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Consolidated Standalone

HDFC Bank

₹1448.3 -33.9 | 2.3%

Market Cap ₹1101162 Cr.

Stock P/E 16.1

P/B 2.4

Current Price ₹1448.3

Book Value ₹ 596.8

Face Value 1

52W High ₹1757.8

Dividend Yield 1.35%

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.) Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024
Interest Earned 34588 35574 37274 40930 45002 47548 51168 75039 78008 79434
Other Income 8777 8386 6929 8252 9121 9611 9853 32528 37007 44958
Total Income 43365 43960 44202 49182 54123 57159 61021 107567 115016 124391
Interest Expense 14724 15227 16358 18311 20505 22606 25955 41250 43242 43692
Operating Expenditure 10607 11014 11355 12150 13438 14591 15178 42038 45926 49128
Provisions and contingencies 3816 4031 3666 3765 3244 3179 3292 3312 4604 13811
Operating Profit 14218 13690 12823 14956 16936 16783 16597 20967 21243 17761
Profit Before Tax 14218 13690 12823 14956 16936 16783 16597 20967 21243 17761
Provision for Tax 3602 3215 3207 3794 4201 4149 4193 3655 3525 -251
Profit After Tax 10616 10475 9617 11163 12735 12634 12403 17312 17718 18013
Adjustments -24 -32 -38 -37 -37 -40 -33 -501 -460 -390
Profit After Adjustments 10591 10443 9579 11125 12698 12594 12370 16811 17258 17622
Adjusted Earnings Per Share 19.1 18.8 17.2 20 22.8 22.6 22.1 22.2 22.7 23.2

HDFC Bank Profit & Loss

#(Fig in Cr.) Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
Interest Earned 35861 42555 50666 63162 73271 85288 105161 122189 128552 135936 170754 283649
Other Income 7133 8298 9546 11212 12878 16057 18947 24879 27333 31759 33912 124346
Total Income 42994 50853 60212 74373 86149 101344 124108 147068 155885 167695 204666 407995
Interest Expense 19695 23445 27288 34070 38042 42381 53713 62137 59248 58584 77780 154139
Operating Expenditure 11552 12470 14578 17832 20751 23927 27695 33036 35001 40312 51534 152270
Provisions and contingencies 1742 1726 2266 2961 3991 6572 8382 13700 18840 17925 13854 25019
Operating Profit 10005 13211 16080 19511 23366 28464 34318 38195 42796 50873 61498 76568
Profit Before Tax 10005 13211 16080 19511 23366 28464 34318 38195 42796 50873 61498 76568
Provision for Tax 3104 4447 5380 6694 8078 9903 11873 10899 10939 12722 15350 11122
Profit After Tax 6900 8765 10700 12817 15287 18561 22446 27296 31857 38151 46149 65446
Adjustments -31 -21 -11 -16 -7 -51 -113 -42 -24 -98 -152 -1384
Profit After Adjustments 6870 8743 10689 12801 15280 18510 22332 27254 31833 38053 45997 64061
Adjusted Earnings Per Share 14.4 18.2 21.3 25.3 29.8 35.7 41 49.7 57.7 68.6 82.4 90.2

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR 26% 12% 15% 17%
Operating Profit CAGR 21% 17% 17% 20%
PAT CAGR 21% 19% 20% 21%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR -12% 1% 5% 14%
ROE Average 17% 17% 17% 18%
ROCE Average 15% 14% 15% 17%

HDFC Bank Balance Sheet

#(Fig in Cr.) Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Shareholder's Funds 36643 44167 63154 74304 91794 109599 153673 176359 209810 247326 289438
Minority's Interest 221 152 162 181 291 356 502 577 633 720 860
Deposits 296092 367080 450284 545873 643134 788375 922503 1146207 1333721 1558003 1882663
Borrowings 39497 49597 59478 103714 98416 156442 157733 186834 177697 226967 256549
Other Liabilities & Provisions 35271 42625 34019 38140 58709 48413 58396 70854 77646 89918 100923
Total Liabilities 407723 503620 607097 762212 892344 1103186 1292806 1580830 1799507 2122934 2530432
Cash and balance with RBI 14631 25357 27522 30077 37911 104688 46805 72211 97370 130031 117189
Bank Balance 12900 14556 9004 8992 11401 18373 35013 15729 23902 25355 79959
Investments 110960 119571 149454 193634 210777 238461 289446 389305 438823 449264 511582
Advances 247245 315419 383408 487290 585481 700034 869223 1043671 1185284 1420942 1661949
Fixed Assets 2773 3026 3225 3480 3815 3811 4220 4627 5248 6432 8431
Other Assets 19213 25690 34483 38739 42960 37819 48100 55288 48879 90910 151322
Total Assets 407723 503620 607097 762212 892344 1103186 1292806 1580830 1799507 2122934 2530432

