Report as on 31 May 2021 at 12:20 AM

STRONG
LONG TERM FUNDAMENTALS
11 Consecutive HDFC Bank
Positive Results
Buy
Mildly Bullish
Technical Trend
CMP: 1,501.15
High (61.02%) STOCK INFO:
Institutional Holding BSE – 500180/ NSE – HDFCBANK
Market Cap - Large Cap (Rs. 8,18,133 cr)
Sector – Private Banks
Largest Company 52 w H/L (Rs.) – 1650/857.4
Return on Assets: 1.78%
in Private Banks sector Net NPA: 0.4%
Gross NPA: 1.32%
CAR: 17.6%

www.marketsmojo.com
HDFC Bank
CMP: 1,501.15 Buy 72
Report as on 31 May 2021 at 12:20 AM
Strong Sell Sell Hold Buy Strong Buy

WHY IT’S A BUY? IS THIS STOCK FOR YOU?

Medium Risk, Medium Return (1 Year)
Strong Long Term Fundamental Strength with an
average Return on Assets (ROA) of 1.70% Absolute Risk Volatility
Adjusted
-Healthy long term growth as Net profit has grown
by an annual rate of 20.40% HDFC Bank 58.84% 2.00 29.49%
-The Bank has a high Capital Adequacy Ratio of SENSEX 59.70% 3.33 17.93%
15.32% signifying high buffers against its risk based
How much should you buy? -
assets
Overall Portfolio exposure to HDFC Bank should be less
The company has declared Positive results for than 10%
the last 11 consecutive quarters Overall Portfolio exposure to Private Banks should be
-NII(Q) Highest at Rs 17,120.15 cr less than 30%
-INTEREST EARNED(Q) Highest at Rs 30,423.59 cr (If sector exposure > 30%, please use optimiser tool to
see which are the best stocks to hold in Private Banks)
Stock is technically in a Mildly Bullish range When to exit? - We will constantly monitor the company
-The technical trend has deteriorated from Bullish and suggest at the appropriate time to exit from the
stock
on 15-Mar-21 and has generated -1.83% returns
since then
-Multiple factors for the stock are Bullish like MACD,
RETURNS SUMMARY (Price + Dividend)
Bollinger Band and KST The stock gave a total returns of 58.84% in the last 1 year
In line with Sensex returns of 59.70%
High Institutional Holdings at 61.02% 100%

-These investors have better capability and

resources to analyse fundamentals of companies 50%

than most retail investors.

0%

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WHAT ARE YOUR RISKS?
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With ROA of 1.8, it has a Expensive valuation with a HDFC Bank Ltd. SENSEX
4.1 Price to Book Value
-The stock is trading at a fair value compared to its
Investors Returns (3 years) –
average historical valuations
-Over the past year, while the stock has generated a Period 6M 1Y 2Y 3Y
return of 58.8%, its profits have risen by 18.5% ; the PEG
Stock (%) 4.2% 58.84% 25.9% 48.88%
ratio of the company is 1.5
Sector (%) 11.32% 11.32% 22.60% 47.63%
Underperformed the market in the last 1 year
-The stock has generated a return of 58.84% in the last 1 Sensex (%) 16.47% 59.70% 29.37% 46.23%
year, much lower than market (BSE 500) returns of
70.14%

MOJO PROFESSIONAL 1
HDFC Bank BUY | Report as on 31 May 2021 at 12:20 AM

BEFORE PROCEEDING AHEAD

This Real-Time Stock Analysis service is only for
PAID SUBSCRIBERS of www.marketsmojo.com

This Real-Time Stock Analysis Report was

generated on 31st May, 2021 at 12:20 AM, and
may not be valid if you are reading it later.

Some factors/data, as well as the buy/sell/hold call

might have changed.

To access the LATEST version of this report.

