19 January 2019
3QFY19 Results Update | Sector: Financials
HDFC Bank
Buy
BSE SENSEX
36,387
Bloomberg
Equity Shares (m)
M.Cap.(INRb)/(USDb)
52-Week Range (INR)
1, 6, 12 Rel. Per (%)
12M Avg Val (INR M)
Free float (%)
S&P CNX
10,907
HDFCB IN
Steady performance continues; contingent provisions to insulate
2,717
earnings against any impending stress
5795.8 / 81.5
Healthy loan growth and improved other income helped HDFCB to report strong
2219 / 1830
3QFY19 PAT of INR55.9b (20% YoY) in line with our estimates. NII grew by 22%
0/-2/7
YoY to INR125.7b (in line) while margins were stable at 4.3%. Over 9MFY19,
5288
78.6
PPoP grew by 21.5% while PAT grew by 19.7%.
CMP: INR2,131
TP: INR2,500(+17%)
Financials & Valuations (INR b)
Y/E MARCH
FY18 FY19E FY20E
NII
400.9 477.1 589.5
OP
326.2 394.4 497.4
NP
174.9 211.4 259.4
NIM (%)
4.4
4.2
4.3
EPS (INR)
67.8 79.8 95.9
EPS Gr. (%)
19.4 17.6 20.2
BV/Sh. (INR) 409.6 543.1 620.9
ABV/Sh. (INR) 387.8 517.6 589.5
RoE (%)
17.9 16.7 16.5
RoA (%)
1.8
1.8
1.8
Payout (%)
23.1 20.7 18.8
Valuations
P/E(X)
31.4 26.7 22.2
P/BV (X)
5.2
3.9
3.4
P/ABV (X)
5.5
4.1
3.6
Div. Yield (%)
0.7
0.8
0.8
FY21E
719.9
619.8
323.9
4.3
119.7
24.9
721.4
681.6
17.8
1.8
16.1
17.8
3.0
3.1
0.9
Core fee income grew by 27% YoY to INR36.5b led by healthy payments/cash
management fees. Treasury gain of INR4.74b v/s loss of INR0.33b in 2QFY19
boosted other income growth by 27% YOY to INR49.2b.
Opex grew 17% YoY/7% QoQ (higher than estimate by 5%) and resulted in
PPoP growth of 27.5% YoY (26% YoY growth in core PPoP). Cost-income ratio
improved 150bp QoQ to 38.4% (40bp improvement in core cost-income ratio).
Loans grew 24% YoY (+4% QoQ) to INR7.8t. The growth was driven by retail
segment (4.8%/24% QoQ/YoY) – mainly personal loans, credit cards and
home loans. Deposits growth of 22% YoY (+2.3% QoQ) was largely supported
by growth in term deposits at 29% YOY while CASA growth was modest at
13% YOY. CASA mix, thus, reduced to 40.7% (42% in 2QFY19).
Slippages stood at INR40b (2.04% annualized, 1.7% excluding Agri slippages)
leading to 8% QoQ increase in GNPA while NNPA increased 9% QoQ to
INR33b. GNPA/NNPA ratio increased by 5bp/2bp at 1.4%/0.4%. The bank
made contingent provisions of INR3.2b to insulate itself against any stress in
the agri portfolio in view of the impending general elections/recent waivers.
Valuation and view:
HDFCB has been consistently gaining market share across
retail product segments (personal loans, business banking, credit cards and auto
loans). Strong capitalization and liquidity levels should enable HDFCB to sustain
this growth momentum over the next few years. Operating expenses have been
under control and digital initiatives have aided consistent decline in the C/I ratio.
We maintain our Buy rating with TP of INR2,500 (3.7x Sep-20E ABV of the bank).
