SBI Cards & Payment Services Ltd

₹ 807 0.93%
25 Nov - close price
About

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]

Key Points

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.

  • Market Cap 76,287 Cr.
  • Current Price 807
  • High / Low 1,029 / 656
  • Stock P/E 36.0
  • Book Value 94.6
  • Dividend Yield 0.31 %
  • ROCE 11.6 %
  • ROE 23.0 %
  • Face Value 10.0

Pros

  • Company has delivered good profit growth of 34.1% CAGR over last 5 years

Cons

  • Stock is trading at 8.53 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

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Quarterly Results

Figures in Rs. Crores

Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022
Revenue 2,296 2,479 2,433 2,154 2,415 2,408 2,319 2,362 2,576 2,889 2,850 3,100 3,297
Interest 319 345 334 275 264 261 244 229 254 277 267 308 368
1,536 1,608 2,035 1,365 1,938 1,965 1,956 1,779 1,938 2,307 1,930 2,074 2,341
Financing Profit 441 526 64 515 213 183 119 354 385 305 653 718 588
Financing Margin % 19% 21% 3% 24% 9% 8% 5% 15% 15% 11% 23% 23% 18%
80 84 77 42 95 131 149 89 119 250 166 163 156
Depreciation 19 27 29 28 30 31 34 33 40 37 39 39 39
Profit before tax 502 583 112 528 278 283 234 410 464 519 779 841 706
Tax % 24% 25% 25% 26% 26% 26% 25% 26% 26% 26% 25% 25% 26%
Net Profit 381 435 84 393 206 210 175 305 345 386 581 627 526
EPS in Rs 0.89 4.19 2.19 2.23 1.87 3.24 3.66 4.09 6.16 6.65 5.57
Gross NPA % 2.01% 2.68% 7.46% 1.61% 4.99% 3.91% 3.36% 2.40% 2.22% 2.24% 2.14%
Net NPA % 0.43% 2.70% 0.56% 1.55% 0.88% 0.91% 0.83% 0.78% 0.79% 0.78%
Raw PDF

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 TTM
Revenue 1,008 1,438 1,822 2,392 3,347 5,195 7,017 9,281 9,301 10,679 12,137
Interest 210 300 378 436 528 712 1,009 1,301 1,043 1,027 1,220
713 918 1,255 1,617 2,366 3,715 4,887 6,618 7,223 7,953 8,653
Financing Profit 85 220 189 339 452 769 1,121 1,362 1,034 1,699 2,263
Financing Margin % 8% 15% 10% 14% 14% 15% 16% 15% 11% 16% 19%
52 74 82 100 124 175 270 471 413 622 735
Depreciation 1 1 1 1 5 24 55 104 123 149 154
Profit before tax 136 293 271 438 572 919 1,335 1,730 1,324 2,172 2,844
Tax % -1% 0% 1% 35% 35% 35% 35% 28% 26% 26%
Net Profit 136 293 267 284 373 601 865 1,245 985 1,616 2,119
EPS in Rs 13.26 10.47 17.14 22.47
Dividend Payout % 0% 0% 15% 28% 21% 0% 10% 8% 0% 15%
Compounded Sales Growth
10 Years: %
5 Years: 26%
3 Years: 15%
TTM: 26%
Compounded Profit Growth
10 Years: %
5 Years: 34%
3 Years: 23%
TTM: 105%
Stock Price CAGR
10 Years: %
5 Years: %
3 Years: %
1 Year: -16%
Return on Equity
10 Years: %
5 Years: 24%
3 Years: 22%
Last Year: 23%

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 Sep 2022
785 785 785 785 785 785 837 939 941 943 943
Reserves -332 -39 181 370 664 1,568 2,751 4,402 5,359 6,810 7,976
2,803 3,498 4,699 5,928 8,268 11,413 13,549 17,573 17,895 22,982 28,186
231 491 593 797 1,048 1,920 3,009 2,393 2,819 3,913 4,476
Total Liabilities 3,488 4,735 6,257 7,880 10,765 15,686 20,146 25,307 27,013 34,648 41,581
1 1 2 2 24 242 196 311 308 439 440
CWIP 0 0 0 0 0 35 20 24 10 14 7
Investments 0 0 0 0 0 0 1 1 958 1,297 1,810
3,487 4,734 6,256 7,878 10,741 15,409 19,928 24,971 25,737 32,898 39,324
Total Assets 3,488 4,735 6,257 7,880 10,765 15,686 20,146 25,307 27,013 34,648 41,581

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
-398 -879 -1,158 -2,235 -2,891 -2,327 -4,063 692 -4,391
1 1 1 -1 128 -76 -77 -997 -538
475 1,008 1,141 2,244 2,953 2,824 3,923 432 5,045
Net Cash Flow 78 130 -17 9 190 422 -218 127 115

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
ROE % 49% 31% 27% 29% 32% 29% 28% 17% 23%

Shareholding Pattern

Numbers in percentages

6 recently
Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022
69.55 69.53 69.46 69.40 69.40 69.50 69.37 69.47 69.59 69.64 69.41
4.07 4.23 5.93 5.84 8.62 12.47 13.07 10.28 9.53 8.29 8.82
3.79 3.29 3.23 3.90 5.97 6.69 9.71 11.92 12.41 16.24 16.99
22.59 22.95 21.38 20.86 16.01 11.34 7.86 8.33 8.47 5.83 4.78

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