HDFC Life Insurance Company Ltd

₹ 627 0.27%

05 Feb 9:22 a.m.

About

HDFC Life Insurance Company is engaged in carrying on the business of life insurance. The Company offers a range of individual and group insurance solutions. The portfolio comprises of various insurance and investment products such as Protection, Pension, Savings,(Source : 202003 Annual Report Page No: 175)

Key Points

Parentage
HDFC Bank Ltd (HBL), the promoter group, holds a 50.3% stake as of Q3 FY25. As India’s largest private sector bank by balance sheet size, HBL and its subsidiaries offer a wide array of financial services, including non-banking financial services, insurance, asset management, and broking. ^[1] ^[2] ^[3]

Website BSE NSE

Market Cap ₹ 1,35,035 Cr.
Current Price ₹ 627
High / Low ₹ 761 / 511
Stock P/E 77.7
Book Value ₹ 73.3
Dividend Yield 0.32 %
ROCE 6.58 %
ROE 11.4 %
Face Value ₹ 10.0

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Pros

Company has been maintaining a healthy dividend payout of 29.1%

Cons

Stock is trading at 8.54 times its book value
Tax rate seems low
Company has a low return on equity of 10.3% over last 3 years.
Earnings include an other income of Rs.440 Cr.

* 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.

Peer comparison

Sector: Insurance Industry: Finance & Investments

Part of Nifty 50 Equal Weight Nifty 50 BSE 100 LargeCap TMC Index Nifty100 ESG BSE LargeCap BSE SENSEX Next 50 Nifty 100 Equal Weight BSE 100 ESG Index (INR) Nifty Financial Services BSE Financial Services BSE Allcap BSE Dollex 200 Nifty 500 Nifty 200 Nifty 100 Nifty Services Sector Nifty Total Market BSE 500 BSE 100 Nifty Financial Services 25/50 Nifty 500 Multicap 50:25:25 BSE 200 BSE 250 LargeMidCap Index BSE Diversified Financials Revenue Growth Index (I Nifty LargeMidcap 250

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Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024
	14,285	15,834	6,665	23,053	19,551	20,812	23,340	23,097	26,886	27,992	26,891	28,449	17,235
	14,108	15,726	6,357	22,782	19,754	21,165	23,006	23,503	26,613	27,699	26,565	28,742	16,775
Operating Profit	177	108	308	272	-203	-353	334	-406	274	293	326	-293	460
OPM %	1%	1%	5%	1%	-1%	-2%	1%	-2%	1%	1%	1%	-1%	3%
	116	368	68	80	386	873	104	125	91	156	73	260	-49
Interest	0	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation	0	0	0	0	0	0	0	0	0	0	0	0	0
Profit before tax	293	476	376	352	183	521	438	-281	364	449	399	-33	411
Tax %	7%	25%	4%	7%	-72%	31%	5%	-234%	-0%	8%	-20%	-1,408%	-1%
	274	358	360	326	315	359	415	377	365	412	478	433	415
EPS in Rs	1.35	1.69	1.70	1.52	1.47	1.67	1.93	1.75	1.70	1.91	2.22	2.01	1.93
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	TTM
	14,060	17,164	27,213	18,138	30,642	32,246	38,360	29,351	71,447	65,402	70,081	101,316	100,568
	13,535	16,559	26,339	17,473	29,665	31,170	37,517	28,211	70,166	64,731	69,982	100,740	99,781
Operating Profit	525	605	874	665	977	1,076	843	1,140	1,282	671	100	575	786
OPM %	4%	4%	3%	4%	3%	3%	2%	4%	2%	1%	0%	1%	1%
	28	241	79	398	139	281	506	367	442	746	1,407	474	440
Interest	15	11	-14	8	9	11	14	0	45	0	0	0	0
Depreciation	35	41	43	45	41	44	45	46	51	52	75	78	0
Profit before tax	503	794	924	1,010	1,066	1,302	1,290	1,461	1,628	1,365	1,432	971	1,227
Tax %	11%	9%	15%	19%	16%	15%	1%	11%	16%	12%	5%	-62%
	448	725	786	818	892	1,109	1,277	1,295	1,360	1,208	1,360	1,569	1,737
EPS in Rs	2.24	3.64	3.94	4.10	4.46	5.51	6.33	6.42	6.73	5.72	6.33	7.29	8.07
Dividend Payout %	0%	14%	18%	22%	25%	25%	26%	0%	30%	30%	30%	27%

