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Insights

View All

  • India is one of the most under-insured countries with even the population in large metro cities not being insured adequately. Covid-19 would structurally push up the need of individuals to be covered. Though in the short term Covid related claims could jump up.

  • While client acquisition in some part of the business was made digitally possible. However, some segments of potential clients, who require physical medical examination remains a challenge. The provisions made for covid related claims in FY 21 were barely enough. While provisions for covid related claims have been made for FY 22, but given the current situation it might require addition in coming quarters.

  • Distribution is a key factor in insurance. With one of the largest private sector banks – HDFC -- as part its group and a captive customer, the company has an inherent strength. But it needs to grow its strong agency network to increase its geographical presence.

  • With life expectancy levels on the rise and increased urbanisation, the issue is not of demand but of an insurance product that would give health coverage and also act as a saving tool. The problem is that combining saving products with insurance leads to lower margins for insurance companies.

InsightsHDFC Life Insurance Company Ltd.

  • Large market size

    India is one of the most under-insured countries with even the population in large metro cities not being insured adequately. Covid-19 would structurally push up the need of individuals to be covered. Though in the short term Covid related claims could jump up.

  • FY 21: Learning from challenges

    While client acquisition in some part of the business was made digitally possible. However, some segments of potential clients, who require physical medical examination remains a challenge. The provisions made for covid related claims in FY 21 were barely enough. While provisions for covid related claims have been made for FY 22, but given the current situation it might require addition in coming quarters.

  • Power of group companies

    Distribution is a key factor in insurance. With one of the largest private sector banks – HDFC -- as part its group and a captive customer, the company has an inherent strength. But it needs to grow its strong agency network to increase its geographical presence.

  • Right product mix is the key

    With life expectancy levels on the rise and increased urbanisation, the issue is not of demand but of an insurance product that would give health coverage and also act as a saving tool. The problem is that combining saving products with insurance leads to lower margins for insurance companies.

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Key Metrics

  • 123.01
  • 5.83
  • 1,45,139
  • 1
  • 12.87
  • 0.00
  • 10.00
  • 1.27
  • 714.79

Returns

  • 1 Day0.76%
  • 1 Week6.95%
  • 1 Month8.09%
  • 3 Months7.79%
  • 1 Year24.87%
  • 3 Years55.44%
  • 5 YearsN.A.

HDFC Life Stock Analysis

EARNINGS
FUNDAMENTAL
RELATIVE VALUATION
RISK
PRICE MOMENTUM

NO RATING (NR)

NEGATIVE (1-3)

NEUTRAL (4-7)

POSITIVE (8-10)

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Recommendations

Recent Recos

BUY

Current

Mean Recos by 35 Analysts

Strong
Sell
SellHoldBuyStrong
Buy

  • Target₹778
  • OrganizationICICI Direct
  • BUY

Analyst Trends

RatingsCurrent1 Week Ago1 Month Ago3 Months Ago
Strong Buy9999
Buy13131313
Hold11111110
Sell2223
Strong Sell----
# Analysts35353535

Financials

  • Income (P&L)

  • Balance Sheet

  • Cash Flow

  • Ratios

  • MD&A

  • Insights

    • Quarterly Topline Performance

      Company witnessed QoQ revenue decline of 32.38%, which is lowest in the last 3 years. (Source: Consolidated Financials)
    • Topline Contraction

