HDFC Life Insurance Company Ltd

About

HDFC Life Insurance Company is engaged in carrying on the business of life insurance. The Company offers a range of individual and group insurance solutions. The portfolio comprises of various insurance and investment products such as Protection, Pension, Savings,(Source : 202003 Annual Report Page No: 175)

Key Points

Started As Joint Venture
HDFC Life is incorporated as a JV between HDFC and Standard Life Aberdeen and is one of India's leading life insurance companies[1]

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  • Market Cap 139,876 Cr.
  • Current Price 691
  • High / Low 776 / 617
  • Stock P/E 121
  • Book Value 44.0
  • Dividend Yield 0.29 %
  • ROCE 20.3 %
  • ROE 17.6 %
  • Face Value 10.0

Pros

  • Company is almost debt free.
  • Company is expected to give good quarter
  • Company's median sales growth is 18.96% of last 10 years

Cons

  • Stock is trading at 15.69 times its book value
  • Earnings include an other income of Rs.615.25 Cr.
  • Promoter holding has decreased over last 3 years: -27.06%

Peer comparison

Sector: Insurance Industry: Finance & Investments

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021
9,366 14,176 8,601 8,729 11,700 321 14,567 16,501 21,224 19,155 14,761 20,521
9,113 14,025 8,192 8,496 11,452 117 14,123 16,208 20,961 18,970 14,559 20,390
Operating Profit 253 151 409 233 248 204 445 293 263 185 203 130
OPM % 3% 1% 5% 3% 2% 64% 3% 2% 1% 1% 1% 1%
Other Income 21 384 32 69 62 203 38 51 46 308 102 160
Interest 0 0 0 0 0 0 0 0 0 0 0 0
Depreciation 0 0 0 0 0 0 0 0 0 0 0 0
Profit before tax 274 535 442 302 310 407 483 344 308 493 305 290
Tax % 10% 32% 4% -2% 19% 23% 7% 5% 14% 35% 1% 5%
Net Profit 246 364 425 309 250 312 451 326 265 318 302 274
EPS in Rs 1.22 1.80 2.10 1.53 1.24 1.54 2.23 1.61 1.31 1.57 1.50 1.36

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 TTM
11,068 10,437 14,060 17,164 27,213 18,138 30,642 32,246 38,360 29,351 71,477 75,661
11,331 10,164 13,535 16,559 26,339 17,473 29,665 31,170 37,517 28,211 70,241 74,880
Operating Profit -263 274 525 605 874 665 977 1,076 843 1,140 1,237 781
OPM % -2% 3% 4% 4% 3% 4% 3% 3% 2% 4% 2% 1%
Other Income 222 39 28 241 79 398 139 281 506 367 442 615
Interest 3 4 15 11 -14 8 9 11 14 0 0 0
Depreciation 56 37 35 41 43 45 41 44 45 46 51 0
Profit before tax -99 271 503 794 924 1,010 1,066 1,302 1,290 1,461 1,628 1,396
Tax % 0% 0% 11% 9% 15% 19% 16% 15% 1% 11% 16%
Net Profit -99 271 448 725 786 818 892 1,109 1,277 1,295 1,360 1,159
EPS in Rs -0.50 1.36 2.24 3.64 3.94 4.10 4.46 5.51 6.33 6.42 6.73 5.74
Dividend Payout % 0% 0% 0% 14% 18% 22% 25% 25% 26% 0% 30%
Compounded Sales Growth
10 Years: 21%
5 Years: 32%
3 Years: 30%
TTM: 76%
Compounded Profit Growth
10 Years: 31%
5 Years: 11%
3 Years: 7%
TTM: -13%
Stock Price CAGR
10 Years: %
5 Years: %
3 Years: 20%
1 Year: 7%
Return on Equity
10 Years: 25%
5 Years: 22%
3 Years: 21%
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 Sep 2021
1,995 1,995 1,995 1,995 1,995 1,995 1,998 2,012 2,017 2,019 2,021 2,023
Reserves -1,514 -1,140 -657 -66 547 1,113 1,840 2,706 3,638 4,776 6,615 6,890
Borrowings 0 0 0 0 0 0 0 0 0 0 600 600
27,411 32,937 40,581 50,347 66,767 73,440 91,267 105,763 124,350 125,368 170,332 188,156
Total Liabilities 27,892 33,792 41,918 52,275 69,309 76,549 95,106 110,481 130,005 132,162 179,568 197,668
344 316 252 279 345 334 337 336 323 322 584 334
CWIP 2 5 29 10 6 12 16 5 10 8 13 0
Investments 26,451 32,148 40,405 50,529 67,025 74,230 91,738 106,603 124,972 127,226 173,582 191,212
1,094 1,323 1,232 1,457 1,932 1,972 3,016 3,537 4,700 4,606 5,388 6,123
Total Assets 27,892 33,792 41,918 52,275 69,309 76,549 95,106 110,481 130,005 132,162 179,568 197,668

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
4,130 5,598 4,461 5,690 6,239 6,741 9,871 7,370 9,703
-3,214 -5,282 -3,516 -4,045 -5,106 -4,423 -10,186 -7,782 -8,995
192 0 -168 -212 -236 -196 -337 38 678
Net Cash Flow 1,109 316 777 1,433 897 2,122 -652 -374 1,386

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
Debtor Days 0 0 0 0 0 0 0 0 2 0 0
Inventory Days
Days Payable
Cash Conversion Cycle 0 0 0 0 0 0 0 0 2 0 0
Working Capital Days -21 -27 -22 -10 -11 -27 -20 -25 -17 -17 -13
ROCE % 41% 47% 49% 41% 36% 31% 31% 25% 23% 20%

Shareholding Pattern

Numbers in percentages

Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021
80.71 76.14 74.49 71.16 66.18 63.69 60.41 60.40 58.87 58.86 53.84 53.81
8.23 10.52 11.75 15.94 19.94 21.07 23.55 23.44 24.85 25.67 26.06 30.12
2.66 3.40 4.89 4.40 4.96 6.08 7.29 7.28 7.09 6.25 5.87 6.67
8.37 9.92 8.84 8.47 8.89 9.13 8.72 8.85 9.16 9.20 14.21 9.38
0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03

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