Click Here

MOJO PROFESSIONAL 2
HDFC Bank BUY | Report as on 31 May 2021 at 12:20 AM

QUALITY

STRONG LONG TERM FUNDAMENTAL

STRENGTH WITH AN AVERAGE RETURN ON
ASSETS (ROA) OF 1.70%

High Growth in Net Profit 40000Cr

of 20.4% CAGR
20.4% Company has experienced an increase
30000Cr
26,257
31,116

CAGR in its Net Profit in each of the past 5 21,078

consecutive years 20000Cr 17,486
14,549
Company’s Net Profit growth has 12,296

increased in each of the past 5 10000Cr

consecutive years
Net Profit has seen a high growth of 0Cr
18.51% over previous period Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021

Tier 1 Capital Adequacy Ratio

Healthy Tier 1 Capital Adequacy Ratio Mar 2021 15.32
Bank maintains healthy average Tier 1 Capital ratio of 15.32% Mar 2020 14.44
over the last few years
Mar 2019 13.74
Company has experienced an increase in its Tier 1 Capital Mar 2018 12.94
Adequacy Ratio in each of the past 3 consecutive
Mar 2017 12.88
years,Company’s Tier 1 Capital Adequacy Ratio growth has
increased in each of the past 3 consecutive years

Coverage Ratio
A high provision coverage ratio signifies the bank has
70.32% Coverage Ratio
recognized and created adeqaute reserves to cover its non
perfoming loans

Net Interest Margin

HIgh Margins signify the bank has been able to generate
3.93%
Net Interest Margin
higher profits from its interest bearing assets

MOJO PROFESSIONAL 3
HDFC Bank BUY | Report as on 31 May 2021 at 12:20 AM

FINANCIAL TREND
Positive

THE COMPANY HAS DECLARED

results for

POSITIVE RESULTS FOR THE LAST 11 11

CONSECUTIVE QUARTERS consecutive
quarters

The bank's income from core 16 317.61

17 120.15

Rs business is increasing 15 204.06 15 665.42 15 776.39

17,120.2 Net Interest Income (Rs Cr)

Highest at Rs 17,120.15 cr and Grown
cr each quarter in the last five quarters
NII - Quarterly

Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021

Near term sales trend is positive

Rs
29 885.06 30 377.97 29 976.97 30 079.7 30 423.59
Interest Earned (Rs Cr)
Highest at Rs 30,423.59 cr
30,423.6 in the last five quarters
cr
Net Sales -
Quarterly
Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021

Mar'21 Mar'20 Change%

Interest Earned 30,423.6 29,885.1 1.8%
Key Operating Profit (PBDIT) 15,532.8 12,958.8 19.9%
Result % of Net NPAs 0.4 0.4 0.0%
Highlights % of Gross NPAs 1.3 1.3 0.1%
Exceptional Items 0.0 0.0
Net Profit 8,186.5 6,927.7 18.2%
Standalone- figures in Rs
Cr

MOJO PROFESSIONAL 4
HDFC Bank BUY | Report as on 31 May 2021 at 12:20 AM

TECHNICALS

STOCK IS TECHNICALLY IN A MILDLY

BULLISH RANGE
Mildly Bullish Daily Moving Averages indicating near term price strength
Current Price 50 Day Moving Average 200 Day Moving Average

1,501.15 1,450.12 1,355.13

Factors with upward momentum

Indicator Technical Trend
MACD Bullish (monthly)
Bollinger Band Bullish (weekly)
Bollinger Band Bullish (monthly)
KST Bullish (monthly)
Dow Theory Mildly Bullish (weekly)
OBV Mildly Bullish (weekly)

Underperformed the market in the last 1 year

3 Months 1 Year 3 Years
47.01%
7.78% 41.41%
70.14%
58.84%

-2.16%

Stock BSE 500 Stock BSE 500 Stock BSE 500

MOJO PROFESSIONAL 5
HDFC Bank BUY | Report as on 31 May 2021 at 12:20 AM

SHAREHOLDING

INSTITUTIONAL INVESTORS COLLECTIVELY

HOLD 61.02 % OF THE COMPANY
These investors have better capability and resources 75%

to analyse fundamentals of companies than most 59.00% 58.65% 59.14% 60.33% 61.06% 61.02%
retail investors.
50%

