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]

Website BSE NSE

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

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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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Detailed Comparison with:

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
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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 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

Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
80.93	76.14	63.69	58.86	51.53	50.31
8.92	10.52	21.07	25.67	26.31	29.85
2.41	3.40	6.08	6.25	7.81	6.42
7.69	9.92	9.13	9.20	14.32	13.36
0.04	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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May 2023
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Aug 2018

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