Quarterly Snapshot
NII
% Change (Y-o-Y)
Other Income
Total Income
Operating Expenses
Operating Profit
% Change (Y-o-Y)
Provisions
Profit before Tax
Tax
Net Profit
% Change (Y-o-Y)
Operating Parameter
Deposit Growth (%)
Loan Growth (%)
Deposit (INR b)
Loan (INR b)
Asset Quality
Gross NPA (INR B)
Gross NPA (%)
Net NPA (INR B)
Net NPA (%)
PCR
1Q
93,707
20.4
35,167
1,28,874
53,675
75,199
29.2
15,588
59,612
20,673
38,938
20.2
17.0
23.4
6,714
5,810
72.4
1.2
25.3
0.4
65.1
(INRm)
FY18
FY19E
FY18
FY19E
3Q V/s our
2Q
3Q
4Q
1Q
2Q
3Q
4QE
FY19E Est
97,521 1,03,143 1,06,577 1,08,136 1,17,634 1,25,768 1,25,522 4,00,949 4,77,059 1,24,178
1.3
22.0
24.1
17.7
15.4
20.6
21.9
17.8
21.0
19.0
20.4
1.5
36,059
38,692
42,286
38,181
40,156
49,210
45,204 1,52,203 1,72,750
44,932
9.5
1,33,580 1,41,835 1,48,863 1,46,316 1,57,790 1,74,978 1,70,726 5,53,152 6,49,810 1,69,111
3.5
55,401
57,322
60,506
59,839
62,991
67,193
65,350 2,26,904 2,55,373
63,818
5.3
78,179
84,513
88,357
86,478
94,800 1,07,784 1,05,376 3,26,248 3,94,437 1,05,293
2.4
29.8
27.9
21.4
15.0
21.3
27.5
19.3
26.8
20.9
24.6
2.9
14,762
13,514
15,411
16,294
18,200
22,115
15,049
59,275
71,658
19,186
15.3
63,417
70,999
72,946
70,184
76,600
85,669
90,327 2,66,973 3,22,779
86,107
-0.5
21,907
24,573
24,953
24,169
26,543
29,810
30,836
92,106 1,11,359
29,707
0.3
41,510
46,426
47,993
46,014
50,057
55,859
59,490 1,74,867 2,11,420
56,400
-1.0
20.1
20.1
20.3
18.2
20.6
20.3
24.0
20.2
20.9
21.5
-1.2
16.5
22.3
6,893
6,049
77.0
1.3
26.0
0.4
66.3
10.1
27.5
6,990
6,312
82.3
1.3
27.7
0.4
66.3
22.5
18.7
7,888
6,583
86.1
1.3
26.0
0.4
69.8
20.0
22.0
8,058
7,086
95.4
1.3
29.1
0.4
69.5
20.9
24.1
8,334
7,508
101.0
1.3
30.3
0.4
70.0
22.0
23.7
8,525
7,810
109.0
1.4
33.0
0.4
69.7
21.0
23.4
9,544
8,124
107.8
1.3
30.4
0.4
71.8
22.5
18.7
7,888
6,583
86.1
1.3
26.0
0.4
69.8
21.0
23.4
9,544
8,124
107.8
1.3
30.4
0.4
71.8
24.4
25.0
8,695
7,893
105.9
1.3
31.2
0.4
70.5
-2.4
-1.3
-2.0
-1.1
3.0
0.0
5.7
0.0
-0.8
Research Analyst: Nitin Aggarwal
(Nitin.Aggarwal@MotilalOswal.com); +91 22 3982 5540 |
Parth Gutka
(Parth.Gutka@motilaloswal.com); +91 22 6129 1567
Alpesh Mehta
(Alpesh.Mehta@MotilalOswal.com); +91 22 3982 5415 |
Himanshu Taluja
(Himanshu.Taluja@motilaloswal.com); +91 22 3846 2495
Yash Agarwal
(Yash.Agarwal@motilaloswal.com); +91 22 3846 6693
Investors are advised to refer through important disclosures made at the last page of the Research Report.
Motilal Oswal research is available on www.motilaloswal.com/Institutional-Equities, Bloomberg, Thomson Reuters, Factset and S&P Capital.
