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Consolidated Standalone

HDFC Bank

₹1791.8 -5.9 | 0.3%

Market Cap ₹1370280 Cr.

Stock P/E 20.9

P/B 2.9

Current Price ₹1791.8

Book Value ₹ 625.8

Face Value 1

52W High ₹1880

Dividend Yield 1.09%

52W Low ₹ 1363.5

Edit Ratio

HDFC Bank Research see more...

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HDFC Bank plunged after Q4FY22 report card; what’s next?

Overview Inc. Year: 1994Industry: Bank - Private

HDFC Bank Limited (the Bank) is an primarily India-based private zone financial institution. The Bank caters to a number of banking services overlaying commercial and investment banking on the wholesale aspect and transactional/ department banking at the retail aspect. The Bank's Treasury section generally consists of net interest profits from the Bank's funding portfolio, money marketplace borrowing and lending, profits or losses on funding operations and on account of buying and selling in forex and derivative contracts. The Retail Banking segment serves retail clients through the Bank's department community and different channels. The Wholesale Banking section presents loans, non-fund centers and transaction services to large corporates, emerging corporates, public quarter units, government bodies, monetary institutions and medium scale establishments. The Other Banking Operations segment consists of earnings from Para banking activities, which includes credit cards, debit cards and third party product distribution, among others.

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Research Report

Date Research House View
15 May 2023 Motilal Oswal Call Buy 

HDFC Bank Share Price

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Peer Comparison

HDFC Bank Quarterly Results

#(Fig in Cr.) Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024
Interest Earned 37274 40930 45002 47548 51168 75039 78008 79434 81546 83002
Other Income 6929 8252 9121 9611 9853 32528 37007 44958 35450 38455
Total Income 44202 49182 54123 57159 61021 107567 115016 124391 116996 121457
Interest Expense 16358 18311 20505 22606 25955 41250 43242 43692 44580 45414
Operating Expenditure 11355 12150 13438 14591 15178 42038 45926 49128 46547 48805
Provisions and contingencies 3666 3765 3244 3179 3292 3312 4604 13811 3143 3269
Operating Profit 12823 14956 16936 16783 16597 20967 21243 17761 22727 23968
Profit Before Tax 12823 14956 16936 16783 16597 20967 21243 17761 22727 23968
Provision for Tax 3207 3794 4201 4149 4193 3655 3525 -251 5539 5341
Profit After Tax 9617 11163 12735 12634 12403 17312 17718 18013 17188 18627
Adjustments -38 -37 -37 -40 -33 -501 -460 -390 -713 -802
Profit After Adjustments 9579 11125 12698 12594 12370 16811 17258 17622 16475 17826
Adjusted Earnings Per Share 17.2 20 22.8 22.6 22.1 22.2 22.7 23.2 21.7 23.4

HDFC Bank Profit & Loss

#(Fig in Cr.) Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 TTM
Interest Earned 42555 50666 63162 73271 85288 105161 122189 128552 135936 170754 283649 321990
Other Income 8298 9546 11212 12878 16057 18947 24879 27333 31759 33912 124346 155870
Total Income 50853 60212 74373 86149 101344 124108 147068 155885 167695 204666 407995 477860
Interest Expense 23445 27288 34070 38042 42381 53713 62137 59248 58584 77780 154139 176928
Operating Expenditure 12470 14578 17832 20751 23927 27695 33036 35001 40312 51534 152269 190406
Provisions and contingencies 1726 2266 2961 3991 6572 8382 13700 18840 17925 13854 25018 24827
Operating Profit 13211 16080 19511 23366 28464 34318 38195 42796 50873 61498 76569 85699
Profit Before Tax 13211 16080 19511 23366 28464 34318 38195 42796 50873 61498 76569 85699
Provision for Tax 4447 5380 6694 8078 9903 11873 10899 10939 12722 15350 11122 14154
Profit After Tax 8765 10700 12817 15287 18561 22446 27296 31857 38151 46149 65447 71546
Adjustments -21 -11 -16 -7 -51 -113 -42 -24 -98 -152 -1384 -2365
Profit After Adjustments 8743 10689 12801 15280 18510 22332 27254 31833 38053 45997 64062 69181
Adjusted Earnings Per Share 18.2 21.3 25.3 29.8 35.7 41 49.7 57.7 68.6 82.4 84.3 91

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR 66% 30% 22% 21%
Operating Profit CAGR 25% 21% 17% 19%
PAT CAGR 42% 27% 24% 22%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR 6% 7% 7% 14%
ROE Average 18% 17% 17% 18%
ROCE Average 15% 15% 15% 16%

HDFC Bank Balance Sheet

#(Fig in Cr.) Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Shareholder's Funds 44167 63154 74304 91794 109599 153673 176359 209810 247326 289438 456395
Minority's Interest 152 162 181 291 356 502 577 633 720 860 13383
Deposits 367080 450284 545873 643134 788375 922503 1146207 1333721 1558003 1882663 2376887
Borrowings 49597 59478 103714 98416 156442 157733 186834 177697 226967 256549 730615
Other Liabilities & Provisions 42625 34019 38140 58709 48413 58396 70854 77646 89918 100923 452913
Total Liabilities 503620 607097 762212 892344 1103186 1292806 1580830 1799507 2122934 2530432 4030194
Cash and balance with RBI 25357 27522 30077 37911 104688 46805 72211 97370 130031 117189 178719
Bank Balance 14556 9004 8992 11401 18373 35013 15729 23902 25355 79959 50116
Investments 119571 149454 193634 210777 238461 289446 389305 438823 449264 511582 1005682
Advances 315419 383408 487290 585481 700034 869223 1043671 1185284 1420942 1661949 2565891
Fixed Assets 3026 3225 3480 3815 3811 4220 4627 5248 6432 8431 12604
Other Assets 25690 34483 38739 42960 37819 48100 55288 48879 90910 151322 217183
Total Assets 503620 607097 762212 892344 1103186 1292806 1580830 1799507 2122934 2530432 4030194

