contingent liabilities of Rs.1074667.92 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

Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019
Revenue 17,606 18,114 18,669 19,670 20,581 21,321 22,549 24,200 25,890 26,333 27,392 28,166
Interest 9,297 9,059 9,298 9,918 10,267 10,663 11,735 12,436 13,314 13,244 14,097 14,651
5,558 6,484 6,926 7,016 7,084 7,592 7,613 8,119 8,931 9,006 9,731 10,106
Financing Profit 2,751 2,571 2,445 2,736 3,231 3,066 3,200 3,644 3,646 4,083 3,563 3,409
Financing Margin % 16% 14% 13% 14% 16% 14% 14% 15% 14% 16% 13% 12%
Other Income 3,143 3,446 3,517 3,606 3,869 4,229 3,818 4,016 4,921 4,871 4,970 5,589
Depreciation 0 0 0 0 0 0 0 0 0 0 0 0
Profit before tax 5,893 6,018 5,961 6,342 7,100 7,295 7,018 7,660 8,567 8,954 8,534 8,997
Tax % 34% 34% 35% 35% 35% 34% 34% 35% 35% 34% 35% 29%
Net Profit 3,865 3,990 3,894 4,151 4,643 4,799 4,601 5,006 5,586 5,885 5,568 6,345
EPS in Rs 7.60 7.80 7.60 8.05 8.95 9.25 8.85 9.35 10.30 10.80 10.20 11.60
Gross NPA % 1.05% 1.05% 1.24% 1.26% 1.29% 1.30% 1.33% 1.33% 1.38% 1.36% 1.40% 1.38%
Net NPA % 0.32% 0.33% 0.44% 0.43% 0.44% 0.40% 0.41% 0.40% 0.42% 0.39% 0.43% 0.42%
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

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

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 TTM
Revenue 10,115 16,332 16,173 19,928 27,874 35,065 41,136 48,470 60,221 69,306 80,241 98,972 107,781
Interest 4,887 8,911 7,786 9,385 14,990 19,254 22,653 26,074 32,630 36,167 40,146 50,729 55,306
4,959 7,233 7,686 8,561 10,613 12,260 12,959 15,407 18,999 22,464 27,712 32,529 37,774
Financing Profit 269 189 700 1,982 2,272 3,551 5,524 6,989 8,592 10,676 12,383 15,714 14,701
Financing Margin % 3% 1% 4% 10% 8% 10% 13% 14% 14% 15% 15% 16% 14%
Other Income 2,283 3,471 3,983 4,334 5,784 6,852 7,920 8,996 10,752 12,296 15,220 17,626 20,351
Depreciation 272 360 394 497 543 652 672 656 706 833 906 1,140 0
Profit before tax 2,281 3,299 4,289 5,819 7,513 9,751 12,772 15,329 18,638 22,139 26,697 32,200 35,052
Tax % 30% 32% 31% 33% 31% 31% 34% 33% 34% 34% 34% 35%
Net Profit 1,590 2,245 2,949 3,926 5,167 6,726 8,478 10,216 12,296 14,550 17,487 21,078 23,384
EPS in Rs 4.34 5.11 6.24 8.17 10.66 13.67 17.09 19.56 23.35 28.39 33.69 38.70 42.90
Dividend Payout % 19% 19% 19% 20% 20% 19% 19% 20% 20% 19% 19% 19%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:19.74%
5 Years:19.20%
3 Years:18.01%
TTM:21.58%
Compounded Profit Growth
10 Years:25.12%
5 Years:19.98%
3 Years:19.68%
TTM:22.76%
Stock Price CAGR
10 Years:21.66%
5 Years:21.80%
3 Years:28.23%
1 Year:19.77%
Return on Equity
10 Years:18.08%
5 Years:17.72%
3 Years:17.32%
Last Year:16.50%

Balance Sheet Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
354 425 458 465 469 476 480 501 506 513 519 545
Reserves 11,143 14,221 21,062 24,911 29,455 35,738 42,999 61,508 72,172 88,950 105,776 148,662
Borrowings 105,364 151,975 180,320 222,980 270,553 329,254 406,776 496,009 631,393 717,669 911,876 1,040,226
16,390 16,737 20,717 29,072 37,494 34,922 41,403 32,557 36,819 56,831 45,817 55,108
Total Liabilities 133,251 183,359 222,557 277,429 337,972 400,390 491,658 590,576 740,890 863,962 1,063,988 1,244,541
1,175 1,707 2,123 2,171 2,347 2,703 2,940 3,122 3,343 3,627 3,607 4,030
CWIP 0 0 0 0 0 0 0 0 0 0 0 0
Investments 49,394 58,818 58,608 70,929 97,483 111,614 120,951 151,642 195,836 214,463 242,200 290,588
82,682 122,834 161,826 204,329 238,141 286,073 367,767 435,813 541,710 645,872 818,181 949,923
Total Assets 133,251 183,359 222,557 277,429 337,972 400,390 491,658 590,576 740,890 863,962 1,063,988 1,244,541

Cash Flows Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
2,723 -1,736 9,390 -376 -17,095 -1,869 8,364 -15,862 -30,132 23,585 26,074 -56,055
-620 1,500 -553 -1,126 -662 -855 -1,623 -1,933 -627 -1,985 -523 -1,231
3,628 2,965 3,599 1,228 9,026 9,066 5,563 14,543 33,347 -11,568 48,411 15,718
Net Cash Flow 5,732 2,728 12,436 -274 -8,731 6,342 12,303 -3,252 2,587 10,033 73,963 -41,567

Ratios Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
ROE % 18% 17% 16% 17% 19% 20% 21% 19% 18% 18% 18% 16%