 Motilal Oswal Financial Services
HDFC Bank
Exhibit 1: Quarterly Snapshot
FY17
1Q
2Q
3Q
4Q
1Q
FY18
2Q
3Q
4Q
1Q
FY19
2Q
Change
(%)
3Q YoY QoQ
22
27
83
-7
27
23
17
16
18
28
26
64
21
21
20
22
24
7
23
NM
-5
12
11
7
3
8
14
8
22
12
12
12
2
4
P& Loss (INR m)
Net Interest Income
77,814 79,936 83,091 90,551 93,707 97,521 1,03,143 1,06,577 1,08,136 1,17,634 1,25,768
Other Income
28,066 29,010 31,427 34,463 35,167 36,059 38,692 42,286 38,181 40,156 49,210
Trading profits
2,769
2,835
3,986
1,804
3,314
3,559
2,594
220 -2,832
-328
4,740
Exchange Profits
3,145
2,950
2,972
3,567
2,968
3,840
4,262
4,164
4,996
4,198
3,977
Others
22,152 23,225 24,469 29,092 28,885 28,660 31,836 37,902 36,017 36,286 40,493
Total Income
1,05,881 1,08,945 1,14,518 1,25,014 1,28,874 1,33,580 1,41,835 1,48,863 1,46,316 1,57,790 1,74,978
Operating Expenses
47,689 48,700 48,425 52,220 53,675 55,401 57,322 60,506 59,839 62,991 67,193
Employee
15,852 16,572 16,886 15,527 16,575 17,158 16,913 17,412 18,105 19,092 19,676
Others
31,837 32,128 31,539 36,693 37,100 38,243 40,410 43,094 41,734 43,898 47,517
Operating Profits
58,192 60,246 66,093 72,794 75,199 78,179 84,513 88,357 86,478 94,800 1,07,784
Core Operating Profits 55,423 57,411 62,107 70,990 71,885 74,620 81,919 88,137 89,310 95,128 1,03,044
Provisions
8,667
7,490
7,158 12,618 15,588 14,762 13,514 15,411 16,294 18,200 22,115
PBT
49,525 52,756 58,935 60,176 59,612 63,417 70,999 72,946 70,184 76,600 85,669
Taxes
17,136 18,202 20,281 20,275 20,673 21,907 24,573 24,953 24,169 26,543 29,810
PAT
32,389 34,553 38,653 39,901 38,938 41,510 46,426 47,993 46,014 50,057 55,859
Balance Sheet
Deposits (INR b)
5,738
5,917
6,347
6,436
6,714
6,893
6,990
7,888
8,058
8,334
8,525
Loans (INR b)
4,706
4,944
4,950
5,546
5,810
6,049
6,312
6,583
7,086
7,508
7,810
Asset Quality
GNPA
49,209 50,690 52,323 58,857 72,429 77,028 82,349 86,090 95,386 1,00,977 1,09,029
NNPA
14,934 14,889 15,643 18,440 25,282 25,968 27,737 26,010 29,071 30,282 33,015
Ratios (%)
Asset Quality Ratios
GNPA (%)
NNPA (%)
PCR (Calculated, %)
Slippage (%)
Business Ratios
Fees to Total Income
Cost to Core Income
Tax Rate
CASA (Reported)
Loan/Deposit
Profitability Ratios
Yield on loans
Yield On Investments
Yield on funds
Cost of funds
Spreads
Margins
RoA
RoE
Margins (%)
1Q
1.0
0.3
69.7
2.1
20.9
46.2
34.6
39.9
82.0
10.7
8.2
10.0
5.6
4.3
4.4
1.8
17.4
4.4
FY17
2Q
1.0
0.3
70.6
1.4
21.3
45.9
34.5
40.0
83.6
10.7
7.4
9.7
5.5
4.2
4.2
1.8
17.6
4.2
3Q
1.1
0.3
70.1
1.8
21.4
43.8
34.4
45.0