      Sales de-grew by 0.25%. Company witnessed revenue contraction for the first time in last 3 years. (Source: Consolidated Financials)
    Quarterly | AnnualJun 2021Mar 2021Dec 2020Sep 2020Jun 2020
    Total Income395.46584.85287.62359.41452.50
    Total Income Growth (%)-32.38103.34-19.97-20.57-20.83
    Total Expenses121.31274.6422.1631.461.85
    Total Expenses Growth (%)-55.831,139.35-29.561,600.54-99.36
    EBIT274.15310.21265.46327.95450.65
    EBIT Growth (%)-11.6216.86-19.05-27.2358.45
    Profit after Tax (PAT)269.55319.06263.44327.83450.54
    PAT Growth (%)-15.5221.11-19.64-27.2444.57
    EBIT Margin (%)69.3253.0492.3091.2599.59
    Net Profit Margin (%)68.1654.5591.5991.2199.57
    Basic EPS (₹)1.331.581.301.622.23
    Quarterly | AnnualJun 2021Mar 2021Dec 2020Sep 2020Jun 2020
    Total Income384.22557.89282.49354.75443.33
    Total Income Growth (%)-31.1397.49-20.37-19.98-20.30
    Total Expenses77.49248.8115.4928.54-7.87
    Total Expenses Growth (%)-68.861,506.26-45.73-462.64-102.90
    EBIT306.73309.08267.00326.21451.20
    EBIT Growth (%)-0.7615.76-18.15-27.7058.61
    Profit after Tax (PAT)302.35317.94264.99326.09451.09
    PAT Growth (%)-4.9019.98-18.74-27.7144.71
    EBIT Margin (%)79.8355.4094.5291.95101.78
    Net Profit Margin (%)78.6956.9993.8191.92101.75
    Basic EPS (₹)1.501.571.311.612.23
    Quarterly | Annual FY 2021 FY 2020 FY 2019 FY 2018 FY 2017
    Total Revenue1,682.331,686.621,666.941,309.721,016.72
    Total Revenue Growth (%)-0.251.1827.2728.8212.97
    Total Expenses328.05372.70375.92184.78107.79
    Total Expenses Growth (%)-11.98-0.86103.4471.4361.73
    Profit after Tax (PAT)1,360.871,297.441,277.931,107.20886.92
    PAT Growth (%)4.891.5315.4224.848.59
    Operating Profit Margin (%)82.2578.8378.4586.7689.40
    Net Profit Margin (%)81.0477.8477.6685.3987.24
    Basic EPS (₹)6.746.436.345.524.44
    Quarterly | Annual FY 2021 FY 2020 FY 2019 FY 2018 FY 2017
    Total Revenue1,638.471,647.761,636.371,295.481,013.20
    Total Revenue Growth (%)-0.560.7026.3127.8612.88
    Total Expenses284.97336.02346.48168.7499.06
    Total Expenses Growth (%)-15.19-3.02105.3470.3458.14
    Profit after Tax (PAT)1,360.101,295.271,276.791,109.00892.13
    PAT Growth (%)5.011.4515.1324.319.01
    Operating Profit Margin (%)84.2580.5179.8587.8590.22
    Net Profit Margin (%)83.0179.5079.0486.4788.05
    Basic EPS (₹)6.736.426.345.534.47

    All figures in Rs Cr, unless mentioned otherwise

  • Insights

    • Undertaking New Debt

      Company has outstanding debt obligations for the first time in last 5 years. (Source: Consolidated Financials)
    Annual FY 2021 FY 2020 FY 2019 FY 2018 FY 2017
    Total Assets1,79,641.261,32,223.851,30,015.841,10,482.8295,096.60
    Total Assets Growth (%)35.861.7017.6816.1824.24
    Total Liabilities1,68,446.461,25,417.231,24,373.241,05,747.5691,270.29
    Total Liabilities Growth (%)34.310.8417.6115.8624.28
    Total Equity11,194.806,806.625,642.614,735.263,826.31
    Total Equity Growth (%)64.4720.6319.1623.7623.29
    Current Ratio (x)0.780.873.093.0015.92
    Total Debt to Equity (x)0.050.000.000.000.00
    Contingent Liabilities2,023.492,399.031,763.71311.46665.73
    Annual FY 2021 FY 2020 FY 2019 FY 2018 FY 2017
    Total Assets1,79,567.951,32,162.381,30,005.361,10,481.4695,106.15
    Total Assets Growth (%)35.871.6617.6716.1724.24
    Total Liabilities1,68,375.221,25,362.461,24,349.721,05,732.2791,267.46
    Total Liabilities Growth (%)34.310.8117.6115.8524.27
    Total Equity11,192.736,799.925,655.644,749.193,838.69
    Total Equity Growth (%)64.6020.2319.0923.7223.49
    Current Ratio (x)0.760.870.793.0015.93
    Total Debt to Equity (x)0.050.000.000.000.00
    Contingent Liabilities2,020.502,397.861,762.961,031.51665.60

