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Insights

View All

  • Over the years non-performing assets have remained consistently lowest and have weathered all slowdowns which the Indian economy has witnessed.

  • Low interest rates, soft property prices and consolidation that is taking place in housing finance space since early 2019 are tailwinds. However, lockdowns and subsequent volatility in disposable income of individuals and stress on balance sheet of real estate developers will act headwinds in next couple of quarters.

  • Retail loan portfolio constitutes the largest part of its loan book. For FY-20, it stood at 76 per cent, while corporate exposure of the loan book was at 5 per cent, construction finance at 11 per cent and commercial lease rental discounting at 8 per cent.

  • As on 31st March 2020, 26 per cent of the loan book had originated from sales done at HDFC Bank, while third party sellers stood at 17 per cent and walk-in customers were just 3 per cent. With this, there is good scope for use of digital platform to connect directly with customers and save on commissions.

InsightsHousing Development Finance Corporation Ltd.

  • Lowest NPA in industry

    Over the years non-performing assets have remained consistently lowest and have weathered all slowdowns which the Indian economy has witnessed.

  • Head and Tail - Winds

    Low interest rates, soft property prices and consolidation that is taking place in housing finance space since early 2019 are tailwinds. However, lockdowns and subsequent volatility in disposable income of individuals and stress on balance sheet of real estate developers will act headwinds in next couple of quarters.

  • Individual focused

    Retail loan portfolio constitutes the largest part of its loan book. For FY-20, it stood at 76 per cent, while corporate exposure of the loan book was at 5 per cent, construction finance at 11 per cent and commercial lease rental discounting at 8 per cent.

  • Sourcing of loans

    As on 31st March 2020, 26 per cent of the loan book had originated from sales done at HDFC Bank, while third party sellers stood at 17 per cent and walk-in customers were just 3 per cent. With this, there is good scope for use of digital platform to connect directly with customers and save on commissions.

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Key Metrics

  • 25.06
  • 111.69
  • 5,05,340
  • 1
  • 3.00
  • 0.82
  • 2.00
  • 1.09
  • 2,789.41

Returns

  • 1 Day1.55%
  • 1 Week3.99%
  • 1 Month14.64%
  • 3 Months9.62%
  • 1 Year52.71%
  • 3 Years44.55%
  • 5 Years99.12%

HDFC 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

STRONG BUY

Current

Mean Recos by 35 Analysts

Strong
Sell
SellHoldBuyStrong
Buy

  • Target₹1859
  • OrganizationAngel Broking
  • BUY
  • Target₹2778
  • OrganizationICICI Direct
  • BUY

Analyst Trends

RatingsCurrent1 Week Ago1 Month Ago3 Months Ago
Strong Buy22222121
Buy10101011
Hold3344
Sell----
Strong Sell----
# Analysts35353536

Financials

  • Income (P&L)

  • Balance Sheet

  • Cash Flow

  • Ratios

  • MD&A

  • Insights

    • Beating 3 Yr Revenue CAGR

      Companys annual revenue growth of 36.62% outperformed its 3 year CAGR of 20.11%. (Source: Consolidated Financials)
    • Employee & Interest Expense