78.0
10.7
7.3
9.7
5.4
4.3
4.1
1.9
18.7
4.1
4Q
1.1
0.3
68.7
1.5
23.3
42.4
33.7
48.0
86.2
10.3
7.6
9.6
5.1
4.5
4.3
1.9
18.3
4.3
1Q
1.2
0.4
65.1
2.6
22.4
42.7
34.7
44.0
86.5
10.2
7.2
9.3
5.0
4.3
4.4
1.8
17.0
4.4
FY18
2Q
1.3
0.4
66.3
2.0
21.5
42.6
34.5
42.9
87.7
10.4
7.0
9.6
5.1
4.5
4.3
1.9
17.5
4.3
3Q
1.3
0.4
66.3
1.9
22.4
41.2
34.6
43.9
90.3
10.5
6.9
9.6
5.2
4.5
4.3
2.0
18.9
4.3
4Q
1.3
0.4
69.8
1.8
25.5
40.7
34.2
43.5
83.5
10.3
7.1
9.7
5.0
4.7
4.3
1.9
18.5
4.3
1Q
1.3
0.4
69.5
2.2
24.6
40.1
34.4
41.7
87.9
10.2
7.1
9.6
5.1
4.5
4.2
1.8
17.2
4.2
FY19
2Q
1.3
0.4
70.0
1.9
23.0
39.8
34.7
42.0
90.1
10.3
7.0
9.5
5.2
4.3
4.3
1.8
16.4
4.3
3Q
1.4
0.4
69.7
2.1
32
8
19
9
Change
(bps)
YoY QoQ
9
5
-2
2
340 -29
23
28
23.1 70
15
39.5 -170 -37
34.8 19
15
40.7 -320 -130
91.6 131 151
10.6 15
7.3 40
9.8 17
5.5 30
4.4 -13
4.3
0
2.0 -4
15.9 -290
4.3
0
29
33
30
23
7
0
12
-40
0
Source: MOSL, Company
19 January 2019
2
 Motilal Oswal Financial Services
HDFC Bank
Exhibit 2: Quarterly performance — PAT largely in line with estimates
Y/E March
Interest Income
Interest Expense
Net Interest Income
% Change (Y-o-Y)
Other Income
Total Income
Operating Expenses
Operating Profit
% Change (Y-o-Y)
Provisions
Profit before Tax
Tax
Net Profit
% Change (Y-o-Y)
3QFY19A
258,903
133,135
125,768
22
49,210
174,978
67,193
107,784
28
22,115
85,669
29,810
55,859
20
3QFY19E
255,342
131,164
124,178
20
44,932
169,111
63,818
105,293
25
19,186
86,107
29,707
56,400
21
V/S our Est
1
2
1
10
3
5
2
15
-1
0
-1
Comments
Robust loan growth & stable margins
Treasury profits boosted other income
opex slightly higher-than-expected
Provisions were higher-than-expected due to contingent provisions
In line; beat on other income offset by miss on provisions
Source: Company, MOSL
Growth was led by retail
loans, which grew 24% YoY,
driven by credit cards,
personal loans and home
loans
Loan book driven by growth in both retail and corporate book
Loan book grew 4%/24% QoQ/YoY to INR7.8t. Deposits grew 2.3%/22%
QoQ/YoY to INR8.5t. CD ratio, thus, inched up to 91.6% (+151bp QoQ).
Incremental growth in the quarter was driven by retail loans (4.8%/24%
QoQ/YoY), taking the retail loan share to 68.1% (53.9% as per regulatory
classification) of the book compared to 67.9% in 2QFY19. Retail loan growth was
driven by personal loans (+6.4%/32.9% QoQ/YoY), credit cards (+10.6%/+33.4%
YoY) and home loans (+8.2%/35.8% QoQ/YoY) due to portfolio buyout of INR62b
from HDFC Ltd.
Corporate book grew at 3.1%/23.4% QoQ/YoY.
