SBI Cards & Payment Services Ltd
SBI Cards and Payment Services Limited is a non-deposit accepting systemically important nonbanking financial company registered with the RBI. The Company is engaged in issuing credit cards to consumers in India. It is headquartered in Gurgaon, Haryana. It is a subsidiary of India’s largest commercial bank, the State Bank of India. [1][2][3]
- Market Cap ₹ 71,110 Cr.
- Current Price ₹ 748
- High / Low ₹ 933 / 691
- Stock P/E 30.9
- Book Value ₹ 117
- Dividend Yield 0.33 %
- ROCE 13.0 %
- ROE 25.7 %
- Face Value ₹ 10.0
Pros
- Company has delivered good profit growth of 30.3% CAGR over last 5 years
Cons
- Stock is trading at 6.40 times its book value
- Company might be capitalizing the interest cost
* 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
Quarterly Results
Figures in Rs. Crores
Profit & Loss
Figures in Rs. Crores
Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | TTM | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
Revenue | 1,008 | 1,438 | 1,822 | 2,392 | 3,347 | 5,195 | 7,017 | 9,281 | 9,301 | 10,679 | 13,670 | 15,268 |
Interest | 210 | 300 | 378 | 436 | 528 | 712 | 1,009 | 1,301 | 1,043 | 1,027 | 1,648 | 2,147 |
713 | 918 | 1,255 | 1,617 | 2,366 | 3,715 | 4,887 | 6,618 | 7,223 | 7,953 | 9,444 | 10,422 | |
Financing Profit | 85 | 220 | 189 | 339 | 452 | 769 | 1,121 | 1,362 | 1,034 | 1,699 | 2,579 | 2,699 |
Financing Margin % | 8% | 15% | 10% | 14% | 14% | 15% | 16% | 15% | 11% | 16% | 19% | 18% |
52 | 74 | 82 | 100 | 124 | 175 | 270 | 471 | 413 | 622 | 615 | 572 | |
Depreciation | 1 | 1 | 1 | 1 | 5 | 24 | 55 | 104 | 123 | 149 | 164 | 180 |
Profit before tax | 136 | 293 | 271 | 438 | 572 | 919 | 1,335 | 1,730 | 1,324 | 2,172 | 3,031 | 3,090 |
Tax % | -1% | 0% | 1% | 35% | 35% | 35% | 35% | 28% | 26% | 26% | 25% | |
136 | 293 | 267 | 284 | 373 | 601 | 865 | 1,245 | 985 | 1,616 | 2,258 | 2,302 | |
EPS in Rs | 1.74 | 3.73 | 3.40 | 3.62 | 4.75 | 7.66 | 10.33 | 13.26 | 10.47 | 17.14 | 23.87 | 24.33 |
Dividend Payout % | 0% | 0% | 15% | 28% | 21% | 0% | 10% | 8% | 0% | 15% | 10% |
Compounded Sales Growth | |
---|---|
10 Years: | 30% |
5 Years: | 21% |
3 Years: | 14% |
TTM: | 26% |
Compounded Profit Growth | |
---|---|
10 Years: | 32% |
5 Years: | 30% |
3 Years: | 22% |
TTM: | 9% |
Stock Price CAGR | |
---|---|
10 Years: | % |
5 Years: | % |
3 Years: | -5% |
1 Year: | -9% |
Return on Equity | |
---|---|
10 Years: | 25% |
5 Years: | 24% |
3 Years: | 22% |
Last Year: | 26% |
Balance Sheet
Figures in Rs. Crores
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 | 785 | 785 | 785 | 785 | 785 | 785 | 837 | 939 | 941 | 943 | 946 | 947 |
Reserves | -332 | -39 | 181 | 370 | 664 | 1,568 | 2,751 | 4,402 | 5,362 | 6,810 | 8,884 | 10,112 |
2,803 | 3,498 | 4,699 | 5,928 | 8,268 | 11,413 | 13,549 | 17,573 | 17,895 | 22,982 | 31,110 | 34,083 | |
231 | 491 | 593 | 797 | 1,048 | 1,920 | 3,009 | 2,393 | 2,816 | 3,913 | 4,606 | 5,247 | |
Total Liabilities | 3,488 | 4,735 | 6,257 | 7,880 | 10,765 | 15,686 | 20,146 | 25,307 | 27,013 | 34,648 | 45,546 | 50,388 |
1 | 1 | 2 | 2 | 24 | 242 | 196 | 311 | 308 | 439 | 551 | 519 | |
CWIP | 0 | 0 | 0 | 0 | 0 | 35 | 20 | 24 | 10 | 14 | 23 | 19 |
Investments | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 958 | 1,297 | 2,140 | 2,536 |
3,487 | 4,734 | 6,256 | 7,878 | 10,741 | 15,409 | 19,928 | 24,971 | 25,737 | 32,898 | 42,832 | 47,314 | |