    All figures in Rs Cr, unless mentioned otherwise

  • Insights

    • Increase in Cash from Investing

      Company has used Rs 8946.28 cr for investing activities which is an YoY increase of 14.6%. (Source: Consolidated Financials)
    Annual FY 2021 FY 2020 FY 2019 FY 2018 FY 2017
    Net Cash flow from Operating Activities9,702.847,378.339,868.306,739.286,230.25
    Net Cash used in Investing Activities-8,946.28-7,806.56-10,181.78-4,421.15-5,175.21
    Net Cash flow from Financing Activities678.2937.97-337.17-196.35-235.59
    Net Cash Flow1,429.45-372.71-650.892,122.03817.39
    Closing Cash & Cash Equivalent7,218.475,779.966,152.676,803.564,681.53
    Closing Cash & Cash Equivalent Growth (%)24.89-6.06-9.5745.3321.15
    Total Debt/ CFO (x)0.060.000.000.000.00
    Annual FY 2021 FY 2020 FY 2019 FY 2018 FY 2017
    Net Cash flow from Operating Activities9,703.057,360.989,870.666,740.636,238.89
    Net Cash used in Investing Activities-8,995.29-7,772.69-10,185.59-4,422.69-5,106.26
    Net Cash flow from Financing Activities678.2937.97-337.17-196.35-235.59
    Net Cash Flow1,386.05-373.74-652.102,121.60897.04
    Closing Cash & Cash Equivalent7,161.035,774.986,148.736,800.824,679.23
    Closing Cash & Cash Equivalent Growth (%)24.00-6.08-9.5945.3423.72
    Total Debt/ CFO (x)0.060.000.000.000.00

    All figures in Rs Cr, unless mentioned otherwise

  • Annual FY 2021 FY 2020 FY 2019 FY 2018 FY 2017
    Return on Equity (%)12.1519.0722.6423.3823.17
    Return on Capital Employed (%)0.791.031.031.060.99
    Return on Assets (%)0.750.980.981.000.93
    Interest Coverage Ratio (x)51.180.000.000.000.00
    Asset Turnover Ratio (x)0.931.261.261.171.06
    Price to Earnings (x)104.1768.9759.8882.64-
    Price to Book (x)12.5613.1113.5319.27-
    EV/EBITDA (x)101.4367.3258.1780.10-
    EBITDA Margin (%)82.2678.8378.4786.7889.40
    Annual FY 2021 FY 2020 FY 2019 FY 2018 FY 2017
    Return on Equity (%)12.1519.0622.5723.3523.24
    Return on Capital Employed (%)0.791.031.031.061.00
    Return on Assets (%)0.750.980.981.000.93
    Interest Coverage Ratio (x)51.180.000.000.000.00
    Asset Turnover Ratio (x)0.911.231.241.161.06
    Price to Earnings (x)104.1768.9759.8882.64-
    Price to Book (x)12.5613.1213.5019.21-
    EV/EBITDA (x)101.5467.4458.2479.99-
    EBITDA Margin (%)84.2580.5179.8587.8590.22
  • MANAGEMENT DISCUSSION AND ANALYSIS (FY 20-21)

    • Digitisation

      Technology is evolving and disrupting businesses rapidly. Customer behaviour is evolving as quickly, hastening the need and importance of providing a frictionless end-to end buying experience. Online is no longer a channel, but a way of doing business and servicing customers. The current pandemic has further accelerated the adoption of technology across multiple lines of business. Higher digital adoption by customers and distributors requires insurers to develop strong technological capabilities and highly efficient platforms, which are powered by analytics, automation and artificial intelligence.

