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HDFC Bank Ltd.

Large Cap

Evaluated by 5791 users |

BSE

: 500180 |

NSE

: HDFCBANK |

Bank - Private

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The valuation guidance of this company is based on Consolidated basis.
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Analysis of Financial Track Record

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end
10 Year X-Ray
MoneyWorks4me Colour Coding
 Mar'05Mar'06Mar'07Mar'08Mar'09Mar'10Mar'11Mar'12Mar'13Mar'14
Net Interest Income (Rs. Cr.)02,5463,4675,2307,4118,43510,61813,08716,16619,110
Y-o-Y Gr. Rt.-NA36.2%50.9%41.7%13.8%25.9%23.3%23.5%18.2%
Total Income05,6318,22312,49319,75120,44224,62834,18642,99450,853
Y-o-Y Gr. Rt.-NA46%51.9%58.1%3.5%20.5%38.8%25.8%18.3%
Adjusted EPS (Rs.)
Adjusted Earning per Share is the company’s net profit per share after adjusting for extra-ordinary/exceptional items
05.637.21910.5713.1217.1622.3628.8736.45
Y-o-Y Gr. Rt.-NA28.1%24.8%17.4%24.1%30.8%30.3%29.1%26.3%
Book Value per Share (Rs.)
The total value that a company will fetch upon liquidation (if it is closed down), after settling all obligations is called its Book Value. Book value of a company includes only tangible assets. Book value allocated to each outstanding share is called Book Value per share
034.0240.5265.0969.0694.45109.98128.74154184.1
Y-o-Y Gr. Rt.-NA19.1%60.6%6.1%36.8%16.4%17.1%19.6%19.6%
Net Profit/Total Funds (%)
  • >1.25 : Very Good
  • 1-1.25 : Somewhat Good
  • <1 : Not Good
Net Profit/Total Funds (%)01.191.391.421.421.491.61.71.841.92
Net NPA to Net Advances (%): Colour Rating Guide
  • < 0.5 : Very Good
  • 0.5-1 : Somewhat Good
  • >1: Not Good
Net NPA to Net Advances (%)00.440.430.470.630.310.190.180.20.27
Capital Adequacy Ratio: Colour Rating Guide
  • > 12% : Very Good
  • 9%-12% : Somewhat Good
  • <9%: Not Good
Capital Adequacy Ratio - - - - - - - - - 0%
CAGR
Growth rate helf you understand how the company has performed over different time frames.
CAGR Colour Code Guide
CAGR Colour Code Guide
  • >12% : Very Good
  • 8% to 12% : Somewhat Good
  • <8% : Not Good
  9 yrs 5 yrs 3 yrs 1 yr
Net Interest IncomeNA20.9%21.6%18.2%
Total IncomeNA20.8%27.3%18.3%
Adjusted EPS
Adjusted Earnings per Share is the Company’s net profit per share after adjusting for extra-ordinary/exceptional items.
NA28.1%28.6%26.3%
Book Value per Share
The total value that a company will fetch upon liquidation (if it is closed down), after settling all obligations is called its Book Value. Book value of a company includes only tangible assets. Book value allocated to each outstanding share is called Book Value per share
NA21.7%18.7%19.6%
 
RATIOS \ YEARSMar'05Mar'06Mar'07Mar'08Mar'09Mar'10Mar'11Mar'12Mar'13Mar'14
Interest Earned / Total Income079.4880.8280.9882.679.4181.3882.4783.4183.68
Margins
Margins: Colour Rating Guide
  • >2.75 : Very Good
  • 1.75-2.75 : Somewhat Good
  • <1.75 : Not Good
NIM (%)03.6244.14.233.934.074.134.194.02
Performance Ratios
Performance Ratios: Colour Rating Guide
  • >15% : Very Good
  • 12%-15% : Somewhat Good
  • <12% : Not Good
Return on Equity (%)016.4419.3817.6917.1816.7117.0218.920.6421.69
Liquidity Ratio
Liquidity Ratio: Colour Rating Guide
  • >35 : Very Good
  • 25-35 : Somewhat Good
  • <25 : Not Good
CASA (%) 055.4357.6754.5444.3752.0152.6948.3947.4344.79
Management Assessment
Management Assessment
An assessment of the trustworthiness of the management based on 5 important parameters. These parameters are colour coded as
Green (Very Good), Orange (Somewhat Good) and Red (Not Good)
What do we look at?
Management Assessment: An assessment of the trustworthiness of the management based
on 5 important parameters. These parameters are colour coded as Green (Very Good),
Orange (Somewhat Good) and Red (Not Good)
Corporate Governance
Corporate Governance
This refers to a set of processes or laws that affects the way a company is directed and controlled.
Board Credentials
Board credentials
This refers to the skill sets (qualification, experience, etc.) that the management team of a company possesses.
Promoter's holding
Promoter's holding
This refers to the stake that the promoters hold in a company and proportion of shares pledged.
Transparency
Transparency
Transparency refers to the practices that a company follows in the disclosure of important and necessary information.
Integrity
Integrity
Integrity refers to the application of honest and fair business practices.

Percentage Holding
22.56%
43.98%
16.56%
16.91%

Pledged *0.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.00
*  Pledged shares as % of Promoter's holding (%)

HDFC Bank increased its net interest income by 17.72% in FY12 on the stand-alone basis. NII rose from Rs.1817.9 Cr. in FY04 to Rs. 22,663.7 Cr. in FY13. Its CASA, the source of low cost funds, was 47.4% as on March 31, 2013; which is the highest in the Indian banking Industry. The high interest income and the low cost because of high CASA helped the Bank maintain an average net interest margin at a very high level of 4.5% for FY13. This higher NIM is due to the reclassification of ... Read more

HDFC Bank increased its net interest income by 17.72% in FY12 on the stand-alone basis. NII rose from Rs.1817.9 Cr. in FY04 to Rs. 22,663.7 Cr. in FY13. Its CASA, the source of low cost funds, was 47.4% as on March 31, 2013; which is the highest in the Indian banking Industry. The high interest income and the low cost because of high CASA helped the Bank maintain an average net interest margin at a very high level of 4.5% for FY13. This higher NIM is due to the reclassification of retail cost of acquisition which was earlier set off against the interest income. Now they are shown as an operating expense. Had the reclassification not taken place, NIM would have been 4.3%. The Bank has increased its book value per share by 17.06% in FY12. In the last 10 years, it rose from Rs. 18.9 in FY04 to Rs. 127.52 in FY12, on a stand-alone basis.

HDFC Bank managed to maintaina ten-year-average ROA (Return on assets) at 1.77% in FY12, which is significantly higher than the benchmark of 1.25%. The non-performing assets to net advances ratio of the bank have been continuously below 0.5%, which shows its asset quality is very good. The ratio was 0.18% FY13. Currently, its capital adequacy ratio is at 16.8%; well above the RBI guideline of 9%, which will help the Bank grow its operation comfortably. Asset quality was healthy with gross non-performing assets (NPAs) at 0.97% of gross advances as on March 31, 2013. Net non-performing assets remained at 0.2% of net advances as on March 31, 2013.

In nut shell, we can say HDFC Bank has shown a tremendous performance in the past. Hence, we conclude that the 10 YEAR X-RAY of the HDFC Bank is Green (Very Good).

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