Total Assets | 3,488 | 4,735 | 6,257 | 7,880 | 10,765 | 15,686 | 20,146 | 25,307 | 27,013 | 34,648 | 45,546 | 50,388 |
Cash Flows
Figures in Rs. Crores
Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | |
---|---|---|---|---|---|---|---|---|---|---|---|
-398 | -879 | -1,158 | -2,235 | -2,891 | -2,327 | -4,063 | 692 | -4,391 | -6,671 | ||
1 | 1 | 1 | -1 | 128 | -76 | -77 | -997 | -538 | -921 | ||
475 | 1,008 | 1,141 | 2,244 | 2,953 | 2,824 | 3,923 | 432 | 5,045 | 7,824 | ||
Net Cash Flow | 78 | 130 | -17 | 9 | 190 | 422 | -218 | 127 | 115 | 232 |
Ratios
Figures in Rs. Crores
Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | |
---|---|---|---|---|---|---|---|---|---|---|---|
ROE % | 49% | 31% | 27% | 29% | 32% | 29% | 28% | 17% | 23% | 26% |
Documents
Announcements
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
1d - Disclosure under Regulation 30 of SEBI (LODR) Regulations, 2015 - Schedule of Investor(s)/Analyst(s) Meet
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Announcement under Regulation 30 (LODR)-Newspaper Publication
30 Nov - Disclosure under Regulation 30 and 47 of the SEBI (LODR) Regulations, 2015 - Newspaper Advertisements- Notice of Postal Ballot (Including Remote E-voting) and process of …
- Shareholder Meeting / Postal Ballot-Notice of Postal Ballot 29 Nov
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
29 Nov - Disclosure under Regulation 30 of SEBI (LODR) Regulations, 2015 - Schedule of Investor(s)/Analyst(s) Meet
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
28 Nov - Disclosure under Regulation 30 of the SEBI (LODR) Regulations, 2015 - Schedule of Investor(s)/Analyst(s) Meet
Annual reports
Concalls
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Nov 2023Transcript PPT
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Oct 2023TranscriptNotesPPT
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Nov 2022Transcript PPT
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Jan 2022TranscriptNotesPPT
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Oct 2021TranscriptNotesPPT
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Jan 2021TranscriptNotesPPT
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Oct 2020TranscriptNotesPPT
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Oct 2020TranscriptNotesPPT
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Jul 2020TranscriptNotesPPT
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Jul 2020TranscriptNotesPPT
History[1][2]
SBI Card was launched in 1998 by the State Bank of India and GE Capital. In December 2017, State Bank of India and The Carlyle Group acquired GE Capital's stake in the co, post which SBI held 74% while Carlyle held 26% in the Company. On 20 August 19, it was converted into a Public Limited Company.
In March 2020, the co became the first credit card company to list on the stock exchanges in India. During FY20, the Company made an Initial Public Offering of ~14 cr equity shares at a price of Rs. 755 per share, comprising fresh issue of 6,622,516 equity shares and an offer for sale of 130,526,798 equity shares by selling shareholders. Post issue, the shareholding of State Bank of India and CA Rover Holdings as of March 31, 2020, was 70% and 16% respectively. Total Proceeds received by the Company pursuant to the IPO aggregates to 499 cr.