    • Risk and concerns

      The life insurance industry faces a number of risks due to rapidly evolving customer behaviour, changing demographic profile, increasing competition and dynamic macroeconomic conditions. The financial conditions and future prospects of companies may be significantly affected by factors such as market fluctuations, changes in tax rates or in interest rates. Risks also exist in the form of a change in the relationship with key distribution partners. The ongoing pandemic poses short-term pressures to the industry, including but not limited to growth, mortality, persistency and solvency.

    • Performance of subsidiary

      HDFC Pension Management Company Limited (?HDFC Pension?), a wholly owned subsidiary of HDFC Life Insurance Company Limited, started its operations in August 2013. With an AUM of ` 16,384 crore as on March 31, 2021, it is the largest Pension Fund Manager (PFM) in the retail and corporate National Pension Scheme (NPS) segment. Over the year, its market share has increased to 34.4% from 31.1%. HDFC Pension is also the fastest growing PFM under the NPS architecture with YoY growth of 98% in AUM. The Company has about 7.6 lakh customers under the retail and corporate NPS segment as on March 31, 2021.

Financial InsightsHDFC Life Insurance Company Ltd.

  • Income (P&L)
  • Balance Sheet
  • Cash Flow
    • Quarterly Topline Performance

      Company witnessed QoQ revenue decline of 32.38%, which is lowest in the last 3 years. (Source: Consolidated Financials)

    • Topline Contraction

      Sales de-grew by 0.25%. Company witnessed revenue contraction for the first time in last 3 years. (Source: Consolidated Financials)

    • Undertaking New Debt

      Company has outstanding debt obligations for the first time in last 5 years. (Source: Consolidated Financials)

    • Increase in Cash from Investing

      Company has used Rs 8946.28 cr for investing activities which is an YoY increase of 14.6%. (Source: Consolidated Financials)

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Forecast

  • PRICE

  • REVENUE

  • EARNINGS

  • Forecast

    Forecast

    Current Year - 2021

    717.755.40 (0.76%)

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  • Forecast

    • Estimated
    • Actual

    Forecast

    Analysis for

    All values are in (Cr), unless mentioned otherwise

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  • Forecast

    • Estimated
    • Actual

    Forecast

    Analysis for

    All values are in , unless mentioned otherwise

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Technicals

  • Buy / Sell Signals

  • Price Analysis

  • Pivot Levels & ATR

  • Chart

  • Stock doesnt have any Buy/Sell Signals.

  • 45%

    Positive Movement since
    1st Jan 2005 on basis

    55%

    Negative Movement since
    1st Jan 2005 on basis

    Exclude

  • Pivot Levels

    R1R2R3PIVOTS1S2S3
    Classic723.13728.52743.42713.62708.23698.72683.82

    Average True Range

    5 DAYS14 DAYS28 DAYS
    ATR12.0011.2611.57

Peer Comparison

  • Stock Performance

  • Ratio Performance

    • CHART
    • TABLE

    Insights

    • Stock Returns vs Nifty 100

      Stock gave a 3 year return of 54.27% as compared to Nifty 100 which gave a return of 41.19%. (as of last trading session)
    • Stock Returns vs Nifty Financial Services

      Stock generated 54.27% return as compared to Nifty Financial Services which gave investors 49.19% return over 3 year time period. (as of last trading session)
    • 1D
    • 1W
    • 1M
    • 3M
    • 6M
    • 1Y
    • 5Y
  • Insights

    • Stock Returns vs Nifty 100

      Stock gave a 3 year return of 54.27% as compared to Nifty 100 which gave a return of 41.19%. (as of last trading session)
    • Stock Returns vs Nifty Financial Services

      Stock generated 54.27% return as compared to Nifty Financial Services which gave investors 49.19% return over 3 year time period. (as of last trading session)

    Ratio Performance

    NAMEP/E (x)P/B (x)ROE %ROCE %ROA %Rev CAGR [3Yr]OPMNPMBasic EPSCurrent RatioTotal Debt/ Equity (x)Total Debt/ CFO (x)
    HDFC Life123.0112.9712.150.790.758.6182.2581.046.740.780.050.06
    SBI Life92.5613.6416.260.860.8522.0472.8873.3314.221.930.000.00
    ICICI Pru Life195.647.787.900.520.4414.3540.2834.696.661.040.100.00
    Max Financial118.9413.326.750.610.196.092.421.495.3830.860.000.00
    Add More

    Annual Ratios (%)

    See All Parameters

Peers InsightsHDFC Life Insurance Company Ltd.

