HDFC Bank Ltd

HDFC Bank Ltd

₹ 1,672 0.40%
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.

Key Points

Key Ratios - FY22 [1]
Capital Adequacy Ratio - 18.9%
Net Interest Margin - 3.89%
Gross NPA - 1.17%
Net NPA - 0.32%
CASA Ratio - 48%
Cost to Income ratio – 38.3%

  • Market Cap 12,72,382 Cr.
  • Current Price 1,672
  • High / Low 1,758 / 1,363
  • Stock P/E 20.9
  • Book Value 502
  • Dividend Yield 1.17 %
  • ROCE 9.31 %
  • ROE 21.7 %
  • Face Value 1.00

Pros

  • Company is expected to give good quarter
  • Company has delivered good profit growth of 23.6% CAGR over last 5 years
  • Company has been maintaining a healthy dividend payout of 23.9%
  • Company's median sales growth is 16.0% of last 10 years

Cons

  • Stock is trading at 3.33 times its book value
  • Company has low interest coverage ratio.
  • Tax rate seems low
  • Contingent liabilities of Rs.18,19,570 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

Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024
Revenue 30,424 30,483 31,353 32,468 33,449 35,172 38,586 42,708 45,119 48,587 67,698 70,583 71,473
Interest 13,303 13,474 13,669 14,025 14,576 15,691 17,565 19,720 21,768 24,988 40,313 42,111 42,396
13,875 12,991 13,203 12,845 13,465 13,690 14,465 15,270 16,147 16,917 18,303 20,178 31,480
Financing Profit 3,245 4,018 4,482 5,598 5,408 5,792 6,556 7,718 7,204 6,682 9,082 8,294 -2,404
Financing Margin % 11% 13% 14% 17% 16% 16% 17% 18% 16% 14% 13% 12% -3%
7,594 6,288 7,401 8,184 7,637 6,388 7,596 8,500 8,731 9,230 10,708 11,137 18,166
Depreciation 0 0 0 0 0 0 0 0 0 0 0 0 0
Profit before tax 10,839 10,306 11,883 13,782 13,045 12,180 14,152 16,218 15,936 15,912 19,790 19,431 15,763
Tax % 24% 25% 26% 25% 23% 24% 25% 24% 24% 25% 19% 16% -5%
8,187 7,730 8,834 10,342 10,055 9,196 10,606 12,259 12,047 11,952 15,976 16,373 16,512
EPS in Rs 14.85 13.99 15.95 18.66 18.13 16.56 19.04 21.98 21.59 21.37 21.07 21.56 21.73
Gross NPA % 1.32% 1.47% 1.35% 1.26% 1.17% 1.28% 1.23% 1.23% 1.12% 1.17% 1.34% 1.26% 1.24%
Net NPA % 0.40% 0.48% 0.40% 0.37% 0.32% 0.35% 0.33% 0.33% 0.27% 0.30% 0.35% 0.31% 0.33%
Raw PDF
Upcoming result date: 20 July 2024

