SBI Cards & Payment Services Ltd

SBI Cards Summary Chart Analysis Peers Quarters Profit & Loss Balance Sheet Cash Flow Ratios Investors Documents

SBI Cards & Payment Services Ltd

₹ 748 0.00%
06 Dec - close price
sbicard.com BSE: 543066 NSE : SBICARD
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.

Website BSE NSE
  • 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
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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

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Quarterly Results

Figures in Rs. Crores

Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023
Revenue 2,415 2,408 2,319 2,362 2,576 2,889 2,850 3,100 3,297 3,507 3,762 3,912 4,087
Interest 264 261 244 229 254 277 267 308 368 464 507 571 605
1,938 1,965 1,956 1,779 1,938 2,307 1,930 2,074 2,341 2,467 2,565 2,631 2,760
Financing Profit 213 183 119 354 385 305 653 718 588 576 690 710 722
Financing Margin % 9% 8% 5% 15% 15% 11% 23% 23% 18% 16% 18% 18% 18%
95 131 149 89 119 250 166 163 156 149 154 134 134
Depreciation 30 31 34 33 40 37 39 39 39 41 45 48 47
Profit before tax 278 283 234 410 464 519 779 841 706 684 800 797 809
Tax % 26% 26% 25% 26% 26% 26% 25% 25% 26% 26% 25% 26% 26%
206 210 175 305 345 386 581 627 526 509 596 593 603
EPS in Rs 2.19 2.23 1.87 3.24 3.66 4.09 6.16 6.65 5.57 5.39 6.30 6.27 6.37
Gross NPA % 7.46% 1.61% 4.99% 3.91% 3.36% 2.40% 2.22% 2.24% 2.14% 2.22% 2.35% 2.41% 2.43%
Net NPA % 2.70% 0.56% 1.55% 0.88% 0.91% 0.83% 0.78% 0.79% 0.78% 0.80% 0.87% 0.89% 0.89%
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 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%

Shareholding Pattern

Numbers in percentages

Dec 2020Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023
69.40% 69.40% 69.50% 69.37% 69.47% 69.59% 69.64% 69.41% 69.05% 69.02% 68.96% 68.94%
5.84% 8.62% 12.47% 13.07% 10.28% 9.53% 8.29% 8.82% 9.13% 8.45% 9.48% 9.08%
3.90% 5.97% 6.69% 9.71% 11.92% 12.41% 16.24% 16.99% 16.72% 17.47% 17.17% 17.28%
20.86% 16.01% 11.34% 7.86% 8.33% 8.47% 5.83% 4.78% 5.11% 5.06% 4.37% 4.69%
No. of Shareholders 12,48,97010,57,51811,18,64710,46,24911,40,58611,61,09011,78,35310,63,05410,57,26010,41,1689,67,5319,61,296

* 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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