25%

0%
Dec 19 Mar 20 Jun 20 Sep 20 Dec 20 Mar 21

Other
18.65%
Shareholding Snapshot : Mar 21
FIIs Majority shareholders : FIIs
39.79%
Non Instit… Pledged Promoter Holdings : None
13.01%

Other DIIs Mutual Funds : Held in 41.00 Schemes (12.98%)

4.63%
FIIs : Held by 1318 FIIs (39.79%)
Mutual Funds
Promoters
12.98%
25.97% Promoter with highest holding : HOUSING DEVELOPMENT FINANCE
CORPORATION LIMITED ( Indirect Foreign Holding) (15.684%)
Highest Public shareholder : EUROPACIFIC GROWTH FUND (2.954%)
Individual Investors Holdings : 10.56%

FII
50%

39.35% 39.79%
holding has increased by 0.44% 40% 36.68% 37.04% 37.43%

Number of FIIs holding stake in the company has 30%

increased to 1318 from 1308

20%

10%

0%
Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021

MOJO PROFESSIONAL 6
HDFC Bank BUY | Report as on 31 May 2021 at 12:20 AM

SIZE

BIGGEST COMPANY IN THE INDUSTRY

PRIVATE BANKS.

HDFC Bank is
cap)
38.36% of the entire Private Banks Industry (by market

Contribution to Industry Size

Contribution to Industry Size 150

100 100 100 100 100

100
HDFC Bank has been the largest company in the
industry for the past 5 years 63.13 62.07 63.5 61.15 61.64
50

36.87 37.93 36.5 38.85 38.36

0
DEC-2017 DEC-2018 DEC-2019 DEC-2020 May-2021

Rest industry HDFC Bank

72.22% 56.46% HDFC Bank contributes 27.78% of the

industry’s Sales and 43.54% of Profits

27.78% 43.54%

HDFC Bank Rest of the Industry

Companies which form a sizable part of the industry generally enjoy a competitive edge due to the scale of their business

MOJO PROFESSIONAL 7
HDFC Bank BUY | Report as on 31 May 2021 at 12:20 AM

FACTORS
NOT WORKING
FOR THE COMPANY


MOJO PROFESSIONAL 8
HDFC Bank BUY | Report as on 31 May 2021 at 12:20 AM

VALUATION

WITH ROA OF 1.8, IT HAS A EXPENSIVE

VALUATION WITH A 4.1 PRICE TO BOOK
VALUE
Expensive

Expensive Kotak Mah. Bank

valuation
HDFC Bank

Valuation ICICI Bank

IndusInd
Axis Bank
Bank

as compared to its Fundamentals

Attractive
Weak Fundamental Strong

Price to Book Value vs ROA

Fair 2 6
Fundamental

Valuation
as compared to its 1 4

past valuations 0 2
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Company Valuation Price to Book Net NPA to Dividend

Ratio Book Value Yield
Key
HDFC Bank Expensive 4.1 2.2% 0%
Valuation
Multiples ICICI Bank Fair 3.1 6.4% 0%
vs Peers Kotak Mah. Bank Very Expensive 5.6 4.2% 0%

Axis Bank Attractive 2.2 6.9% 0%

IndusInd Bank Attractive 1.8 3.4% 0%

MOJO PROFESSIONAL 9
HDFC Bank BUY | Report as on 31 May 2021 at 12:20 AM

RETURNS

UNDERPERFORMED THE MARKET IN THE

LAST 1 YEAR
The stock has generated 100%
a return of 58.84% in the
last 1 year, much lower 50%

58.84% than market (BSE 500)

returns of 70.14% 0%

UP -50%

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HDFC Bank Ltd. BSE500

Underperfomer against Large Cap companies

HDFC Bank Ltd. has been in the Third and
Fourth Quartile in the last 1 year

4th
Quartile
3rd
Quartile
4th
Quartile
Stock has been in the 3rd quartile in 2020
and in 4th in 1Y period