Compounded Sales Growth
10 Years:	19%
5 Years:	21%
3 Years:	12%
TTM:	7%

Compounded Profit Growth
10 Years:	8%
5 Years:	4%
3 Years:	5%
TTM:	15%

Stock Price CAGR
10 Years:	%
5 Years:	1%
3 Years:	0%
1 Year:	6%

Return on Equity
10 Years:	16%
5 Years:	13%
3 Years:	10%
Last Year:	11%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Sep 2024
Equity Capital	1,995	1,995	1,995	1,995	1,998	2,012	2,017	2,019	2,021	2,113	2,149	2,151	2,152
Reserves	-657	-66	547	1,113	1,840	2,707	3,638	4,781	6,617	13,373	10,837	12,501	13,433
	0	0	0	0	0	0	0	0	600	600	950	950	950
	40,581	50,347	66,767	73,440	91,267	105,762	124,350	125,362	170,344	194,303	233,985	286,905	319,623
Total Liabilities	41,918	52,275	69,309	76,549	95,106	110,481	130,005	132,162	179,582	210,389	247,922	302,507	336,159
	252	279	345	334	337	336	323	322	584	964	996	1,545	455
CWIP	29	10	6	12	16	5	10	8	13	19	30	27	0
Investments	40,405	50,529	67,025	74,230	91,738	106,603	124,972	127,226	173,582	203,530	238,136	291,064	324,942
	1,232	1,457	1,932	1,972	3,016	3,537	4,700	4,606	5,402	5,876	8,760	9,871	10,761
Total Assets	41,918	52,275	69,309	76,549	95,106	110,481	130,005	132,162	179,582	210,389	247,922	302,507	336,159

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
	4,461	5,690	6,239	6,741	9,871	7,361	9,703	5,540	6,882	10,725
	-3,516	-4,045	-5,106	-4,423	-10,186	-7,773	-8,995	-1,402	-10,072	-13,632
	-168	-212	-236	-196	-337	38	678	-238	1,985	-403
Net Cash Flow	777	1,433	897	2,122	-652	-374	1,386	3,900	-1,206	-3,310

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Debtor Days	0	0	0	0	0	0	2	0	0	0	0	0
Inventory Days
Days Payable
Cash Conversion Cycle	0	0	0	0	0	0	2	0	0	0	0	0
Working Capital Days	-1	-6	-11	-27	-20	-25	-17	-17	-13	-12	-12	-8
ROCE %	47%	49%	41%	36%	31%	31%	25%	23%	21%	11%	10%	7%

Shareholding Pattern

Numbers in percentages

	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024
	51.53%	51.52%	50.32%	50.32%	50.31%	50.33%	50.39%	50.37%	50.37%	50.37%	50.34%	50.32%
	26.31%	27.66%	28.81%	30.15%	29.85%	30.89%	30.53%	31.28%	30.03%	26.63%	25.63%	25.14%
	7.81%	6.92%	6.88%	5.98%	6.42%	6.16%	6.87%	6.56%	7.93%	11.24%	13.25%	13.72%
	14.32%	13.88%	13.97%	13.50%	13.36%	12.58%	12.18%	11.76%	11.64%	11.74%	10.75%	10.76%
	0.03%	0.03%	0.03%	0.03%	0.03%	0.03%	0.03%	0.03%	0.03%	0.03%	0.03%	0.03%
No. of Shareholders	10,34,124	9,98,779	10,35,193	9,92,975	10,05,702	9,26,138	8,75,877	8,44,728	8,58,844	8,92,355	7,83,844	7,91,447

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Dec 2024
	80.93%	76.14%	63.69%	58.86%	51.53%	50.31%	50.37%	50.32%
	8.92%	10.52%	21.07%	25.67%	26.31%	29.85%	30.03%	25.14%
	2.41%	3.40%	6.08%	6.25%	7.81%	6.42%	7.93%	13.72%
	7.69%	9.92%	9.13%	9.20%	14.32%	13.36%	11.64%	10.76%
	0.04%	0.03%	0.03%	0.03%	0.03%	0.03%	0.03%	0.03%
No. of Shareholders	3,40,297	3,99,373	5,30,777	7,42,196	10,34,124	10,05,702	8,58,844	7,91,447

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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