Housing development finance corporation ltd

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Financial Analysis of Housing Development Finance Corporation Ltd

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<ul><li> 1. gtt e Xv|x COMPANY FINALYTICS HousingDevelopmentFinanceCorporationLtdExclusive Financial Analysis of Indian Companies PreparedandEditedByTanayRoy,CFAPeuKarak,MBA DisclaimerTheinformation,opinions,estimatesandforecastscontainedinthisdocumenthavebeenarrivedatorobtainedfrompublicsourcesbelieved tobereliableandingoodfaithwhichhasnotbeenindependentlyverifiedandnowarranty,expressorimplied,ismadeastotheiraccuracy,completenessorcorrectness.Formoreinformationaboutthissampleandourotherservices,pleasewritetotanay.roy2008@gmail.com Monday,September19,2011</li></ul><p> 2. DescriptionPage Summary3LatestResult 3ValuationMatrix3ROEAnalysis3 IncomeStatement 4 BalanceSheet5 CashflowStatement 6 QuarterlyResult 6 GrowthAnalysis7 ComparativeAnalysis 8 IncomeStatement 8 BalanceSheet8 IndexAnalysis 9IncomeStatement9BalanceSheet 9 RatioAnalysis10Annual 10Quarterly11 TTMAnalysis11 TechnicalAnalysis12CONTENT AboutTanay&amp;PeuOurpassionliesinthefieldoffinancialresearch&amp;Investmentmanagementandweintendtoapplyourknowledgegainedoveraperiodofyearsthroughintensestudyandkeenobservationofthenuancesoffinancialmarketsandinstrumentstoreallifescenarios.Wepossessexpertknowledgeoffinancialproductsandmarketsasevidencedbytopnotchqualificationsearnedbyus,allinthefirstattemptandkeepourselvesabreastwiththelatesthappeningsandinnovationstakingplaceinfinanciallandscape.1.ExpertiseinPortfolioManagement,Productoptimization,ProductperformanceAnalysis,FinancialReporting/Planning,CashFlowAnalysis,RatioAnalysis,Budgeting,Forecasting,Mergers&amp;AcquisitionandknowledgeofGAAP/IFRS2.PossessStrongFinancialModelingskillsincludingDCF,LBOandothertechniques.Possessabilitytoresearchallassetclassesinabroadrangeofindustriesandgeographies.3.Strongequityresearch,finance,accountingandadvisoryandassuranceexperience4.ExpertiseinTechnicalanalysis,fundamentalanalysis,developingtradingsystems.5.Conductindepthfinancialanalysisofcompanyfinancials.6.Writeanalyticalortrendbasedreportsoncompanies,sectorsormarkets.7.ExpertlevelapplicationinBloomberg,ThomsonBanker,Factset,Datastream,StockVal,Mergermarkets,ReutersKnowledge,HaverAnalytics,Factiva,PackHedge,8.BuildingExcel/VBAbasedcustomizedtoolstoperformdetailedanalysis.ContactUs:tanay.roy2008@gmail.comPage2 3. SummaryAtaGlanceLatestResultsIndustryFinanceHousing Yearly QuarterlyTTM BusinessGroup HDFCGroup March11Growth June11GrowthJune11 GrowthFaceValue2LatestResults NumberofEquityshares14668.87EBDITA 12469.33 13.30 3694.92 1.13 13450.83 8.07ReportedNetProfit 3518.84 23.85844.53 (26.04) 3684.90 4.24Price661.8AdjustedPAT3575.61 26.22844.53 (26.04)NA NA MarketCap(Rs.InCr) 16744.00 ValuationMatrix ShareHolding PromotAnnualTTMRatio General erParticularsMarch11 March11 Public0% MFOther BFI10% 3% 3% 11%ReportedP/E 27.4627.52Price/SalesPerShare7.557.57Price/BookValue5.61 NAFII DividendYield0.01 NA 