1Y 2020 2019
4.48% 12.97% -40.08%

Company 1 Month 3 Month 1 Year 3 Years

HDFC Bank 1.68% -2.16% 58.84% 47.01%
Return ICICI Bank 3.56% 7.63% 96.85% 114.94%
Comparison
Kotak Mah. Bank -0.65% 1% 46.55% 38.35%
with Peers
Closest peers by Axis Bank 4.53% 2.1% 89.32% 35.41%
market cap IndusInd Bank 9.9% -4.18% 163.4% -46.86%

MOJO PROFESSIONAL 10
HDFC Bank BUY | Report as on 31 May 2021 at 12:20 AM

RESULT
ANALYSIS 

MOJO PROFESSIONAL 11
HDFC Bank BUY | Report as on 31 May 2021 at 12:20 AM

QUARTERLY VARIANCE

QUARTER RESULTS VARIANCE ANALYSIS

Mar'21 Dec'20 QoQ Mar'20 YoY Comments
Interest Earned 30,424 30,080 1.1% 29,885 1.8% QoQ and YoY increase
Other Income 7,594 7,443 2% 6,033 25.9% QoQ and YoY increase
Total Income 38,018 37,523 1.3% 35,918 5.9% QoQ and YoY increase
Interest Expended 13,303 13,762 -3.3% 14,681 -9.4% QoQ and YoY decrease
Net Interest Income 17,120 16,318 4.9% 15,204 12.6% QoQ and YoY increase
Total Expenditure (Excl Depreciation) 9,181 8,575 7.1% 8,278 10.9% High Growth in previous quarter
and same quarter last year
Operating Profit Before Provisions and 15,533 15,186 2.3% 12,959 19.9% QoQ and YoY increase
Contingencies
Exceptional Items 0 0 0% 0 0%
Provisions and contingencies 4,694 3,414 37.5% 3,784 24% High Growth in previous quarter
and same quarter last year
Profit Before Tax 10,839 11,772 -7.9% 9,174 18.2%
Tax 2,653 3,014 -12% 2,247 18.1%
Net Profit 8,187 8,758 -6.5% 6,928 18.2%
% of Net NPAs 0 0 344.4% 0 11.1% High Growth in previous quarter
and same quarter last year
% of Gross NPAs 1 1 63% 1 4.8% QoQ and YoY increase

Standalone results triggered in Rs Cr

MOJO PROFESSIONAL 12
HDFC Bank BUY | Report as on 31 May 2021 at 12:20 AM

ANNUAL RESULT

INTEREST EARNED - YOY GROWTH IN YEAR

ENDED MAR 2021 IS 5.27% VS 16.01% IN
MAR 2020
Net Profit: YoY Growth in year ended Mar 2021 is 18.51% vs 24.57% in Mar 2020
Operating Profit (PBDIT): YoY Growth in year ended Mar 2021 is 17.67% vs 22.64% in Mar
2020
% of Net NPAs: YoY Growth in year ended Mar 2021 is 0.04% vs -0.03% in Mar 2020
% of Gross NPAs: YoY Growth in year ended Mar 2021 is 0.06% vs -0.10% in Mar 2020 5.27%
INTEREST EARNED

Mar'21 Mar'20 Change(%)

Interest Earned 1,20,858.23 1,14,812.65 5.27%
Key Operating Profit (PBDIT) 57,361.84 48,749.55 17.67%
Annual % of Net NPAs 0.40 0.36 0.04%
Results % of Gross NPAs 1.32 1.26 0.06%
Exceptional Items 0.00 0.00
Net Profit 31,116.53 26,257.32 18.51%
Figures in Rs Cr | Seasonal companies are compared with the same quarter last year

Interest Earned-YoY Growth in year ended Mar 2021 is 5.27% Net Profit-YoY Growth in year ended Mar 2021 is 18.51% vs
vs 16.01% in Mar 2020 24.57% in Mar 2020
200000 50000

