HDFC Life Insurance Company Ltd

₹ 688 2.05%

22 Nov - close price

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

Started As Joint Venture
HDFC Life is incorporated as a JV between HDFC and Standard Life Aberdeen and is one of India's leading life insurance companies^[1]

Website BSE NSE

Market Cap ₹ 1,48,138 Cr.
Current Price ₹ 688
High / Low ₹ 761 / 511
Stock P/E 87.5
Book Value ₹ 72.5
Dividend Yield 0.29 %
ROCE 6.61 %
ROE 11.4 %
Face Value ₹ 10.0

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Pros

Company is almost debt free.
Company has been maintaining a healthy dividend payout of 28.1%

Cons

Stock is trading at 9.49 times its book value
Tax rate seems low
Company has a low return on equity of 10.6% over last 3 years.
Earnings include an other income of Rs.645 Cr.
Promoter holding has decreased over last 3 years: -3.47%

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

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Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024
	20,548	14,311	17,482	6,690	23,083	19,577	20,857	23,371	23,142	26,927	28,041	26,934	28,497
	20,420	14,137	17,228	6,386	22,815	19,787	21,215	23,045	23,557	26,662	27,766	26,623	28,807
Operating Profit	128	174	253	304	268	-210	-358	326	-415	265	275	311	-310
OPM %	1%	1%	1%	5%	1%	-1%	-2%	1%	-2%	1%	1%	1%	-1%
	164	121	374	74	87	394	882	114	136	102	174	90	279
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	292	295	628	378	355	184	525	440	-279	367	450	401	-30
Tax %	6%	7%	19%	4%	7%	-72%	31%	5%	-235%	-0%	8%	-20%	-1,541%
	276	275	506	361	329	316	362	417	378	368	412	479	435
EPS in Rs	1.36	1.36	2.40	1.71	1.53	1.47	1.68	1.94	1.76	1.71	1.91	2.23	2.02
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	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	17,166	27,215	18,141	30,647	32,260	38,855	29,380	71,528	67,126	70,207	101,482	110,400
	13,535	16,561	26,341	17,187	29,674	31,186	37,640	28,239	70,294	66,348	70,127	100,951	109,857
Operating Profit	525	605	874	953	972	1,074	1,215	1,141	1,235	778	80	531	542
OPM %	4%	4%	3%	5%	3%	3%	3%	4%	2%	1%	0%	1%	0%
	28	241	79	108	139	282	136	369	445	766	1,437	525	645
Interest	15	11	-14	8	9	11	14	0	0	0	0	0	0
Depreciation	35	41	43	45	41	44	45	47	51	56	76	79	0
Profit before tax	502	794	924	1,008	1,061	1,300	1,291	1,463	1,629	1,487	1,441	977	1,187
Tax %	11%	9%	15%	19%	16%	15%	1%	11%	16%	11%	5%	-61%
	447	725	786	817	887	1,107	1,278	1,297	1,361	1,327	1,368	1,574	1,693
EPS in Rs	2.24	3.64	3.94	4.09	4.44	5.50	6.33	6.43	6.73	6.28	6.37	7.32	7.87
Dividend Payout %	0%	14%	18%	22%	25%	25%	26%	0%	30%	27%	30%	27%

Compounded Sales Growth
10 Years:	19%
5 Years:	21%
3 Years:	12%
TTM:	27%

Compounded Profit Growth
10 Years:	8%
5 Years:	6%
3 Years:	5%
TTM:	15%

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

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

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	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	-658	-67	546	1,108	1,828	2,693	3,625	4,788	6,619	13,501	10,844	12,515	13,449
	0	0	0	0	0	0	0	0	600	600	950	950	950
	40,581	50,347	66,767	73,441	91,270	105,778	124,378	125,417	170,415	214,521	234,126	287,071	320,204
Total Liabilities	41,918	52,275	69,309	76,544	95,097	110,483	130,020	132,224	179,655	230,734	248,069	302,687	336,755
	252	279	346	335	337	336	370	322	585	6,605	997	1,549	460
CWIP	29	10	6	12	16	5	10	8	14	20	31	28	0
Investments	40,404	50,527	67,024	74,144	91,723	106,590	124,958	127,256	173,564	216,551	238,197	291,128	325,023
	1,232	1,458	1,932	2,053	3,020	3,551	4,682	4,637	5,493	7,559	8,844	9,982	11,272
Total Assets	41,918	52,275	69,309	76,544	95,097	110,483	130,020	132,224	179,655	230,734	248,069	302,687	336,755

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
	4,459	5,687	6,230	6,739	9,868	7,388	9,703	5,943	6,883	10,721
	-3,514	-3,962	-5,177	-4,421	-10,182	-7,789	-8,952	-801	-10,071	-13,614
	-168	-212	-236	-196	-337	38	678	-238	1,985	-403
Net Cash Flow	777	1,513	817	2,122	-651	-364	1,429	4,904	-1,203	-3,296

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	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	-22	-11	-11	-27	-20	-25	-16	-17	-13	-11	-12	-8
ROCE %		49%	41%	36%	31%	31%	23%	24%	20%	12%	10%	7%

Shareholding Pattern

Numbers in percentages

	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024
	53.77%	51.53%	51.52%	50.32%	50.32%	50.31%	50.33%	50.39%	50.37%	50.37%	50.37%	50.34%
	30.45%	26.31%	27.66%	28.81%	30.15%	29.85%	30.89%	30.53%	31.28%	30.03%	26.63%	25.63%
	6.08%	7.81%	6.92%	6.88%	5.98%	6.42%	6.16%	6.87%	6.56%	7.93%	11.24%	13.25%
	9.68%	14.32%	13.88%	13.97%	13.50%	13.36%	12.58%	12.18%	11.76%	11.64%	11.74%	10.75%
	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	9,15,073	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

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Sep 2024
	80.93%	76.14%	63.69%	58.86%	51.53%	50.31%	50.37%	50.34%
	8.92%	10.52%	21.07%	25.67%	26.31%	29.85%	30.03%	25.63%
	2.41%	3.40%	6.08%	6.25%	7.81%	6.42%	7.93%	13.25%
	7.69%	9.92%	9.13%	9.20%	14.32%	13.36%	11.64%	10.75%
	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	7,83,844

* 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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