      Company has spent 20.92% of its operating revenues towards interest expenses and 1.22% towards employee cost in the year ending Mar 31, 2021. (Source: Consolidated Financials)
    Quarterly | AnnualJun 2021Mar 2021Dec 2020Sep 2020Jun 2020
    Total Income30,997.1335,753.8639,267.5934,090.4529,959.34
    Total Income Growth (%)-13.30-8.9515.1913.7980.13
    Total Expenses19,959.8924,301.5827,262.5622,308.2418,801.77
    Total Expenses Growth (%)-17.87-10.8622.2118.65241.95
    EBIT11,037.2411,452.2812,005.0311,782.2111,157.57
    EBIT Growth (%)-3.62-4.601.895.600.21
    Profit after Tax (PAT)5,041.175,350.025,176.764,599.683,613.60
    PAT Growth (%)-5.773.3512.5527.29-12.21
    EBIT Margin (%)35.6132.0330.5734.5637.24
    Net Profit Margin (%)16.2614.9613.1813.4912.06
    Basic EPS (₹)27.9329.6928.7926.0320.86
    Quarterly | AnnualJun 2021Mar 2021Dec 2020Sep 2020Jun 2020
    Total Income11,663.1411,707.5311,716.3411,732.7013,019.29
    Total Income Growth (%)-0.38-0.08-0.14-9.888.66
    Total Expenses1,236.651,217.641,131.15801.811,595.41
    Total Expenses Growth (%)1.567.6541.07-49.74-1.96
    EBIT10,426.4910,489.8910,585.1910,930.8911,423.88
    EBIT Growth (%)-0.60-0.90-3.16-4.3210.33
    Profit after Tax (PAT)3,000.673,179.832,925.832,870.123,051.52
    PAT Growth (%)-5.638.681.94-5.9436.68
    EBIT Margin (%)89.4089.6090.3593.1787.75
    Net Profit Margin (%)25.7327.1624.9724.4623.44
    Basic EPS (₹)16.6317.6516.2716.2417.62
    Quarterly | Annual FY 2021 FY 2020 FY 2019 FY 2018 FY 2017
    Total Revenue1,39,071.241,01,795.9096,194.8779,819.6061,087.63
    Total Revenue Growth (%)36.625.8220.5230.6614.70
    Total Expenses1,21,755.4181,348.7581,485.7369,548.7148,438.08
    Total Expenses Growth (%)49.67-0.1717.1643.5816.31
    Profit after Tax (PAT)18,740.0621,434.5716,231.7611,979.9011,051.12
    PAT Growth (%)-12.5732.0535.498.408.45
    Operating Profit Margin (%)33.3751.6646.1144.0257.80
    Net Profit Margin (%)13.4721.0716.9215.0718.46
    Basic EPS (₹)105.59124.1495.4074.7768.87
    Quarterly | Annual FY 2021 FY 2020 FY 2019 FY 2018 FY 2017
    Total Revenue48,175.8658,763.3443,378.0140,707.4933,159.60
    Total Revenue Growth (%)-18.0235.476.5622.767.12
    Total Expenses33,360.7738,412.4230,259.2427,517.8522,432.96
    Total Expenses Growth (%)-13.1526.949.9622.677.60
    Profit after Tax (PAT)12,027.3017,769.659,632.4610,959.347,442.64
    PAT Growth (%)-32.3284.48-12.1147.254.93
    Operating Profit Margin (%)90.1987.4294.4890.1698.47
    Net Profit Margin (%)24.9730.2522.2226.9323.17
    Basic EPS (₹)67.77102.9156.5367.3146.08

    All figures in Rs Cr, unless mentioned otherwise

  • Annual FY 2021 FY 2020 FY 2019 FY 2018 FY 2017
    Total Assets8,29,354.907,29,814.936,60,875.125,66,609.214,74,137.34
    Total Assets Growth (%)13.6410.4316.6419.5019.23
    Total Liabilities6,63,737.435,95,978.455,42,896.604,69,741.653,22,074.83
    Total Liabilities Growth (%)11.379.7815.5745.8513.71
    Total Equity1,65,617.471,33,836.481,17,978.5296,867.5663,531.88
    Total Equity Growth (%)23.7513.4421.7952.4719.36
    Current Ratio (x)2.372.432.502.810.42
    Total Debt to Equity (x)2.853.363.473.663.40
    Contingent Liabilities6,540.357,229.936,972.266,079.364,561.50
    Annual FY 2021 FY 2020 FY 2019 FY 2018 FY 2017
    Total Assets5,67,598.585,24,093.564,58,777.553,98,909.593,37,306.04
    Total Assets Growth (%)8.3014.2415.0118.2616.81
    Total Liabilities4,58,815.934,37,935.503,81,422.083,33,644.682,97,660.66
    Total Liabilities Growth (%)4.7714.8214.3212.0916.90
    Total Equity1,08,782.6586,158.0677,355.4765,264.9139,645.38
    Total Equity Growth (%)26.2611.3818.5364.6216.19
    Current Ratio (x)4.674.264.906.570.34
    Total Debt to Equity (x)4.064.864.724.904.85
    Contingent Liabilities4,377.354,693.845,069.774,946.014,288.96

