HDFC Bank Ltd

HDFC Bank Ltd

₹ 1,617 0.59%
19 Jun 10:31 a.m.
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 12,30,100 Cr.
  • Current Price 1,617
  • High / Low 1,758 / 1,363
  • Stock P/E 19.2
  • Book Value 519
  • Dividend Yield 1.21 %
  • ROCE 9.50 %
  • ROE 22.1 %
  • Face Value 1.00

Pros

  • Company is expected to give good quarter
  • Company has delivered good profit growth of 23.5% CAGR over last 5 years
  • Company has been maintaining a healthy dividend payout of 22.9%
  • Company's median sales growth is 16.4% of last 10 years

Cons

  • Stock is trading at 3.10 times its book value
  • Company has low interest coverage ratio.
  • Tax rate seems low
  • Contingent liabilities of Rs.18,22,393 Cr.
  • Earnings include an other income of Rs.1,24,346 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

Consolidated Figures in Rs. Crores / View Standalone

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 32,607 32,254 33,520 34,588 35,574 37,274 40,930 45,002 47,548 51,168 75,039 78,008 79,434
Interest 14,083 14,218 14,415 14,724 15,227 16,358 18,311 20,505 22,606 25,955 41,250 43,242 43,692
15,561 14,073 14,698 14,423 15,044 15,021 15,915 16,682 17,770 18,470 45,349 50,530 62,938
Financing Profit 2,963 3,962 4,408 5,441 5,304 5,895 6,704 7,815 7,172 6,744 -11,560 -15,764 -27,196
Financing Margin % 9% 12% 13% 16% 15% 16% 16% 17% 15% 13% -15% -20% -34%
8,303 6,680 7,916 8,777 8,386 6,929 8,252 9,121 9,610 9,853 32,528 37,007 44,958
Depreciation 0 0 0 0 0 0 0 0 0 0 0 0 0
Profit before tax 11,266 10,642 12,324 14,218 13,690 12,823 14,956 16,936 16,783 16,597 20,967 21,243 17,761
Tax % 25% 25% 26% 25% 23% 25% 25% 25% 25% 25% 17% 17% -1%
8,444 7,940 9,120 10,616 10,475 9,617 11,163 12,735 12,634 12,403 17,312 17,718 18,013
EPS in Rs 15.30 14.33 16.43 19.11 18.83 17.25 19.97 22.77 22.57 22.12 22.17 22.73 23.20
Gross NPA %
Net NPA %
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

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 35,861 42,555 50,666 63,162 73,271 85,288 105,161 122,189 128,552 135,936 170,754 283,649
Interest 19,695 23,445 27,288 34,070 38,042 42,381 53,713 62,137 59,248 58,584 77,780 154,139
12,631 13,508 16,164 20,055 23,856 29,532 34,856 45,459 52,457 56,557 63,042 177,288
Financing Profit 3,534 5,602 7,214 9,037 11,374 13,374 16,592 14,593 16,848 20,795 29,932 -47,777
Financing Margin % 10% 13% 14% 14% 16% 16% 16% 12% 13% 15% 18% -17%
7,133 8,298 9,546 11,212 12,905 16,057 18,947 24,879 27,333 31,759 33,912 124,346
Depreciation 663 689 680 738 886 967 1,221 1,277 1,385 1,681 2,345 0
Profit before tax 10,004 13,211 16,079 19,511 23,393 28,464 34,318 38,195 42,796 50,873 61,498 76,569
Tax % 31% 34% 33% 34% 35% 35% 35% 29% 26% 25% 25% 15%
6,903 8,768 10,703 12,821 15,317 18,561 22,446 27,296 31,857 38,151 46,149 65,446
EPS in Rs 14.44 18.22 21.32 25.32 29.81 35.66 41.00 49.70 57.74 68.62 82.44 84.33
Dividend Payout % 19% 19% 19% 19% 18% 18% 18% 5% 11% 23% 23% 23%
Compounded Sales Growth
10 Years: 21%
5 Years: 22%
3 Years: 30%
TTM: 66%
Compounded Profit Growth
10 Years: 22%
5 Years: 23%
3 Years: 26%
TTM: 39%
Stock Price CAGR
10 Years: 15%
5 Years: 6%
3 Years: 3%
1 Year: 0%
Return on Equity
10 Years: 18%
5 Years: 18%
3 Years: 19%
Last Year: 22%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

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 36,167 43,687 62,653 73,798 91,281 109,080 153,128 175,810 209,259 246,772 288,880
335,588 416,677 509,762 649,587 741,550 944,817 1,080,235 1,333,041 1,511,418 1,784,970 2,139,212
35,492 42,776 34,181 38,321 59,000 48,770 58,898 71,430 78,279 90,639 101,783
Total Liabilities 407,723 503,620 607,097 762,212 892,344 1,103,186 1,292,806 1,580,830 1,799,507 2,122,934 2,530,432
2,773 3,026 3,225 3,667 4,000 4,008 4,369 4,776 5,248 6,432 8,431
CWIP 0 0 0 0 0 0 0 0 0 0 0
Investments 110,960 119,571 149,454 193,634 210,777 238,461 289,446 389,305 438,823 449,264 511,582
293,989 381,023 454,417 564,912 677,567 860,717 998,991 1,186,750 1,355,435 1,667,238 2,010,419
Total Assets 407,723 503,620 607,097 762,212 892,344 1,103,186 1,292,806 1,580,830 1,799,507 2,122,934 2,530,432

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
-5,847 4,211 -21,281 -34,435 17,282 17,214 -62,872 -16,869 42,476 -11,960 20,814 19,069
-902 -1,099 -800 -837 -1,146 -842 -1,503 -1,403 -1,823 -2,051 -2,992 5,314
13,105 9,270 18,694 37,815 -5,893 57,378 23,131 24,394 -7,321 48,124 23,941 -3,983
Net Cash Flow 6,356 12,382 -3,387 2,542 10,242 73,750 -41,244 6,122 33,332 34,113 41,762 20,400

Ratios

Consolidated Figures in Rs. Crores / View Standalone

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 % 21% 22% 20% 19% 18% 18% 17% 16% 16% 17% 17%

Shareholding Pattern

Numbers in percentages

34 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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