114,812.65 120,858.23 31,116.53

98,972.05 26,257.32
100000 80,241.35 25000 21,078.14
69,305.96 17,486.75
14,549.66

0 0
Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021

Operating Profit (PBDIT)-YoY Growth in year ended Mar 2021 % of Net NPAs-YoY Growth in year ended Mar 2021 is 0.04%
is 17.67% vs 22.64% in Mar 2020 vs -0.03% in Mar 2020
100000 0.5%
0.40% 0.39% 0.40%
0.36%
0.33%
57,361.84
48,749.55
50000 39,749.72 0.25%
32,624.81
25,732.39

0 0%
Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021

Figures in Rs Crore

MOJO PROFESSIONAL 13
HDFC Bank BUY | Report as on 31 May 2021 at 12:20 AM

BALANCESHEET AND CASHFLOW

BALANCE SHEET AND CASH FLOW ANALYSIS

24.30% Deposits
Mar'20
11,47,502.29
Mar'19
9,23,140.93
Change%
24.30%

Increase
Advances 9,93,702.88 8,19,401.22 21.27%
Investments 3,91,826.66 2,93,116.07 33.68%
TOTAL ASSETS 15,30,511.27 12,44,540.69 22.98%
in Deposits in quarter Figures in Rs Cr
ended Mar 2020 vs in
Mar 2019

Advances: YoY Growth in year ended Mar 2020 is 21.27% vs 24.47% in Mar 2019
Investments: YoY Growth in year ended Mar 2020 is 33.68% vs 21.02% in Mar 2019
TOTAL ASSETS: YoY Growth in year ended Mar 2020 is 22.98% vs 16.97% in Mar 2019

Cash From Operation - YoY Growth in year ended Mar

70.23% 2020 is 70.23% vs -314.98% in Mar 2019
Mar'20 Mar'19 Change%
GROWTH Cash Flow from Operating Activities -16,689.78 -56,054.67 70.23%
Figures in Rs Cr

50000

23,585.40 26,074.07
25000

-25000 -16,689.78
-30,132.19
-50000
-56,054.67
-75000
Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020

MOJO PROFESSIONAL 14
HDFC Bank BUY | Report as on 31 May 2021 at 12:20 AM

PEER COMPARISION

PEER COMPARISON
HDFC Bank ICICI Bank Kotak Mah. Axis Bank IndusInd Bank
Bank
Size
Market Cap (Cr.) 828,341 445,171 356,850 226,766 78,811
Annual Sales (Cr.) 120,858 79,121 26,856 63,645 29,000
Annual Net Profit (Cr.) 31,117 16,193 6,965 6,589 2,836
Growth Factors
Net Interest Income Growth 1 year 13.4% 16.6% 10.3% 8.2% 5.7%
Net Profit Growth 1 year 18.5% 104.2% 17.1% 304.9% -35.8%
Net Interest Income Growth 5 year 18.6% 9.7% 17% 11% 20.8%
Net Profit Growth 5 year 20.4% 4% 27.2% -4.3% 4.4%
Capital Structure Factors
Tier 1 Capital Adequacy Ratio 17.6% 18.1% 21.4% 16.5% 14.6%
Loan to Deposit Ratio 84.9% 79.9% 79.9% 88.2% 83%
Management Quality Factors
ROA (latest) 1.8% 1.4% 1.8% 0.7% 0.8%
Gross NPA(latest) 1.3% 5% 3.3% 3.7% 2.7%
Coverage Ratio 69.8% 77.8% 63.6% 72.4% 74.5%
Cost to Income Ratio 36.3% 37.2% 41.2% 41.7% 41.6%
Net Interest Margin 3.8% 3.5% 4.2% 3.2% 4%
Pre-Provision Income to Assets 5.2% 4.9% 5.4% 4.4% 5.5%
Valuation Factors
PE Ratio 26.6 27.5 51.2 34.4 27.8
Price to Book 4.1 3.1 5.6 2.2 1.8
PEG Ratio 1.5 0.3 3.9 0.1 -
Dividend Yield - - - - -
Shareholding
Promoter Holdings 26% - 26% 13.6% 16.6%
Promoter Pledged Holdings - - - - 36.4%
Total Institutional Holding 61% 89.9% 57.8% 74.7% 69%
FII Holdings 39.8% 47.8% 44.2% 51.4% 50.9%
Returns
1 Month 1.7% 3.6% -0.7% 4.5% 9.9%
3 Months -2.2% 7.6% 1% 2.1% -4.2%
YTD 4.5% 20.3% -9.8% 19.3% 13.8%
1 Year 58.8% 96.9% 46.6% 89.3% 163.4%
3 Years 47% 114.9% 38.4% 35.4% -46.9%