73%EarningYield0.040.04MarketCap(Rs.InCr) 16744.00ROEAnalysis ROEParticulars March07 March08March09March10March1140% ReportedPAT/PBT0.80 0.900.760.720.72 30% AdjustedPAT/PBT0.80 0.650.690.720.73 20%PBT/PBIT 0.35 0.340.280.360.39 10% PBIT/Sales0.96 0.970.970.970.97 0% Sales/TotalAssets0.09 0.100.110.100.09 March March March March March07 08 09 10 11TotalAssets/NetWorth 11.827.077.747.678.06ReportedROE 29%21%18%19%20%ReportedROE AdjustedROEAdjustedROE 29%15%16%19%20%ROEFactors 14.00 35% 12.00 30% 10.00 25%8.00 20%6.00 15%4.00 10%2.00 5%0.00 0%March07 March08 March09March10March11ReportedROEReportedPAT/PBT PBT/PBITPBIT/SalesSales/TotalAssets TotalAssets/NetWorth Page3 4. IncomeStatementParticulars(Rs.InCr)March07March08 March09 March10March11NetSales 5875.50 8176.35 10994.79 11338.2812852.93OperatingExpensesMaterialConsumed0.000.000.000.000.00ManufacturingExpenses 0.000.000.000.000.00PersonnelExpenses91.27 117.80 138.61146.65175.53 OperatingIncomeSellingExpenses30.30 37.26 35.50 28.39 26.29 14000.00AdminstrativeExpenses 114.20 133.81 150.80180.64206.92 12000.00ExpensesCapitalised 0.000.000.000.000.00TotalOperatingExpenses235.77 288.87 324.91355.68408.74 10000.00 OperatingProfit 5639.73 7887.48 10669.88 10982.6012444.198000.00OtherIncome 20.76 19.71 22.87 22.55 25.146000.00 EBDITA 5660.49 7907.19 10692.75 11005.1512469.33Depreciation 17.46 16.60 17.46 18.20 19.204000.00OtherWriteoffs0.000.000.000.000.002000.00 EBIT 5643.03 7890.59 10675.29 10986.9512450.13Interest3673.28 5184.537670.727062.60 7541.870.00 EBT1969.75 2706.063004.573924.35 4908.26MarchMarchMarchMarchMarch07 08 09 10 11IncomeTax397.97 937.86 936.501090.15 1332.65 AdjustedPAT 1571.78 1768.202068.072834.20 3575.61 NetSalesOperatingProfit EBDITANonRecurringItems (1.40)668.05 214.47 (7.71) (40.65)OtherNonCashadjustments 0.000.00 13.55 14.79(16.12) ReportedNetProfit 1570.38 2436.252296.092841.28 3518.84EquityDividend556.61 710.09 853.361033.60 1320.20PreferenceDividend0.00 0.00 0.00 0.000.00DividendTax94.60 120.68 140.69 171.67215.24RetainedEarnings919.171605.481302.041636.01 1983.40ProfitLevelsTotalIncomeBreakup 14000.00TotalOperatingExpensesDepreciation 12000.00OtherWriteoffsInterestIncomeTaxAdjustedPAT 10000.008000.003% 0%6000.0028%4000.002000.00 0.00 10% 59%March07 March08 March09 March10 March11OperatingProfit EBDITAEBITEBTAdjustedPATPage4 5. BalanceSheetParticulars(Rs.InCr)March07March08March09March10March11 SOURCESOFFUNDS OwnersFundEquityShareCapital253.00 284.03284.45 287.11293.37ShareApplicationMoney 0.00 0.000.00 0.000.00PreferenceShareCapital0.00 0.000.00 0.000.00Reserves&amp;Surplus 5298.39 11663.3112852.94 14910.5517023.14TotalOwnersfund 5551.3911947.34 13137.3915197.66 17316.51 LoanFundsSecuredLoans39668.7051736.6855180.08 63605.65 81641.52UnsecuredLoans17524.3317414.5428676.00 32959.66 33768.96 TotalLoanfund57193.03 69151.22 83856.0896565.31 115410.48 CapitalStructure Total 62744.42 81098.56 96993.47111762.97132726.99140000.00USESOFFUNDSFixedAssets 120000.00GrossBlock 