HDFC Life Insurance Company Ltd

Established in 2000, HDFC Life is a leading long-term life insurance solutions provider in India, offering a range of individual and group insurance solutions that meet various customer needs such as Protection, Pension, Savings, Investment, Annuity and Health.(Source : 201903 Annual Report Page No: 06)

Pros:
Company is virtually debt free.
Company is expected to give good quarter
Company has a good return on equity (ROE) track record: 3 Years ROE 25.33%
Company has been maintaining a healthy dividend payout of 25.02%
Cons:
Stock is trading at 21.78 times its book value
Tax rate seems low
Earnings include an other income of Rs.508.05 Cr.
** Remarks:
Some businesses are provided tax benefits to encourage their development

Peer Comparison Sector: Insurance // Industry: Finance & Investments

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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
4,068 12,128 6,501 7,949 9,735 8,061 6,877 7,941 9,366 14,176 8,601
3,915 11,912 6,241 7,733 9,516 7,893 6,554 7,720 9,130 14,214 8,197
Operating Profit 153 215 260 216 219 168 323 221 236 -38 405
OPM % 4% 2% 4% 3% 2% 2% 5% 3% 3% -0% 5%
Other Income 48 42 67 32 11 171 69 72 21 383 32
Interest 0 0 0 0 0 0 0 0 0 0 0
Depreciation 0 0 0 0 0 0 0 0 0 0 0
Profit before tax 201 258 327 249 231 339 392 293 256 345 437
Tax % 10% 4% 3% 4% 10% -2% 3% 2% 4% -5% 3%
Net Profit 181 247 316 238 207 347 380 287 246 364 425
EPS in Rs 1.04 1.72 1.89 1.43 1.22 1.81 2.10
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

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

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 TTM
14,060 17,164 27,213 18,138 30,642 32,246 38,360 40,084
13,535 16,559 26,339 17,473 29,665 31,170 37,290 39,261
Operating Profit 525 605 874 665 977 1,076 1,070 823
OPM % 4% 4% 3% 4% 3% 3% 3% 2%
Other Income 28 241 79 398 139 281 505 508
Interest 15 11 -14 8 9 11 13 0
Depreciation 35 41 43 45 41 44 45 0
Profit before tax 503 794 924 1,010 1,066 1,302 1,517 1,331
Tax % 11% 9% 15% 19% 16% 15% 16%
Net Profit 448 725 786 818 892 1,109 1,277 1,321
EPS in Rs 5.51 6.33 6.56
Dividend Payout % 0% 14% 18% 22% 25% 25% 26%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:%
5 Years:17.45%
3 Years:28.36%
TTM:22.88%
Compounded Profit Growth
10 Years:%
5 Years:11.98%
3 Years:15.98%
TTM:12.65%
Stock Price CAGR
10 Years:%
5 Years:%
3 Years:%
1 Year:64.40%
Return on Equity
10 Years:%
5 Years:27.12%
3 Years:25.33%
Last Year:24.61%

Balance Sheet Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
1,995 1,995 1,995 1,995 1,998 2,012 2,017
Reserves -657 -66 547 1,113 1,840 2,706 3,641
Borrowings 0 0 0 0 0 0 0
40,581 50,347 66,767 73,440 91,267 105,763 124,343
Total Liabilities 41,918 52,275 69,309 76,549 95,106 110,481 130,001
252 279 345 334 337 336 323
CWIP 29 10 6 12 16 5 10
Investments 12,071 16,322 22,105 28,503 91,738 106,603 125,552
29,565 35,665 46,852 47,699 3,016 3,537 4,116
Total Assets 41,918 52,275 69,309 76,549 95,106 110,481 130,001

Cash Flows Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
4,461 5,690 6,239 6,741 9,871
-3,516 -4,045 -5,106 -4,423 -10,186
-168 -212 -236 -196 -337
Net Cash Flow 777 1,433 897 2,122 -652

Ratios Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
ROCE % 49% 41% 36% 31% 31% 29%
Debtor Days 0 0 0 0 0 0 0
Inventory Turnover