MOJO PROFESSIONAL 15
HDFC Bank BUY | Report as on 31 May 2021 at 12:20 AM

COMPANY BACKGROUND

COMPANY BACKGROUND

About the Company

HDFC Bank Ltd offers a wide range of commercial and transactional banking
INDUSTRY : Private services and treasury products to wholesale and retail customers. The bank has
Banks three key business segments:Wholesale Banking Services - The Bank's target
market ranges from large, blue-chip manufacturing companies in the Indian
corporate to small & mid-sized corporates and agri-based businesses. Retail
818,133 cr (Large Cap) Banking Services - The objective of the Retail Bank is to provide its target market
customers a full range of financial products and banking services, giving the
customer a one-stop window for all his/her banking requirements.Treasury -
Part of SENSEX Within this business, the bank has three main product areas - Foreign Exchange
and Derivatives, Local Currency Money Market & Debt Securities, and Equities. The
Treasury business is responsible for managing the returns and market risk on this
investment portfolio.The services offered by the bank include Personal
Banking:Accounts & Deposits,Loans,Cards,Forex,Investments & Insurance.NRI
Banking: Accounts & Deposits,Remittances & Investments & Insurance Loans
Payment Services. Wholesale Banking: Corporate,Small & Medium
Enterprises,Financial Institutions & Trusts & Government Sector.HDFC Bank was
the first bank in India to launch an International Debit Card in association with VISA
(VISA Electron) and issues the Mastercard Maestro debit card as well.

Board of Directors
Aditya Puri Managing Director & CEO

K M Mistry Director

Kaizad Bharucha Executive Director

Shyamala Gopinath Chairperson

Malay Patel Independent Director

9 more board of directors

Company Coordinates

Company Details: Registrat Details:

H D F C Bank House, Senapati Bapat Marg, Lower Parel, Datamatics Financial Services Ltd , (Formerly Datamatics
Mumbai Maharashtra : 400013 Financial Services Ltd) , Plot No A / 16 & A / 17, MIDC, Part B,
Tel: +91-22-66521000 Cross Lane, Marol , Andheri (E), Mumbai
Fax: +91-22-24960737 Fax: 022-8350217
Website: www.hdfcbank.com Email: technocraft@dfssl.com

MOJO PROFESSIONAL 16
HDFC Bank BUY | Report as on 31 May 2021 at 12:20 AM

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HDFC Bank BUY | Report as on 31 May 2021 at 12:20 AM

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licensing requirement within such jurisdiction. The securities described herein may or may not be eligible for sale in all
jurisdictions or to all category of investors.

The Company is also a SEBI registered Investment Advisor (“IA”). The Company and its associates do not own any
securities of the subject company/ies mentioned in the report as on the date of this research report.

The Research team engaged in the preparation of this Report and/or their relatives collectively did not own more than
1% of the equity in the subject company/ies mentioned in this Report (unless otherwise mentioned in such Report) nor
did they have any other material conflict of interest on the date of this Report.

None of the members of the research team engaged in preparation of this Report (unless otherwise mentioned in such
Report) have served as an officer, director or employee of the subject company in the past twelve months.

No disciplinary action has been taken on the Company by any regulatory authority which can impact the Equity
Research Analysis.

We hereby expressly disclaim any implied warranties imputed by the laws of any jurisdiction other than Mumbai. We
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MOJO PROFESSIONAL 18