493.10488.57493.85524.46547.55Less:RevaluationReserve0.000.000.000.000.00100000.00Less:AccumulatedDepreciation280.03280.07290.45302.34313.60NetBlock 213.07 208.50 203.40 222.12 233.95 80000.00CapitalWorkinprogress 16.02 40.400.000.004.57 Investments 3666.23 6915.01 10468.75 10727.4511832.39 60000.00 NetCurrentAssetsCurrentAssets,Loans&amp; 40000.00Advances 61730.7377310.2791036.66105691.87 127480.77Less:CurrentLiabilities&amp;20000.00Provisions2881.63 3375.61 4715.35 4878.47 6824.69 TotalNetCurrentAssets58849.10 73934.66 86321.31100813.40120656.080.00 Miscellaneousexpensesnotwritten0.000.000.000.000.00 MarchMarchMarchMarchMarch Total070809101162744.42 81098.57 96993.46111762.97132726.99Note: TotalOwnersfundTotalLoanfundBookValueofUnquotedInvestments3084.50 4714.448282.754627.84 5733.14MarketValueofQuotedInvestments4778.37 8554.845942.80 16982.1120490.97Contingentliabilities305.37450.29 750.74 633.08755.63NumberofEquitysharesoutstanding(inLacs)2530.07 2840.382844.542871.1014668.87 SourcesofCapitalApplicationofcapital CapitalWork TotalOwnersNetBlockinprogress Investments fund0%0% 9% 13%TotalLoan TotalNetfundCurrentAssets 87% 91%Page5 6. CashFlowStatementParticulars(Rs.InCr) March07March08 March09March10March11ProfitBeforeTax1967.783373.503219.043915.99 4866.96 NetCashFlowOperatingNetCashFlow Activity1648.991899.412779.90(9732.65)(16944.96)NetCashUsedInInvesting Activity 582.43 (2380.13) (3414.59)112.29 (527.87)582.43 1552.54 NetCashUsedinFin.Activity 13149.38 18645.49 (2059.70)(114.89) 1552.54 13149.3818645.49 1648.99 1899.41 2779.90NetInc/DecInCashAndEquivlnt171.73(595.61)917.853529.02 1172.66112.29CashAndEquivalntBeginof(16944.9Year 1201.621373.35 777.761695.61 5224.63 (2059.70) (2380.13) (3414.59) (9732.65) 6)CashAndEquivalntEndOfYear 1373.35 777.741695.615224.63 6397.29 (527.87)(114.89) NetCashFlowOperatingActivity NetCashUsedInInvestingActivity NetCashUsedinFin.ActivityQuarterlyResult SeptemberParticulars(Rs.InCr)June10 10 December10March11 June11Sales 2,797.132,965.503,316.17 3,774.133,816.93Less:Excise 0.000.000.00 0.000.00 NetSales 2,797.132,965.503,316.17 3,774.133,816.93ProfitLevelsOtherIncome4.824.724.8710.734.67TotalIncome 2,801.952,970.223,321.04 3,784.863,821.60StockAdjustment0.000.000.00 0.000.00RawMaterial0.000.000.00 0.000.00PowerAndFuel0.000.000.00 0.000.00EmployeeExpenses45.15 46.96 45.0538.37 52.76AdminAndSellingExpenses0.000.000.00 0.000.00ResearchAndDevlopmentExpe 0.000.000.00 0.000.00ExpensesCapitalised0.000.000.00 0.000.00OtherExpeses66.61 67.76 64.7257.35 73.92TotalExpenses 111.76114.72 109.77 95.72126.68EBDITA 2,690.192,855.503,211.27 3,689.143,694.92ProvisionsMade 0.000.000.00 0.000.00Depreciation4.014.415.55 5.234.46 EBIT2,686.182,851.093,205.72 3,683.913,690.46Interest1,719.591,717.551,992.84 2,129.962,514.93EBT966.591,133.541,212.88 1,553.951,175.53Taxation272.00326.00 322.00412.00331.00 NetProfit/Loss694.59807.54 890.881,141.95844.53ExtraOrdinaryItem 0.000.000.00 0.000.00 EBDITA EBITPriorYearAdjustments0.000.000.00 0.000.00 EBTNetProfit/LossPage6 7. GrowthAnalysis AverageParticulars(%) March08March09 March10March11Growth5yearCAGRNetSales 