HDFC Bank Cash Flow

#(Fig in Cr.) Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Opening Cash & Cash Equivalents 21175 27531 39913 36526 39069 49311 123062 81818 87940 121273 155386
Cash Flow from Operating Activities -5847 4211 -21281 -34435 17282 17214 -62872 -16869 42476 -11960 20814
Cash Flow from Investing Activities -906 -1067 -811 -866 -1148 -852 -1598 -1617 -1681 -2216 -3424
Cash Flow from Financing Activities 13105 9270 18694 37815 -5893 57378 23131 24394 -7321 48124 23941
Net Cash Inflow / Outflow 6352 12414 -3398 2514 10241 73740 -41339 5908 33474 33948 41330
Closing Cash & Cash Equivalent 27531 39913 36526 39069 49311 123062 81818 87940 121273 155386 197148

HDFC Bank Ratios

# Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Earnings Per Share (Rs) 14.44 18.22 21.32 25.32 29.82 35.66 41 49.7 57.74 68.62 82.44
CEPS(Rs) 15.89 19.7 22.7 26.81 31.56 37.62 43.45 52.11 60.3 71.83 86.91
DPS(Rs) 2.75 3.43 4 4.75 5.5 6.5 7.5 2.5 6.5 15.5 19
Book NAV/Share(Rs) 77 92.05 125.98 146.95 179.11 211.17 282.14 321.63 380.59 445.38 516.73
Yield on Advances 14.5 13.49 13.21 12.96 12.51 12.18 12.1 11.71 10.85 9.57 10.27
Yield on Investments 7.17 7.64 6.96 7.68 8.11 7.27 7.08 5.98 6.52 5.94 6
Cost of Liabilities 5.87 5.63 5.35 5.24 5.13 4.49 4.97 4.66 3.92 3.28 3.64
NIM (Net Interest Margin) 4.19 4.02 4.11 4.04 4.17 4.04 4.15 3.95 3.97 3.82 3.92
Interest Spread 8.64 7.86 7.86 7.72 7.38 7.7 7.13 7.05 6.93 6.28 6.64
ROA(%) 1.84 1.92 1.93 1.87 1.85 1.86 1.87 1.9 1.88 1.95 1.98
ROE(%) 20.64 21.69 19.94 18.65 18.41 18.43 17.05 16.54 16.5 16.7 17.24
ROCE(%) 20.18 20.73 18.36 16.25 16.35 16.7 16.27 14.69 13.83 14.05 15.24
PER(x) 21.62 20.55 23.99 21.16 24.19 26.52 28.25 17.34 25.86 21.42 19.53
Price/Book(x) 4.05 4.07 4.06 3.64 4.03 4.48 4.11 2.68 3.92 3.3 3.12
Dividend Yield(%) 0.88 0.91 0.78 0.89 0.76 0.69 0.65 0.29 0.44 1.05 1.18
EV/Net Sales(x) 5.24 5.39 6.23 5.93 6.39 7.59 7.5 5.4 7.79 7.67 6.76
EV/Core EBITDA(x) 16 15.35 17.22 16.67 17.11 18.48 18.47 12.71 16.24 15.15 15.32
Interest Earned Growth(%) 27.2 18.67 19.06 24.66 16.01 16.4 23.3 16.19 5.21 5.74 25.61
Net Profit Growth 30.85 27.02 22.08 19.79 19.27 21.41 20.93 21.61 16.71 19.76 20.96
Advances Growth 24.35 27.57 21.56 27.09 20.15 19.57 24.17 20.07 13.57 19.88 16.96
EPS Growth(%) 29.12 26.24 17.01 18.74 17.77 19.62 14.97 21.22 16.18 18.83 20.14
Loans/Deposits(x) 13.34 13.51 13.21 19 15.3 19.84 17.1 16.3 13.32 14.57 13.63
Cash/Deposits(x) 0.05 0.07 0.06 0.06 0.06 0.13 0.05 0.06 0.07 0.08 0.06
Current Ratio(x) 0.37 0.33 0.33 0.35 0.33 0.3 0.31 0.34 0.33 0.29 0.27
Quick Ratio(x) 13.34 13.51 13.21 19 15.3 19.84 17.1 16.3 13.32 14.57 13.63
CASA % 47.43 44.79 44.03 43.26 48.04 43.48 42.36 42.19 46.08 48.13 44.37

HDFC Bank Shareholding Pattern

# Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024
Promoter 21.01 21 20.97 20.91 20.88 20.87 20.83 0 0 0
FII 30.52 29.01 26.33 26.2 26.17 26.28 27.23 45.05 45.2 41.34
DII 18.84 20.13 22.22 22.59 23.09 23.06 21.98 26.43 26.58 28.99
Public 11.08 11.32 11.98 11.84 11.42 11.36 11.58 14.96 14.68 16.13
Others 18.55 18.54 18.51 18.46 18.44 18.43 18.39 13.56 13.54 13.54
Total 100 100 100 100 100 100 100 100 100 100

Pros

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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