Exhibit 3: Share of retail loans (based on internal classification) stood at 68.1%
INRb
Car Loans
CV loans
2 wheeler loans
Sub-total - Auto Loans
Personal loans
Business banking
Loan against shares
Credit Cards
Home loans
Gold loans
Other Retail
Retail Total
Corporate and international
Total loans
3QFY18
825.1
425.5
92.2
1,342.9
674.9
1,008.1
34.6
336.2
381.3
53.0
497.6
4,328.6
1,983.6
6,312.1
2QFY19
919.2
495.5
112.9
1,527.6
841.5
1,170.4
35.8
405.4
478.8
57.0
580.9
5,097.2
2,411.1
7,508.4
3QFY19
930.2
528.8
113.7
1,572.7
895.5
1,204.3
34.6
448.4
518.0
57.6
587.5
5,318.6
2,491.0
7,809.5
YoY (%)
12.7
24.3
23.3
17.1
32.7
19.5
-0.1
33.4
35.8
8.7
18.1
22.9
25.6
23.7
QoQ (%)
1.2
6.7
0.7
3.0
6.4
2.9
-3.5
10.6
8.2
1.0
1.1
4.3
3.3
4.0
% of total
11.9
6.8
1.5
20.1
11.5
15.4
0.4
5.7
6.6
0.7
7.5
68.1
31.9
100.0
Source: Company, MOSL
19 January 2019
3
 Motilal Oswal Financial Services
HDFC Bank
Exhibit 4: Share of unsecured loans continued to inch up
15.2
14.2 13.7 14.7
13.1 13.4
12.0 11.9 12.5 12.4
17.2
16.0 16.5 16.6 16.6
Source: MOSL, Company
CASA grew by 13% YoY
while term deposits grew
healthy at 29% YoY
Reported NIM stable QoQ; while CASA ratio declined to 40.7%
NIM (reported) was stable at 4.3% as increase in cost of deposits was offset by
increase in yields.
CASA deposits grew 13% YoY (decline -0.7% QoQ) driven by de-growth of -
2.8%/10.5% QoQ/YoY growth in CA while SA growth remained muted
(0.3%/14.3% QoQ/YoY). Thus, CASA ratio decreased by 130bp to 40.7% from
42.0% in 2QFY19.
Core fee income recorded robust growth at 27% YoY to INR36.5b driven largely
by the credit cards business (25-30% of total fees). Overall fee income / average
assets came in at 1.25% as on 3QFY19.
The bank recorded treasury gains of INR4.7b v/s loss of INR0.33b in 2QFY19.
Total other income grew 22.5%/27.2% QoQ/YoY.
Overall, opex growth continued to moderate at 17.2% YoY (6.7% QoQ), led by
controlled employee expenses (3.1% QoQ and 16.3% YoY). Cost-to-core income
ratio declined 37bp QoQ to 39.5%.
Fee Inc.(INR b)
1.2
Fee Inc. as % of Avg. Assets
1.2
1.3
1.2
Strong fee income growth
of 27% YoY and treasury
profits led to increase in
other income
Core fee income growth picks up, opex remains under control
Exhibit 5: Fee income/ average assets (%) remains stable sequentially
1.1 1.2
1.2
1.1
1.1
1.1
1.2
1.2
1.1
1.2
1.2
Source: MOSL, Company
Asset quality stable excluding Agri portfolio
Fresh slippages came in at
2.04% (annualized), while it
was 1.71% excluding Agri
portfolio.
Fresh slippages came in at 2.04% (INR40b) leading to 8% QoQ increase in GNPA
to INR109b while NNPA increased 9% QoQ to INR33b.
Asset quality has been stable in other portfolios while some deterioration was
observed in agri portfolio, and therefore the GNPA/NNPA ratios increased to
1.38%/0.42%. PCR was stable at ~70%.
19 January 2019
4
 Motilal Oswal Financial Services
HDFC Bank
3QFY19 conference call highlights
Balance sheet and Profit & loss
Bank is experiencing some slowdown in 2w and 4w due to the underlying sales
going down. LAP segment also witnessed some slowdown because the pricing
was below expected levels, however, with NBFCs losing market share,
management expects pricing power to return.
Business banking:
Small ticket sizes are growing in a granular fashion and are
stable while large ticket sizes (agri commodity) are not growing much.
Drivers for fee income were:
1) Payments business - Higher income and lower losses on the acquiring
business, and
2) Cash management
Focus on building granular term deposits and increasing the retail 1-2 year
bucket.
Yields are moving up, hence, margins are stable despite increase in cost of
deposits.
IT expenses comprise ~3-4% of net revenue.
Target to add ~150-200 branches every year. The bulk of the branches added in
the current quarter were in semi-urban and urban areas.