39.16 34.47 3.12 13.36 17.0916.95 OperatingExpenses 0.00 0.00MaterialConsumed 0.000.00 0.000.000.00 0.00ManufacturingExpenses0.000.00 0.000.000.00 0.00PersonnelExpenses 29.07 17.67 5.80 19.69 16.0613.97SellingExpenses 22.97 (4.72)(20.03)(7.40) (7.62)(2.80)AdminstrativeExpenses 17.17 12.7019.79 14.55 16.0112.62ExpensesCapitalised0.000.00 0.000.000.00 0.00TotalOperatingExpenses22.52 12.48 9.47 14.92 13.5611.63 OperatingProfit 39.86 35.28 2.93 13.31 17.2517.15OtherIncome(5.06)16.03(1.40)11.496.88 3.90 EBDITA 39.69 35.23 2.92 13.30 17.2117.11Depreciation(4.93) 5.18 4.245.494.01 1.92OtherWriteoffs 0.000.00 0.000.000.00 0.00 EBIT 39.83 35.29 2.92 13.32 17.2517.15Interest41.14 47.95(7.93) 6.79 14.0415.47 EBT37.38 11.0330.61 25.07 25.1620.03IncomeTax 135.66 (0.15) 16.41 22.24 27.3627.34 AdjustedPAT 12.50 16.9637.05 26.16 26.2217.87NonRecurringItems47817.86 (67.90) (103.59)(427.24) 4566.23 96.15OtherNonCashadjustments0.000.00 9.15 (208.99)(80.85) 0.00 ReportedNetProfit 55.14 (5.75) 23.74 23.85 21.0317.51EquityDividend27.57 20.1821.12 27.73 24.2218.86PreferenceDividend 0.000.00 0.000.000.00 0.00DividendTax 27.57 16.5822.02 25.38 22.8317.87RetainedEarnings74.67(18.90) 25.65 21.23 19.8716.63 GrowthFactors 5YearCAGR 45.00 25.00 40.0020.00 35.00 30.0015.00 25.00 20.0010.00 15.00 10.005.005.00 0.000.00March08 March09 March10March11 NetSalesTotalOperatingExpenses EBDITA EBT AdjustedPATPage7 8. ComparativeAnalysisIncomeStatementParticulars(Rs.InCr) March07 March08 March09 March10March11NetSales100.00 100.00 100.00 100.00100.00MaterialConsumed 0.00 0.00 0.00 0.000.00ManufacturingExpenses0.00 0.00 0.00 0.000.00 ComparativeNetSalesPersonnelExpenses1.55 1.44 1.26 1.291.37SellingExpenses0.52 0.46 0.32 0.250.20AdminstrativeExpenses1.94 1.64 1.37 1.591.61ExpensesCapitalised0.00 0.00 0.00 0.000.00TotalOperatingExpenses 4.01 3.53 2.96 3.143.18 OperatingProfit 95.9996.4797.0496.86 96.82OtherIncome 0.35 0.24 0.21 0.200.20 EBDITA 96.3496.7197.2597.06 97.02Depreciation 0.30 0.20 0.16 0.160.15OtherWriteoffs 0.00 0.00 0.00 0.000.00 EBIT 96.0496.5197.0996.90 96.87Interest62.5263.4169.7762.29 58.68March March March March March EBT33.5233.1027.3334.61 38.19 07 08 09 10 11IncomeTax 6.7711.47 8.52 9.61 10.37 TotalOperatingExpenses AdjustedPAT 26.7521.6318.8125.00 27.82 OtherIncome DepreciationNonRecurringItems(0.02)8.17 1.95(0.07)(0.32)OtherWriteoffs InterestOtherNonCashadjustments0.00 0.00 0.12 0.13 (0.13) ReportedNetProfit 26.7329.8020.8825.06 27.38BalanceSheetParticulars(Rs.InCr) March07 March08 March09 March10March11 SOURCESOFFUNDSEquityShareCapital0.40 0.35 0.29 0.260.22ShareApplicationMoney 0.00 0.00 0.00 0.000.00ComparativeAnalysisSourceofPreferenceShareCapital0.00 0.00 0.00 0.000.00FundReserves&amp;Surplus8.4414.3813.2513.34 12.83TotalOwnersfund8.8514.7313.5413.60 13.05 61.51SecuredLoans63.2263.7956.8956.91 61.51UnsecuredLoans27.9321.4729.5629.49 25.44 TotalLoanfund91.1585.2786.4686.40 86.95Total100.00 100.00 100.00 100.00100.00 25.4412.83USESOFFUNDS 0.22 0.00 0.00FixedAssetsGrossBlock 0.79 0.60 0.51 0.470.41Less:RevaluationReserve0.00 