HDFC Bank Cash Flow

#(Fig in Cr.) Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Opening Cash & Cash Equivalents 27531 39913 36526 39069 49311 123062 81818 87940 121273 155386 197148
Cash Flow from Operating Activities 4211 -21281 -34435 17282 17214 -62872 -16869 42476 -11960 20814 19069
Cash Flow from Investing Activities -1067 -811 -866 -1148 -852 -1598 -1617 -1681 -2216 -3424 5314
Cash Flow from Financing Activities 9270 18694 37815 -5893 57378 23131 24394 -7321 48124 23941 -3983
Net Cash Inflow / Outflow 12414 -3398 2514 10241 73740 -41339 5908 33474 33948 41330 20400
Closing Cash & Cash Equivalent 39913 36526 39069 49311 123062 81818 87940 121273 155386 197148 228835

HDFC Bank Ratios

# Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Earnings Per Share (Rs) 18.22 21.32 25.32 29.82 35.66 41 49.7 57.74 68.62 82.44 84.33
CEPS(Rs) 19.7 22.7 26.81 31.56 37.62 43.45 52.11 60.3 71.83 86.91 90.22
DPS(Rs) 3.43 4 4.75 5.5 6.5 7.5 2.5 6.5 15.5 19 19.5
Book NAV/Share(Rs) 92.05 125.98 146.95 179.11 211.17 282.14 321.63 380.59 445.38 516.73 597.27
Yield on Advances 13.49 13.21 12.96 12.51 12.18 12.1 11.71 10.85 9.57 10.27 11.05
Yield on Investments 7.64 6.96 7.68 8.11 7.27 7.08 5.98 6.52 5.94 6 7.72
Cost of Liabilities 5.63 5.35 5.24 5.13 4.49 4.97 4.66 3.92 3.28 3.64 4.96
NIM (Net Interest Margin) 4.02 4.11 4.04 4.17 4.04 4.15 3.95 3.97 3.82 3.92 3.41
Interest Spread 7.86 7.86 7.72 7.38 7.7 7.13 7.05 6.93 6.28 6.64 6.09
ROA(%) 1.92 1.93 1.87 1.85 1.86 1.87 1.9 1.88 1.95 1.98 2
ROE(%) 21.69 19.94 18.65 18.41 18.43 17.05 16.54 16.5 16.7 17.24 17.64
ROCE(%) 20.73 18.36 16.25 16.35 16.7 16.27 14.69 13.83 14.05 15.24 15.15
PER(x) 20.55 23.99 21.16 24.19 26.52 28.25 17.34 25.86 21.42 19.53 17.17
Price/Book(x) 4.07 4.06 3.64 4.03 4.48 4.11 2.68 3.92 3.3 3.12 2.42
Dividend Yield(%) 0.91 0.78 0.89 0.76 0.69 0.65 0.29 0.44 1.05 1.18 1.35
EV/Net Sales(x) 5.39 6.23 5.93 6.39 7.59 7.5 5.4 7.79 7.67 6.76 6.45
EV/Core EBITDA(x) 15.35 17.22 16.67 17.11 18.48 18.47 12.71 16.24 15.15 15.32 18.02
Interest Earned Growth(%) 18.67 19.06 24.66 16.01 16.4 23.3 16.19 5.21 5.74 25.61 66.12
Net Profit Growth 27.02 22.08 19.79 19.27 21.41 20.93 21.61 16.71 19.76 20.96 41.82
Advances Growth 27.57 21.56 27.09 20.15 19.57 24.17 20.07 13.57 19.88 16.96 54.39
EPS Growth(%) 26.24 17.01 18.74 17.77 19.62 14.97 21.22 16.18 18.83 20.14 2.29
Loans/Deposits(x) 13.51 13.21 19 15.3 19.84 17.1 16.3 13.32 14.57 13.63 30.74
Cash/Deposits(x) 0.07 0.06 0.06 0.06 0.13 0.05 0.06 0.07 0.08 0.06 0.08
Current Ratio(x) 0.33 0.33 0.35 0.33 0.3 0.31 0.34 0.33 0.29 0.27 0.42
Quick Ratio(x) 13.51 13.21 19 15.3 19.84 17.1 16.3 13.32 14.57 13.63 30.74
CASA % 44.79 44.03 43.26 48.04 43.48 42.36 42.19 46.08 48.13 44.37 38.14

HDFC Bank Shareholding Pattern

# Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024
Promoter 20.97 20.91 20.88 20.87 20.83 0 0 0 0 0
FII 26.33 26.2 26.17 26.28 27.23 45.05 45.2 41.34 40.78 41.53
DII 22.22 22.59 23.09 23.06 21.98 26.43 26.58 28.99 30.63 30.5
Public 11.98 11.84 11.42 11.36 11.58 14.96 14.68 16.13 15.08 14.5
Others 18.51 18.46 18.44 18.43 18.39 13.56 13.54 13.54 13.52 13.48
Total 100 100 100 100 100 100 100 100 100 100

Pros

  • Company has delivered good profit growth of 23% CAGR over last 5 years

Cons

  • Promoter holding is low: 0%.
  • Earnings include an other income of Rs. 124346 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.

HDFC Bank News

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