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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 3

Current Price ₹1791.8

Book Value ₹ 601.8

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.) Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018
Interest Earned 18114 18669 19670 20581 21321
Other Income 3446 3517 3606 3869 4229
Total Income 21561 22185 23276 24450 25550
Interest Expense 9059 9298 9918 10267 10663
Operating Expenditure 5222 5367 5540 5732 6051
Provisions and contingencies 1262 1559 1476 1351 1541
Operating Profit 6018 5961 6342 7100 7295
Profit Before Tax 6018 5961 6342 7100 7295
Provision for Tax 2028 2067 2191 2457 2495
Profit After Tax 3990 3894 4151 4643 4799
Adjustments -3990 -3894 -4151 -4643 -4799
Profit After Adjustments 0 0 0 0 0
Adjusted Earnings Per Share 7.8 7.6 8 9 9.2

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 41136 48470 60221 69306 80241 98972 114813 120858 127753 161586 258341 80241
Other Income 7920 8996 10752 12296 15220 17626 23261 25205 29510 31215 49241
Total Income 49055 57466 70973 81602 95462 116598 138073 146063 157263 192800 307582 95461
Interest Expense 22653 26074 32630 36167 40146 50729 58626 55979 55744 74743 149808 40146
Operating Expenditure 12042 13988 16980 19703 22690 26119 30698 32723 37442 47652 63386 22690
Provisions and contingencies 1587 2075 2726 3593 5927 7550 12142 15703 15062 11920 23492 5927
Operating Profit 12773 15329 18638 22139 26697 32200 36607 41659 49015 58485 70895 26698
Profit Before Tax 12773 15329 18638 22139 26697 32200 36607 41659 49015 58485 70895 26698
Provision for Tax 4294 5114 6342 7589 9211 11121 10350 10542 12054 14377 10083 9210
Profit After Tax 8478 10216 12296 14550 17487 21078 26257 31117 36961 44109 60812 17487
Adjustments 0 0 0 0 0 0 0 0 0 0 0 -17487
Profit After Adjustments 8478 10216 12296 14550 17487 21078 26257 31117 36961 44109 60812 0
Adjusted Earnings Per Share 17.7 20.4 24.3 28.4 33.7 38.7 47.9 56.4 66.7 79.1 80 33.8

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR 60% 29% 21% 20%
Operating Profit CAGR 21% 19% 17% 19%
PAT CAGR 38% 25% 24% 22%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR 6% 7% 7% 14%
ROE Average 17% 17% 17% 18%
ROCE Average 15% 15% 15% 17%

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 43479 62009 72678 89462 106295 149206 170986 203721 240093 280199 440246
Minority's Interest 0 0 0 0 0 0 0 0 0 0 0
Deposits 367337 450796 546424 643640 788771 923141 1147502 1335060 1559217 1883395 2379786
Borrowings 39439 45214 84969 74029 123105 117085 144629 135487 184817 206766 662153
Other Liabilities & Provisions 41344 32484 36725 56709 45764 55108 67394 72602 84407 95722 135438
Total Liabilities 491600 590503 740796 863840 1063934 1244541 1530511 1746871 2068535 2466081 3617623
Cash and balance with RBI 25346 27510 30058 37897 104670 46764 72205 97341 129996 117161 178683
Bank Balance 14238 8821 8861 11055 18245 34584 14414 22130 22331 76604 40464
Investments 120951 151642 195836 214463 242200 293116 391827 443728 455536 517001 702415
Advances 303000 365495 464594 554568 658333 819401 993703 1132837 1368821 1600586 2484862
Fixed Assets 2940 3122 3343 3627 3607 4030 4432 4909 6084 8017 11399
Other Assets 25125 33913 38104 42230 36879 46646 53931 45926 85768 146713 199800
Total Assets 491600 590503 740796 863840 1063934 1244541 1530511 1746871 2068535 2466081 3617623

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 27280 39584 36331 38919 48952 122915 81348 86619 119470 152327 193765
Cash Flow from Operating Activities 8364 -15862 -30132 23585 26074 -56055 -16690 41495 -14209 27313 35015
Cash Flow from Investing Activities -1591 -1944 -656 -1956 -533 -1326 -1105 -1120 -1292 -2429 7094
Cash Flow from Financing Activities 5563 14543 33347 -11568 48411 15718 22852 -7381 48192 16122 -22237
Net Cash Inflow / Outflow 12335 -3263 2559 10062 73952 -41663 5057 32994 32691 41006 19872
Closing Cash & Cash Equivalent 39584 36331 38919 48952 122915 81348 86619 119470 152327 193765 219147

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) 17.67 20.38 24.32 28.39 33.69 38.7 47.89 56.44 66.65 79.05 80.05
CEPS(Rs) 19.07 21.69 25.71 30.01 35.44 40.79 50.07 58.81 69.54 83.07 83.75
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) 90.62 123.7 143.74 174.56 204.8 273.94 311.83 369.54 432.36 500.26 576.01
Yield on Advances 13.58 13.26 12.96 12.5 12.19 12.08 11.55 10.67 9.33 10.1 10.4
Yield on Investments 7.56 6.85 7.59 7.96 7.14 6.96 5.94 6.44 5.88 5.94 7.82
Cost of Liabilities 5.57 5.26 5.17 5.04 4.4 4.88 4.54 3.81 3.2 3.58 4.92
NIM (Net Interest Margin) 3.99 4.05 3.95 4.05 3.92 4.04 3.82 3.83 3.64 3.76 3.19
Interest Spread 8.01 8 7.79 7.46 7.79 7.2 7.02 6.86 6.14 6.52 5.47
ROA(%) 1.9 1.89 1.85 1.81 1.81 1.83 1.89 1.9 1.94 1.95 2
ROE(%) 21.28 19.37 18.26 17.95 17.87 16.5 16.4 16.61 16.67 17 16.97
ROCE(%) 21.53 18.82 16.68 16.8 17.34 16.9 15.27 14.51 14.62 15.73 15.26
PER(x) 21.19 25.1 22.02 25.4 28.07 29.93 18 26.46 22.05 20.36 18.09
Price/Book(x) 4.13 4.13 3.73 4.13 4.62 4.23 2.76 4.04 3.4 3.22 2.51
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) 5.33 6.22 5.91 6.4 7.65 7.56 5.38 7.93 7.83 6.84 6.82
EV/Core EBITDA(x) 15.26 17.33 16.65 17.24 18.82 18.82 12.66 16.72 15.61 15.69 18.67
Interest Earned Growth(%) 17.31 17.83 24.25 15.09 15.78 23.34 16.01 5.27 5.7 26.48 59.88
Net Profit Growth 26.05 20.49 20.36 18.33 20.19 20.54 24.57 18.51 18.78 19.34 37.87
Advances Growth 26.4 20.63 27.11 19.37 18.71 24.47 21.27 14 20.83 16.93 55.25
EPS Growth(%) 25.02 15.33 19.33 16.74 18.68 14.86 23.74 17.87 18.08 18.61 1.26
Loans/Deposits(x) 10.74 10.03 15.55 11.5 15.61 12.68 12.6 10.15 11.85 10.98 27.82
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 0.34 0.36 0.33 0.31 0.32 0.34 0.33 0.29 0.27 0.3
Quick Ratio(x) 10.74 10.03 15.55 11.5 15.61 12.68 12.6 10.15 11.85 10.98 27.82
CASA % 44.81 44.03 43.25 48.03 43.5 42.38 42.23 46.12 48.17 44.39 38.19

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%.

* 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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