0.00 0.00 0.000.00Less:AccumulatedDepreciation0.45 0.35 0.30 0.270.24 NetBlock0.34 0.26 0.21 0.200.18 CapitalWorkinprogress 0.03 0.05 0.00 0.000.00 Investments5.84 8.5310.79 9.608.91 NetCurrentAssetsCurrentAssets,Loans&amp;98.3895.3393.8694.57 96.05Less:CurrentLiabilities&amp;Provisions4.59 4.16 4.86 4.375.14TotalNetCurrentAssets 93.7991.1789.0090.20 90.91 Miscellaneousexpensesnot written 0.00 0.00 0.00 0.000.00Total100.00 100.00 100.00 100.00100.00Page8 9. IndexAnalysisIncomeStatementParticulars March07 March08 March09 March10March11NetSales100.00 139.16 187.13 192.98218.75OperatingExpensesMaterialConsumed 0.00 0.00 0.00 0.000.00ProfitIndexManufacturingExpenses0.00 0.00 0.00 0.000.00PersonnelExpenses100.00 129.07 151.87 160.68192.32SellingExpenses100.00 122.97 117.1693.70 86.77AdminstrativeExpenses100.00 117.17 132.05 158.18181.19ExpensesCapitalised0.00 0.00 0.00 0.000.00TotalOperatingExpenses 100.00 122.52 137.81 150.86173.36 OperatingProfit100.00 139.86 189.19 194.74220.65OtherIncome 100.0094.94 110.16 108.62121.10March March March March MarchEBDITA 100.00 139.69 188.90 194.42220.29 07 08 09 10 11Depreciation 100.0095.07 100.00 104.24109.97OtherWriteoffs 0.00 0.00 0.00 0.000.00 EBIT100.00 139.83 189.18 194.70220.63 EBIT EBTInterest 100.00 141.14 208.82 192.27205.32 AdjustedPAT EBT 100.00 137.38 152.54 199.23249.18 ReportedNetProfit NetSalesIncomeTax 100.00 235.66 235.32 273.93334.86 AdjustedPAT100.00 112.50 131.58 180.32227.49NonRecurringItems 100.00(47717.86) (15319.29)550.712903.57OtherNonCashadjustments0.00 0.00 0.00 0.000.00ReportedNetProfit 100.00 155.14 146.21 180.93224.08BalanceSheetParticulars March07 March08 March09 March10March11 SOURCESOFFUNDSEquityShareCapital100.00 112.26 112.43 113.48115.96ShareApplicationMoney 0.00 0.00 0.00 0.000.00 LiabilityIndexPreferenceShareCapital0.00 0.00 0.00 0.000.00Reserves&amp;Surplus100.00 220.13 242.58 281.42321.29TotalOwnersfund100.00 215.21 236.65 273.76311.93 LoanFundsSecuredLoans 100.00 130.42 139.10 160.34205.81UnsecuredLoans 100.0099.37 163.64 188.08192.70 TotalLoanfund 100.00 120.91 146.62 168.84201.79Total 100.00 129.25 154.59 178.12211.54USESOFFUNDSMarch March March March MarchFixedAssets07 08 09 10 11GrossBlock 100.0099.08 100.15 106.36111.04Less:RevaluationReserve0.00 0.00 0.00 0.000.00 TotalOwnersfund TotalLoanfundLess:Accumulated100.00 100.01 103.72 107.97111.99 NetBlock100.0097.8695.46 104.25109.80 CapitalWorkinprogress 100.00 252.18 0.00 0.000.00 Investments100.00 188.61 285.55 292.60322.74 NetCurrentAssetsCurrentAssets,Loans&amp;Advances100.00 125.24 147.47 171.21206.51Less:CurrentLiabilities&amp;Provisions100.00 117.14 163.63 169.30236.83 TotalNetCurrentAssets 100.00 125.63 146.68 171.31205.03 Miscellaneousexpensesnot written0.00 0.00 0.00 0.000.00Total 100.00 129.25 154.58 178.12211.54Page9 10. RatioAnalysisParticulars(Yearly)March07 March08 March09 March10March11 PERSHARERATIOSAdjustedEPS(Rs.)62.1262.2572.7098.71 24.38AdjustedCashEPS(Rs.) 62.8162.8473.3299.35 24.51ReportedEPS(Rs.)62.0785.7780.2498.45 24.10ReportedCash...</p>