    All figures in Rs Cr, unless mentioned otherwise

  • Insights

    • Decrease in Cash from Investing

      Company has used Rs 6958.33 cr for investing activities which is an YoY decrease of 29.53%. (Source: Consolidated Financials)
    Annual FY 2021 FY 2020 FY 2019 FY 2018 FY 2017
    Net Cash flow from Operating Activities-27,276.43-26,801.02-44,301.42-57,928.01-14,173.09
    Net Cash used in Investing Activities-6,958.33-9,873.65-10,315.61-7,953.65-27,228.29
    Net Cash flow from Financing Activities31,664.9838,689.8254,985.6463,344.1043,127.32
    Net Cash Flow-2,569.782,015.15368.61-2,537.561,718.46
    Closing Cash & Cash Equivalent2,628.685,198.463,183.312,814.705,357.78
    Closing Cash & Cash Equivalent Growth (%)-49.4363.3013.10-47.4747.22
    Total Debt/ CFO (x)-16.39-15.87-8.75-5.81-14.42
    Annual FY 2021 FY 2020 FY 2019 FY 2018 FY 2017
    Net Cash flow from Operating Activities-28,473.19-43,816.79-40,095.72-55,903.95-36,119.22
    Net Cash used in Investing Activities-8,499.78-5,854.23-9,951.80-3,586.61-1,390.35
    Net Cash flow from Financing Activities34,601.0652,452.1049,176.1956,505.5839,087.85
    Net Cash Flow-2,371.912,781.08-871.33-2,984.981,570.80
    Closing Cash & Cash Equivalent769.973,141.88360.801,232.144,208.90
    Closing Cash & Cash Equivalent Growth (%)-75.49770.81-70.72-70.7359.54
    Total Debt/ CFO (x)-15.50-9.56-9.11-5.72-5.32

    All figures in Rs Cr, unless mentioned otherwise

  • Annual FY 2021 FY 2020 FY 2019 FY 2018 FY 2017
    Return on Equity (%)11.9516.9414.5213.0318.40
    Return on Capital Employed (%)9.1311.5710.609.2410.71
    Return on Assets (%)2.252.932.452.112.33
    Interest Coverage Ratio (x)1.601.641.501.421.58
    Asset Turnover Ratio (x)16.7613.9314.5114.0212.62
    Price to Earnings (x)24.1013.1820.8825.5821.60
    Price to Book (x)2.882.233.033.333.97
    EV/EBITDA (x)19.3313.4416.4218.3512.65
    EBITDA Margin (%)33.6251.9146.2144.1757.98
    Annual FY 2021 FY 2020 FY 2019 FY 2018 FY 2017
    Return on Equity (%)11.0520.6212.4516.7918.77
    Return on Capital Employed (%)9.7012.7411.1810.8116.00
    Return on Assets (%)2.113.392.092.742.20
    Interest Coverage Ratio (x)1.521.661.471.561.51
    Asset Turnover Ratio (x)8.4811.209.4410.209.51
    Price to Earnings (x)37.5915.9035.2127.9332.15
    Price to Book (x)4.143.284.384.686.02
    EV/EBITDA (x)20.4413.5517.1216.9913.40
    EBITDA Margin (%)90.5287.6794.6390.2898.65
  • MANAGEMENT DISCUSSION AND ANALYSIS (FY 20-21)

    • Broader risk aversion

      Total foreign portfolio investment inflows in debt and equity stood at USD 37 billion in FY21. Foreign exchange reserves stood at USD 577 billion as at March 31, 2021. India now holds the fourth largest foreign exchange reserves in the world. As at March 31, 2021, year-on-year bank deposit growth grew by 11.4%, however, bank credit growth remained subdued at 5.6% despite sharp reductions in interest rates, reflecting a continued risk averse environment.