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Revenue 35,065 41,136 48,470 60,221 69,306 80,241 98,972 114,813 120,858 127,753 161,586 258,341
Interest 19,254 22,653 26,074 32,630 36,167 40,146 50,729 58,626 55,979 55,744 74,743 149,808
12,261 12,959 15,407 18,999 22,464 27,712 32,529 41,644 47,123 50,904 57,329 86,878
Financing Profit 3,550 5,524 6,989 8,592 10,676 12,383 15,714 14,542 17,757 21,105 29,513 21,654
Financing Margin % 10% 13% 14% 14% 15% 15% 16% 13% 15% 17% 18% 8%
6,853 7,920 8,996 10,752 12,296 15,220 17,626 23,261 25,205 29,510 31,215 49,241
Depreciation 652 672 656 706 833 906 1,140 1,196 1,302 1,600 2,242 0
Profit before tax 9,751 12,772 15,329 18,638 22,139 26,697 32,200 36,607 41,659 49,015 58,485 70,895
Tax % 31% 34% 33% 34% 34% 34% 35% 28% 25% 25% 25% 14%
6,726 8,478 10,216 12,296 14,550 17,487 21,078 26,257 31,117 36,961 44,109 60,812
EPS in Rs 14.13 17.67 20.38 24.32 28.39 33.69 38.70 47.89 56.44 66.65 79.05 80.05
Dividend Payout % 19% 19% 20% 20% 19% 19% 19% 5% 12% 23% 24% 24%
Compounded Sales Growth
10 Years: 20%
5 Years: 21%
3 Years: 29%
TTM: 60%
Compounded Profit Growth
10 Years: 22%
5 Years: 24%
3 Years: 25%
TTM: 38%
Stock Price CAGR
10 Years: 15%
5 Years: 6%
3 Years: 3%
1 Year: 2%
Return on Equity
10 Years: 18%
5 Years: 18%
3 Years: 19%
Last Year: 22%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Equity Capital 476 480 501 506 513 519 545 548 551 555 558
Reserves 35,738 42,999 61,508 72,172 88,950 105,776 148,662 170,438 203,170 239,538 279,641
329,254 406,776 496,009 631,393 717,669 911,876 1,040,226 1,292,131 1,470,548 1,744,035 2,090,160
34,864 41,344 32,484 36,725 56,709 45,764 55,108 67,394 72,602 84,407 95,722
Total Liabilities 400,332 491,600 590,503 740,796 863,840 1,063,934 1,244,541 1,530,511 1,746,871 2,068,535 2,466,081
2,703 2,940 3,122 3,343 3,627 3,607 4,030 4,432 4,909 6,084 8,017
CWIP 0 0 0 0 0 0 0 0 0 0 0
Investments 111,614 120,951 151,642 195,836 214,463 242,200 293,116 391,827 443,728 455,536 517,001
286,015 367,709 435,740 541,617 645,750 818,127 947,395 1,134,253 1,298,233 1,606,916 1,941,064
Total Assets 400,332 491,600 590,503 740,796 863,840 1,063,934 1,244,541 1,530,511 1,746,871 2,068,535 2,466,081

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
-1,869 8,364 -15,862 -30,132 23,585 26,074 -56,055 -16,690 41,495 -14,209 27,313 35,015
-855 -1,623 -1,933 -627 -1,985 -523 -1,231 -891 -1,262 -1,126 -1,997 7,094
9,066 5,563 14,543 33,347 -11,568 48,411 15,718 22,852 -7,381 48,192 16,122 -22,237
Net Cash Flow 6,342 12,303 -3,252 2,587 10,033 73,963 -41,567 5,271 32,852 32,857 41,438 19,872

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
ROE % 20% 21% 19% 18% 18% 18% 16% 16% 17% 17% 17%

Shareholding Pattern

Numbers in percentages

49 Recently
Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024
25.89% 25.83% 25.80% 25.78% 25.73% 25.64% 25.60% 25.59% 25.52% 0.00% 0.00% 0.00%
39.39% 38.23% 37.47% 35.62% 32.31% 32.14% 32.10% 32.24% 33.38% 52.13% 52.31% 47.83%
21.46% 22.53% 22.97% 24.55% 27.11% 27.53% 28.13% 28.09% 26.75% 30.39% 30.54% 33.33%
0.16% 0.16% 0.16% 0.16% 0.16% 0.16% 0.16% 0.16% 0.16% 0.17% 0.17% 0.18%
13.10% 13.25% 13.60% 13.89% 14.69% 14.51% 13.99% 13.91% 14.19% 17.30% 16.98% 18.64%
No. of Shareholders 15,22,68715,98,81318,88,27621,51,63026,60,57725,20,91123,03,29122,90,09223,45,67230,58,65930,18,24741,21,815

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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