There were no portfolio buyouts in business banking. ~INR62b worth of home
loans was purchased from HDFC Ltd.
Bank has almost negligible exposure towards IL&FS.
Open for exposure to NBFCs and HFCs, however, maintaining caution.
There has been no material change in the total NBFC exposure.
Debit card comprises ~7% of total fees while credit card comprises ~25%-30%.
Credit card has witnessed significant change is its contribution towards fee
income.
Asset Quality
Slippages came in at INR40b, which is ~2.04% annualized (ex- agri it was 1.7%).
Credit cost is maintained at ~0.8%-0.9%.
GNPLs ex- agri is 1.1%, which are stable YoY and QoQ.
Bank expects some spike in the agri book (Jun’19 onwards) on account of recent
farm loan waivers, hence, it is maintaining a conservative stance. As a result,
bank has made contingent provisions of INR3.22b.
Guidance/Others
Subsidiaries: Margins are slightly under pressure, which currently are at ~6.5%.
INDAS provisions: Stage 1 & Stage 3 are adequately provided, and hence, the
bank does not expect much difference. However, Stage 2 might have slightly
higher provisions under INDAS.
19 January 2019
5
 Motilal Oswal Financial Services
HDFC Bank
Valuation and view
Buy with a target price of
INR2,500 (3.7x Sep-20E
ABV)
Structural drivers are in place with (1) CASA ratio above 40%, (2) opportunities
for significant market share gains, (3) improving operating efficiency led by
digitalization initiatives, (4) expected traction in income due to strong expansion
in branch network, and (5) best-in-class asset quality.
Post demonetization, strong improvement in retail loan growth is impressive,
especially when the bank was focused on cutting flab from the system. Retail
loan growth is seeing a strong revival with contribution from high ROE retail
products like unsecured personal loans, LAS and Credit cards. HDFCB is seeing
strong loan growth, indicating market share gains.
Helped by strong benefit on the cost of funds, bank has been aggressive in
gaining market share in retail/corporate loans. We expect the trend to continue
considering a large part of the competition is struggling with its own issues like
capitalization, asset quality, etc.
We have seen some pick-up in investments in branches and ATMs; calibration in
workforce should maintain healthy deposit growth. The C/I of the bank is
continuously improving due to productivity from existing investments. The PPoP
growth is expected to be healthy at 24%+ and PAT growth is expected at 23%
over FY18-21E.
Despite pricing pressure, NIMs moderation is expected to be limited due to (a)
high CASA ratio above 40%, (b) benefit of high share of fixed rate retail loans,
and (c) high-yielding retail loans contribution rising within retail.
HDFCB has been consistently gaining market share across retail product
segments (personal loans, business banking, credit cards and auto loans) and
strong capitalization and liquidity levels will enable it to sustain this growth
momentum over the next few years. Operating expenses have been under
control and digital initiatives have aided consistent decline in the C/I ratio. We
maintain our Buy rating with TP of INR2,500 (3.7x Sep-20E ABV of the bank).