    • High on retail, slow on corporate

      The individual loan business was impacted in the first half of the financial year due to the imposition of a strict national lockdown. The growth trajectory improved gradually as restrictions were lifted and from September 2020 onwards, growth trends normalised. Subsequently, the demand for home loans surpassed expectations. The second half of FY21 saw strong growth of receipts, approvals and disbursements of individual loans by the Corporation. During the year, the risk averse environment continued for non-individual loans and the Corporation opted to restrict its lending to select, high rated entities.

    • Tighter industry regulations

      NBFC-HFCs are required to maintain liquidity buffers to withstand potential liquidity disruptions by ensuring that it has sufficient High Quality Liquid Assets (HQLA) to survive any acute liquidity stress scenario lasting for 30 days. As per the guidelines, the weighted values of the net cash flows are calculated after the application of respective haircuts for HQLA and considering stress factors on inflows at 75% and outflows at 115%.

Financial InsightsHousing Development Finance Corporation Ltd.

  • Income (P&L)
  • Cash Flow
    • Beating 3 Yr Revenue CAGR

      Companys annual revenue growth of 36.62% outperformed its 3 year CAGR of 20.11%. (Source: Consolidated Financials)

    • Employee & Interest Expense

      Company has spent 20.92% of its operating revenues towards interest expenses and 1.22% towards employee cost in the year ending Mar 31, 2021. (Source: Consolidated Financials)

    • Decrease in Cash from Investing

      Company has used Rs 6958.33 cr for investing activities which is an YoY decrease of 29.53%. (Source: Consolidated Financials)

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Forecast

  • PRICE

  • REVENUE

  • EARNINGS

  • Forecast

    Forecast

    Current Year - 2021

    2,798.5042.80 (1.55%)

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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

  • Bullish / Bearish signals for Housing Development Finance Corporation Ltd. basis selected technical indicators and moving average crossovers.

    MACD Crossover

    Bullish signal on daily chart

    Appeared on: 30 Aug 2021

    Region: Positive

    Last 4 Buy Signals:3 Aug 2021

    Average price gain of 3.43% within 10 days of Bullish signal in last 10 years

    5 Day EMA Crossover

    Bullish signal on daily chart

    Appeared on: 27 Aug 2021

    5D EMA: 2708.20

    Last 4 Buy Signals:30 Jul 2021

    Average price gain of 2.31% within 7 days of Bullish signal in last 5 years

  • 48%

    Positive Movement since
    1st Jan 2005 on basis

    52%

    Negative Movement since
    1st Jan 2005 on basis

    Exclude

  • Pivot Levels

    R1R2R3PIVOTS1S2S3
    Classic2757.422763.232778.082748.382742.572733.532718.68

    Average True Range

    5 DAYS14 DAYS28 DAYS
    ATR41.0345.9848.11

Peer Comparison

  • Stock Performance

  • Ratio Performance

    • CHART
    • TABLE

    Insights

    • Stock Returns vs Nifty 100

      Stock gave a 3 year return of 42.34% 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 42.34% 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 42.34% 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 42.34% 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)
    HDFC25.063.0511.959.132.2520.1133.379.75105.592.372.85-16.39
    LIC Housing9.891.1113.1510.961.1011.6891.5212.1747.634.1410.47-12.98
    Aavas Financiers63.497.8812.039.223.2230.4173.4826.1836.8652.312.64-5.92
    PNB Housing12.101.2410.4215.831.3011.4582.9412.2255.292.246.668.74
    Ibull Housing Fin8.560.647.4416.421.28-11.7385.6312.1027.722.204.269.71
    Add More

    Annual Ratios (%)

    Choose from Peers

    • HUDCO
    • Can Fin Homes
    • Home First Finance Company India Ltd.
    • Repco Home Fin
    • GIC Housing Fin

    See All Parameters

Peers InsightsHousing Development Finance Corporation Ltd.