  • Stock Returns vs Nifty 100

    Stock gave a 3 year return of 54.27% as compared to Nifty 100 which gave a return of 41.19%. (as of last trading session)

  • Stock Returns vs Nifty Financial Services

    Stock generated 54.27% return as compared to Nifty Financial Services which gave investors 49.19% return over 3 year time period. (as of last trading session)

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Shareholding Pattern

  • QOQ Change

  • Total Shareholdings

  • Showing Shareholding as on 30 Jun 2021

    Category30 Jun 202131 Mar 202131 Dec 202030 Sep 2020
    Promoters53.8458.8658.8760.40
    Pledge0.000.000.000.00
    FII26.3225.8824.9923.54
    DII5.606.046.967.19
    Mutual Funds3.834.285.015.26
    Others14.249.229.188.87
  • Showing Shareholding as on 30 Jun 2021

    CategoryNo. of SharesPercentage% Change QoQ
    Promoters1,08,86,59,43053.84 %-5.02
    Pledge00.00 %0.00
    FII53,22,54,18926.32 %0.44
    DII11,33,31,0995.60 %-0.44
    MF7,74,90,7313.83 %-0.45
    Others28,78,95,57814.24 %5.02

MF Ownership

MF Ownership details are not available.

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F&O Quote

  • Futures

  • Options

    • Expiry

    Open Interest

    2,05,02,900-260,700 (-1.27%)

    OpenHighLowPrev CloseContracts TradedTurnover (₹ Lakhs)
    711.15719.55705.50713.30027,303.30

    Open Interest as of 31 Aug 2021

Corporate Actions

  • Board Meeting/AGM

  • Dividends

  • Others
  • Meeting DateAnnounced onPurposeDetails
    Jul 19, 2021Jun 30, 2021Board MeetingQuarterly Results
    Jul 19, 2021Apr 26, 2021AGM-
    Apr 26, 2021Mar 31, 2021Board MeetingAudited Results
    Jan 22, 2021Dec 31, 2020Board MeetingQuarterly Results
    Oct 19, 2020Oct 12, 2020Board MeetingQuarterly Results
  • TypeDividendDividend per ShareEx-Dividend DateAnnounced on
    Final20%2.02Jun 30, 2021Apr 26, 2021
    Interim16%1.63Mar 14, 2019Mar 05, 2019
    Interim13%1.36Dec 15, 2017Dec 04, 2017
  • No other corporate actions details are available.

About HDFC Life

HDFC Life Insurance Company Ltd., incorporated in the year 2000, is a Large Cap company (having a market cap of Rs 145,139.12 Crore) operating in Financial Services sector. HDFC Life Insurance Company Ltd. key Products/Revenue Segments include Amount transferred from Policyholder Account, Interest, Dividend & Rent and Profit/Loss on Sale/Redemption of Investments for the year ending 31-Mar-2021. Show More

  • Executives

  • Auditors

  • VP

    Vibha Padalkar

    Managing Director & CEO

    SB

    Suresh Badami

    Executive Director

    BG

    Bharti Gupta Ramola

    Director

    Show More

  • Price Waterhouse Chartered Accountants LLP

    G M Kapadia & Co

Key Indices Listed on

Nifty 50, Nifty 100, Nifty 200, + 22 more

Address

13th Floor, Lodha Excelus,Apollo Mills Compound,N M Joshi Marg,Mumbai, Maharashtra - 400011

More Details

Brands

HDFC Life Share Price Update

HDFC Life Insurance Company Ltd. share price moved up by 0.76% from its previous close of Rs 712.35. HDFC Life Insurance Company Ltd. stock last traded price is 717.75

Share PriceValue
Today/Current/Last717.75
Previous Day712.35

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