SBI Cards & Payment Services Ltd

SBI Cards & Payment Services Ltd

₹ 728 0.20%
19 Jun 9:16 a.m.
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
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 SBI Card.In March 2020, SBI Card became the first pure play credit card company to list on the stock exchanges in India. [1]

  • Market Cap 69,216 Cr.
  • Current Price 728
  • High / Low 899 / 648
  • Stock P/E 28.8
  • Book Value 127
  • Dividend Yield 0.34 %
  • ROCE 12.5 %
  • ROE 22.0 %
  • Face Value 10.0

Pros

  • Company has delivered good profit growth of 22.7% CAGR over last 5 years

Cons

  • Stock is trading at 5.72 times its book value

* 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

Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024
Revenue 2,319 2,362 2,576 2,889 2,850 3,100 3,297 3,507 3,762 3,912 4,087 4,622 4,348
Interest 244 229 254 277 267 308 368 464 507 571 605 695 724
1,956 1,779 1,938 2,307 1,930 2,074 2,341 2,467 2,565 2,631 2,760 3,258 2,811
Financing Profit 119 354 385 305 653 718 588 576 690 710 722 668 813
Financing Margin % 5% 15% 15% 11% 23% 23% 18% 16% 18% 18% 18% 14% 19%
149 89 119 250 166 163 156 149 154 134 134 120 127
Depreciation 34 33 40 37 39 39 39 41 45 48 47 51 52
Profit before tax 234 410 464 519 779 841 706 684 800 797 809 738 888
Tax % 25% 26% 26% 26% 25% 25% 26% 26% 25% 26% 26% 26% 25%
175 305 345 386 581 627 526 509 596 593 603 549 662
EPS in Rs 1.87 3.24 3.66 4.09 6.16 6.65 5.57 5.39 6.30 6.27 6.37 5.78 6.97
Gross NPA % 4.99% 3.91% 3.36% 2.40% 2.22% 2.24% 2.14% 2.22% 2.35% 2.41% 2.43% 2.64% 2.76%
Net NPA % 1.55% 0.88% 0.91% 0.83% 0.78% 0.79% 0.78% 0.80% 0.87% 0.89% 0.89% 0.96% 0.99%
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 Mar 2024
Revenue 1,008 1,438 1,822 2,392 3,347 5,195 7,017 9,281 9,301 10,679 13,670 16,986
Interest 210 300 378 436 528 712 1,009 1,301 1,043 1,027 1,648 2,595
713 918 1,255 1,617 2,366 3,715 4,887 6,618 7,223 7,953 9,444 11,460
Financing Profit 85 220 189 339 452 769 1,121 1,362 1,034 1,699 2,579 2,931
Financing Margin % 8% 15% 10% 14% 14% 15% 16% 15% 11% 16% 19% 17%
52 74 82 100 124 175 270 471 413 622 615 498
Depreciation 1 1 1 1 5 24 55 104 123 149 164 197
Profit before tax 136 293 271 438 572 919 1,335 1,730 1,324 2,172 3,031 3,232
Tax % -1% 0% 1% 35% 35% 35% 35% 28% 26% 26% 25% 25%
136 293 267 284 373 601 865 1,245 985 1,616 2,258 2,408
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 25.32
Dividend Payout % 0% 0% 15% 28% 21% 0% 10% 8% 0% 15% 10% 10%
Compounded Sales Growth
10 Years: 28%
5 Years: 19%
3 Years: 22%
TTM: 24%
Compounded Profit Growth
10 Years: 23%
5 Years: 23%
3 Years: 35%
TTM: 7%
Stock Price CAGR
10 Years: %
5 Years: %
3 Years: -10%
1 Year: -19%
Return on Equity
10 Years: 24%
5 Years: 23%
3 Years: 23%
Last Year: 22%

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 Mar 2024
Equity Capital 785 785 785 785 785 785 837 939 941 943 946 951
Reserves -332 -39 181 370 664 1,568 2,751 4,402 5,362 6,810 8,884 11,133
2,803 3,498 4,699 5,928 8,268 11,413 13,549 17,573 17,895 22,982 31,110 39,891
231 491 593 797 1,048 1,920 3,009 2,393 2,816 3,913 4,606 6,196
Total Liabilities 3,488 4,735 6,257 7,880 10,765 15,686 20,146 25,307 27,013 34,648 45,546 58,171
1 1 2 2 24 242 196 311 308 439 551 542
CWIP 0 0 0 0 0 35 20 24 10 14 23 22
Investments 0 0 0 0 0 0 1 1 958 1,297 2,140 3,519
3,487 4,734 6,256 7,878 10,741 15,409 19,928 24,971 25,737 32,898 42,832 54,088
Total Assets 3,488 4,735 6,257 7,880 10,765 15,686 20,146 25,307 27,013 34,648 45,546 58,171

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 Mar 2024
-398 -879 -1,158 -2,235 -2,891 -2,327 -4,063 692 -4,391 -6,671 -5,452
1 1 1 -1 128 -76 -77 -997 -538 -921 -1,457
475 1,008 1,141 2,244 2,953 2,824 3,923 432 5,045 7,824 8,401
Net Cash Flow 78 130 -17 9 190 422 -218 127 115 232 1,492

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 Mar 2024
ROE % 49% 31% 27% 29% 32% 29% 28% 17% 23% 26% 22%

Shareholding Pattern

Numbers in percentages

1 Recently
Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024
69.50% 69.37% 69.47% 69.59% 69.64% 69.41% 69.05% 69.02% 68.96% 68.94% 68.75% 68.63%
12.47% 13.07% 10.28% 9.53% 8.29% 8.82% 9.13% 8.45% 9.48% 9.08% 9.35% 8.59%
6.69% 9.71% 11.92% 12.41% 16.24% 16.99% 16.72% 17.47% 17.17% 17.28% 16.27% 16.68%
11.34% 7.86% 8.33% 8.47% 5.83% 4.78% 5.11% 5.06% 4.37% 4.69% 5.62% 6.09%
No. of Shareholders 11,18,64710,46,24911,40,58611,61,09011,78,35310,63,05410,57,26010,41,1689,67,5319,61,29610,28,67310,36,632

* 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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Documents

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