IDFC Ltd

IDFC Ltd

₹ 116 0.47%
22 Feb 1:43 p.m.
About

IDFC Limited was incorporated in 1997. It is a Non-Banking Finance Company (NBFC) regulated by the Reserve Bank of India. It continues to hold investments in IDFC FIRST Bank and IDFC AMC. It held 39.98% in IDFC FIRST Bank and 99.96% in IDFC AMC. IDFC’s holding in IDFC FIRST Bank has further reduced to 36.60% post the QIP issue done by the Bank in April 2021. [1] [2]

Key Points

History
It was operating as an Infrastructure Finance Company, i.e. financing infrastructure projects in sectors like energy, telecommunication, commercial and industrial projects, etc. upto 2015. The Company had received in-principle approval from the RBI to set up a new private sector bank in 2014. Since 2015 the company has been operating as NBFC - Investment Company.
IDFC and IDFC First Bank are two listed entities of IDFC Group and the rest of the businesses are conducted through unlisted entities. [1] [2]

  • Market Cap 18,632 Cr.
  • Current Price 116
  • High / Low 137 / 72.8
  • Stock P/E 31.1
  • Book Value 75.8
  • Dividend Yield 0.00 %
  • ROCE -24.4 %
  • ROE -25.3 %
  • Face Value 10.0

Pros

  • Company is almost debt free.
  • Company has been maintaining a healthy dividend payout of 98.2%
  • Company's working capital requirements have reduced from 1,219 days to 83.5 days

Cons

  • The company has delivered a poor sales growth of -24.5% over past five years.
  • Company has a low return on equity of -11.3% over last 3 years.
  • Earnings include an other income of Rs.4,427 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: Finance Industry: Finance & Investments

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023
104 21 3 29 54 2 22 49 30 53 27 37 -8
280 58 456 5 36 6 8 3 4 49 7 6 5
Operating Profit -176 -37 -453 24 18 -4 14 47 25 4 19 31 -13
OPM % -170% -177% -16,431% 81% 33% -163% 65% 94% 85% 7% 72% 84%
2 78 46 246 36 215 245 297 249 3,754 256 200 218
Interest 4 1 0 0 0 0 0 0 0 0 7 0 0
Depreciation 5 0 1 0 0 0 0 0 0 0 0 0 0
Profit before tax -182 39 -409 269 54 211 260 343 275 3,758 268 230 205
Tax % -13% -7% -0% 3% 67% 8% 3% 3% 1% 10% 1% 3% -3%
-206 42 -410 263 18 194 252 332 272 3,387 264 224 210
EPS in Rs -1.29 0.26 -2.57 1.64 0.11 1.22 1.58 2.08 1.70 21.17 1.65 1.40 1.31
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
6,420 8,145 8,778 9,720 8,968 10,400 628 356 342 34 88 154 108
768 844 1,141 1,777 1,490 1,806 517 1,200 1,274 503 25 64 67
Operating Profit 5,653 7,301 7,637 7,943 7,478 8,594 112 -844 -932 -469 64 91 41
OPM % 88% 90% 87% 82% 83% 83% 18% -237% -273% -1,364% 72% 59% 38%
15 3 12 -0 -2,640 -3 984 -107 31 171 61 4,545 4,427
Interest 3,456 4,676 5,055 5,658 5,736 6,650 1 6 3 10 0 0 7
Depreciation 38 34 31 -61 62 149 13 14 32 3 0 0 0
Profit before tax 2,173 2,594 2,563 2,346 -959 1,791 1,082 -970 -936 -311 125 4,635 4,461
Tax % 29% 29% 29% 25% 38% 27% 18% 15% -6% -8% 48% 8%
1,553 1,844 1,826 1,728 -657 1,240 885 -822 -996 -337 64 4,244 4,085
EPS in Rs 10.28 12.12 11.89 10.72 -5.86 4.38 5.44 -5.26 -6.23 -2.10 0.40 26.52 25.53
Dividend Payout % 22% 21% 22% 24% 0% 6% 14% 0% -51% 0% 249% 45%
Compounded Sales Growth
10 Years: -33%
5 Years: -24%
3 Years: -23%
TTM: 5%
Compounded Profit Growth
10 Years: %
5 Years: %
3 Years: %
TTM: -42%
Stock Price CAGR
10 Years: 10%
5 Years: 26%
3 Years: 31%
1 Year: 57%
Return on Equity
10 Years: 1%
5 Years: -10%
3 Years: -11%
Last Year: -25%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Sep 2023
Equity Capital 1,512 1,515 1,516 1,593 1,594 1,596 1,596 1,596 1,596 1,596 1,596 1,600 1,600
Reserves 10,773 12,168 13,524 15,684 8,515 9,224 9,680 8,788 6,724 6,619 7,330 9,997 10,526
46,435 54,227 56,565 66,252 65,749 92,153 3,544 0 47 38 0 0 0
2,256 3,146 3,554 3,534 10,994 14,650 767 173 200 110 237 89 52
Total Liabilities 60,977 71,056 75,159 87,062 86,851 117,623 15,587 10,558 8,568 8,362 9,164 11,686 12,178
1,347 1,302 1,285 1,370 1,725 2,202 1,270 885 918 834 0 0 0
CWIP 37 0 1 14 29 6 0 0 0 0 0 0 0
Investments 7,534 11,004 11,309 29,975 30,703 51,687 9,379 8,673 6,681 7,386 7,702 11,221 11,367
52,060 58,750 62,565 55,703 54,394 63,728 4,937 1,000 969 143 1,461 466 811
Total Assets 60,977 71,056 75,159 87,062 86,851 117,623 15,587 10,558 8,568 8,362 9,164 11,686 12,178

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
-9,256 -5,498 -1,486 7,524 2,994 -3,806 -761 3,418 -1,206 -102 43 4,128
-57 -2,006 184 -17,628 8,640 -20,361 -713 154 2,386 -509 204 -2,356
9,108 7,589 1,432 10,010 -8,891 26,382 1,183 -3,729 -652 -25 -3 -1,900
Net Cash Flow -205 85 130 -94 2,743 2,215 -291 -157 528 -636 244 -129

Ratios

Consolidated Figures in Rs. Crores / View Standalone

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 22 7 27 2 1 2 13 14 19 135 0 0
Inventory Days
Days Payable
Cash Conversion Cycle 22 7 27 2 1 2 13 14 19 135 0 0
Working Capital Days -177 -331 -58 -285 -28 288 -110 591 53 -371 3,945 84
ROCE % 11% 11% 11% 10% 9% 9% 2% -5% -10% -5% 0% -24%

Shareholding Pattern

Numbers in percentages

Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023
24.80% 24.25% 24.27% 23.31% 21.34% 20.58% 21.22% 21.45% 20.42% 21.75% 20.03% 19.54%
7.95% 7.21% 6.19% 7.08% 11.84% 12.49% 16.86% 17.38% 20.48% 20.67% 15.64% 14.77%
16.37% 16.37% 16.37% 16.37% 16.37% 16.37% 16.48% 16.46% 16.45% 16.45% 16.45% 16.45%
50.87% 52.17% 53.17% 53.24% 50.45% 50.55% 45.44% 44.72% 42.65% 41.13% 47.86% 49.23%
No. of Shareholders 4,48,2984,53,1684,42,4104,56,8374,44,3854,56,4084,34,8814,40,1694,61,9684,52,8425,80,4056,40,553

* 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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