  • Stock Returns vs Nifty 100

    Stock gave a 3 year return of 42.34% 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 42.34% 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
    Promoters0.000.000.000.00
    Pledge0.000.000.000.00
    FII72.2272.7871.9570.00
    DII16.4616.1217.1118.45
    Mutual Funds8.888.348.749.39
    Others11.3211.1010.9411.55
  • Showing Shareholding as on 30 Jun 2021

    CategoryNo. of SharesPercentage% Change QoQ
    FII1,30,40,47,93272.22 %-0.56
    DII29,74,15,09116.46 %0.34
    MF16,03,99,7678.88 %0.54
    Others20,42,90,22611.32 %0.22

MF Ownership

    • 1,459.49

      Amount Invested (in Cr.)

    • 4.71%

      % of AUM

    • 0.00

      % Change (MoM basis)

    • 1,232.06

      Amount Invested (in Cr.)

    • 4.36%

      % of AUM

    • 3.99

      % Change (MoM basis)

    • 1,176.63

      Amount Invested (in Cr.)

    • 4.04%

      % of AUM

    • -5.49

      % Change (MoM basis)

MF Ownership as on 31 July 2021

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  • Futures

  • Options

    • Expiry

    Price

    2,802.8039.80 (1.44%)

    Open Interest

    1,31,11,5003,84,900 (2.94%)

    OpenHighLowPrev CloseContracts TradedTurnover (₹ Lakhs)
    2,756.002,814.652,746.152,763.006,02583,987.37

    Open Interest as of 31 Aug 2021

Corporate Actions

  • Board Meeting/AGM

  • Dividends

  • Others
  • Meeting DateAnnounced onPurposeDetails
    Aug 02, 2021Jul 06, 2021Board MeetingQuarterly Results
    Jul 20, 2021May 07, 2021AGM-
    May 07, 2021Apr 07, 2021Board MeetingAudited Results & Dividend
    Feb 02, 2021Jan 04, 2021Board MeetingQuarterly Results
    Nov 02, 2020Oct 07, 2020Board MeetingQuarterly Results
  • TypeDividendDividend per ShareEx-Dividend DateAnnounced on
    Final1150%23.0May 31, 2021May 07, 2021
    Final1050%21.0Jul 09, 2020May 26, 2020
    -875%17.5Jul 19, 2019May 13, 2019
    Final875%17.5Jul 19, 2019May 13, 2019
    Interim175%3.5Mar 15, 2019Mar 06, 2019
  • All TypesEx-DateRecord DateAnnounced onDetails
    SplitsAug 18, 2010Aug 20, 2010May 03, 2010Split: Old FV10.0| New FV:2.0
    BonusDec 12, 2002Dec 16, 2002Oct 17, 2002Bonus Ratio: 1 share(s) for every 1 shares held

About HDFC

Housing Development Finance Corporation Ltd., incorporated in the year 1977, is a Large Cap company (having a market cap of Rs 505,340.05 Crore) operating in NBFC sector. Housing Development Finance Corporation Ltd. key Products/Revenue Segments include Interest, Income From Sale Of Share & Securities, Other Services, Dividend, Fees & Commission Income and Rental Income for the year ending 31-Mar-2021. Show More

  • Executives

  • Auditors

  • KM

    Keki M Mistry

    Vice Chairman & CEO

    RS

    Renu Sud Karnad

    Managing Director

    VS

    V Srinivasa Rangan

    Executive Director & CFO

    Show More

Key Indices Listed on

Nifty 50, S&P BSE Sensex, Nifty 100, + 29 more

Address

Ramon House,H T Parekh Marg,169, Backbay Reclamation,Mumbai, Maharashtra - 400020

More Details

Brands

HDFC Share Price Update

Housing Development Finance Corporation Ltd. share price moved up by 1.55% from its previous close of Rs 2,755.70. Housing Development Finance Corporation Ltd. stock last traded price is 2,798.50

Share PriceValue
Today/Current/Last2,798.50
Previous Day2,755.70

Trending in Markets

DATA SOURCES: TickerPlant (for live BSE/NSE quotes service) and Dion Global Solutions Ltd. (for corporate data, historical price & volume, F&O data). Sensex & BSE Quotes and Nifty & NSE Quotes are real-time and licensed from BSE and NSE respectively. All timestamps are reflected in IST (Indian Standard Time).

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