HDFC Life Insurance Company Ltd

HDFC Life Insurance Company Ltd

₹ 576 -1.00%
02 Jun - close price
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]

  • Market Cap 1,23,905 Cr.
  • Current Price 576
  • High / Low 621 / 458
  • Stock P/E 91.1
  • Book Value 60.4
  • Dividend Yield 0.33 %
  • ROCE 9.54 %
  • ROE 9.55 %
  • Face Value 10.0

Pros

  • Company is almost debt free.
  • Company has been maintaining a healthy dividend payout of 29.9%

Cons

  • Stock is trading at 9.54 times its book value
  • Tax rate seems low
  • Company has a low return on equity of 11.6% over last 3 years.
  • Earnings include an other income of Rs.1,407 Cr.
  • Promoter holding has decreased over last 3 years: -13.4%

* 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: Insurance Industry: Finance & Investments

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023
321 14,567 16,501 21,224 19,155 14,761 20,521 14,285 15,834 6,665 23,053 19,551 20,812
117 14,123 16,208 20,961 18,970 14,559 20,390 14,108 15,726 6,357 22,782 19,754 21,165
Operating Profit 204 445 293 263 185 203 130 177 108 308 272 -203 -353
OPM % 64% 3% 2% 1% 1% 1% 1% 1% 1% 5% 1% -1% -2%
203 38 51 46 308 102 160 116 368 68 80 386 873
Interest 0 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 0
Profit before tax 407 483 344 308 493 305 290 293 476 376 352 183 521
Tax % 23% 7% 5% 14% 35% 1% 5% 7% 25% 4% 7% -72% 31%
Net Profit 312 451 326 265 318 302 274 274 358 360 326 315 359
EPS in Rs 1.54 2.23 1.61 1.31 1.57 1.50 1.36 1.35 1.69 1.70 1.52 1.47 1.67
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
10,437 14,060 17,164 27,213 18,138 30,642 32,246 38,360 29,351 71,447 65,402 70,081
10,164 13,535 16,559 26,339 17,473 29,665 31,170 37,517 28,211 70,211 64,731 70,057
Operating Profit 274 525 605 874 665 977 1,076 843 1,140 1,237 671 24
OPM % 3% 4% 4% 3% 4% 3% 3% 2% 4% 2% 1% 0%
39 28 241 79 398 139 281 506 367 442 746 1,407
Interest 4 15 11 -14 8 9 11 14 0 0 0 0
Depreciation 37 35 41 43 45 41 44 45 46 51 52 0
Profit before tax 271 503 794 924 1,010 1,066 1,302 1,290 1,461 1,628 1,365 1,432
Tax % 0% 11% 9% 15% 19% 16% 15% 1% 11% 16% 12% 5%
Net Profit 271 448 725 786 818 892 1,109 1,277 1,295 1,360 1,208 1,360
EPS in Rs 1.36 2.24 3.64 3.94 4.10 4.46 5.51 6.33 6.42 6.73 5.72 6.33
Dividend Payout % 0% 0% 14% 18% 22% 25% 25% 26% 0% 30% 30% 30%
Compounded Sales Growth
10 Years: 17%
5 Years: 17%
3 Years: 34%
TTM: 7%
Compounded Profit Growth
10 Years: 12%
5 Years: 4%
3 Years: 2%
TTM: 13%
Stock Price CAGR
10 Years: %
5 Years: 4%
3 Years: 5%
1 Year: -4%
Return on Equity
10 Years: 18%
5 Years: 14%
3 Years: 12%
Last Year: 10%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
1,995 1,995 1,995 1,995 1,995 1,998 2,012 2,017 2,019 2,021 2,113 2,149
Reserves -1,140 -657 -66 547 1,113 1,840 2,707 3,638 4,781 6,617 13,373 10,834
0 0 0 0 0 0 0 0 0 600 600 950
32,937 40,581 50,347 66,767 73,440 91,267 105,762 124,350 125,362 170,344 194,303 233,791
Total Liabilities 33,792 41,918 52,275 69,309 76,549 95,106 110,481 130,005 132,162 179,582 210,389 247,725
316 252 279 345 334 337 336 323 322 584 964 380
CWIP 5 29 10 6 12 16 5 10 8 13 19 0
Investments 32,148 40,405 50,529 67,025 74,230 91,738 106,603 124,972 127,226 173,582 203,530 238,782
1,323 1,232 1,457 1,932 1,972 3,016 3,537 4,700 4,606 5,402 5,876 8,563
Total Assets 33,792 41,918 52,275 69,309 76,549 95,106 110,481 130,005 132,162 179,582 210,389 247,725

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
5,598 4,461 5,690 6,239 6,741 9,871 7,361 9,703 5,540 6,882
-5,282 -3,516 -4,045 -5,106 -4,423 -10,186 -7,773 -8,995 -1,402 -10,072
0 -168 -212 -236 -196 -337 38 678 -238 1,985
Net Cash Flow 316 777 1,433 897 2,122 -652 -374 1,386 3,900 -1,206

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Debtor Days 0 0 0 0 0 0 0 2 0 0 0 0
Inventory Days
Days Payable
Cash Conversion Cycle 0 0 0 0 0 0 0 2 0 0 0 0
Working Capital Days -27 -1 -6 -11 -27 -20 -25 -17 -17 -13 -12 -12
ROCE % 41% 47% 49% 41% 36% 31% 31% 25% 23% 20% 11% 10%

Shareholding Pattern

Numbers in percentages

33 Recently
Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023
60.41 60.40 58.87 58.86 53.84 53.81 53.77 51.53 51.52 50.32 50.32 50.31
23.55 23.44 24.85 25.67 26.06 30.12 30.45 26.31 27.66 28.81 30.15 29.85
7.29 7.28 7.09 6.25 5.87 6.67 6.08 7.81 6.92 6.88 5.98 6.42
8.72 8.85 9.16 9.20 14.21 9.38 9.68 14.32 13.88 13.97 13.50 13.36
0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03

* 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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