Exhibit 7: One-year forward P/E
4.2
3.8
Max (x)
-1SD
P/E (x)
30.0
25.0
3.5
20.0
15.0
17.8
13.9
Min (x)
Avg (x)
+1SD
23.0
20.4
22.5
Max (x)
-1SD
25.9
Exhibit 6: One-year forward P/BV
4.5
3.5
2.5
1.5
P/B (x)
Min (x)
Avg (x)
+1SD
3.4
3.0
1.9
10.0
Source: MOSL, Company
Source: MOSL, Company
19 January 2019
6
 Motilal Oswal Financial Services
HDFC Bank
Exhibit 8: DuPont Analysis — Improvement in operating leverage to lead to higher profitability (%)
Y/E March
Net Interest Income
Core Fee Income
Trading and others
Non-Interest income
Total Income
Operating Expenses
Employee cost
Others
Operating Profits
Core operating Profits
Provisions
PBT
Tax
RoA
Leverage (x)
RoE
FY15
4.14
1.2
0.4
1.7
5.37
2.59
0.88
1.71
3.22
2.79
0.38
2.83
0.94
1.89
10.3
19.4
FY16
4.25
1.2
0.4
1.7
5.48
2.61
0.88
1.74
3.29
2.86
0.42
2.87
0.98
1.89
9.6
18.3
FY17
4.21
1.1
0.4
1.6
5.33
2.51
0.82
1.68
3.27
2.83
0.46
2.82
0.97
1.85
9.7
17.9
FY18
4.16
1.3
0.3
1.6
5.74
2.35
0.71
1.65
3.38
3.11
0.61
2.77
0.96
1.81
9.8
17.9
FY19E
4.02
1.17
0.29
1.46
5.48
2.15
0.64
1.51
3.33
3.04
0.60
2.72
0.94
1.78
9.4
16.7
FY20E
4.07
1.09
0.28
1.37
5.45
2.01
0.58
1.42
3.44
3.16
0.70
2.74
0.94
1.79
9.2
16.5
FY21E
4.10
1.06
0.26
1.32
5.43
1.89
0.54
1.35
3.53
3.27
0.71
2.82
0.97
1.85
9.7
17.8
Source: MOSL, Company
19 January 2019
7
 Motilal Oswal Financial Services
HDFC Bank
Story in Charts
Exhibit 9: Loans grew 24% YoY (4% QoQ)
Loans (INR b)
22
28 26 27
23 18
13
YoY Growth (%)
28
24 24
19 23 22
19 22
30 30 27
Exhibit 10: Deposits registered 22% YoY growth
Deposits (INR b)
YoY Gr (%)
23 20 21 22
21 19 17 21 18 17 16
10
Source: MOSL, Company
Source: MOSL, Company
Exhibit 11: Vehicle loans grew by 18% YoY
Vehicle Loans (INR b)
YoY Growth (%)
25 26 22 24 24
22 22 19 20
21 20
19 19
18
17
Exhibit 12: NIMs stable at 4.3%
4.3
4.2
4.3 4.3
4.4
4.2
4.1
4.3
4.4
4.3 4.3 4.3
4.2
4.3 4.3
Source: MOSL, Company
Source: MOSL, Company
Exhibit 13: CASA ratio declined to 40.7%
CASA Deposits (INR b)
CASA Ratio (%)
Exhibit 14: Asset quality ratios (Ex-agri) largely stable
Gross NPAs (%)
Net NPAs (%)
Source: MOSL, Company
Source: MOSL, Company
19 January 2019
8
 Motilal Oswal Financial Services
HDFC Bank
Financials and Valuations
Income Statement
Y/E March
Interest Income
Interest Expense
Net Interest Income
Growth (%)
Non-Interest Income
Total Income
Growth (%)
Operating Expenses
Pre Provision Profits
Growth (%)
Core PPP
Growth (%)
Provisions (excl. tax)
PBT
Tax
Tax Rate (%)
PAT
Growth (%)
FY14
411.4
226.5
184.8
16.9
79.2
264.0
16.5
120.4
143.6
25.7
122.2
15.6
15.9
127.7
42.9
33.6
84.8
26.0
FY15
484.7
260.7
224.0
21.2
90.0
313.9
18.9
139.9
174.0
21.2
150.3
19.6
20.8
153.3
51.1
33.4
102.2
20.5
FY16
602.2
326.3
275.9
23.2
107.5
383.4
22.1
169.8
213.6
22.7
184.5
22.1
27.3
186.4
63.4
34.0
123.0
20.4
FY17
693.1
361.7
331.4
20.1
123.0
454.4
18.5
197.0
257.3
20.4
220.9
18.0
35.9
221.4
75.9
34.3
145.5
18.3
FY18
802.4
401.5
400.9
21.0
152.2
553.2
21.7
226.9
326.2
26.8
311.0
-25.5
59.3
267.0
92.1
34.5
174.9
20.2
FY19E
991.4
514.4
477.1
19.0
172.8
649.8
17.5
255.4
394.4
20.9
370.3
19.1
71.7
322.8
111.4
34.5
211.4
20.9
FY20E
1,232.7
643.2
589.5
23.6
198.7
788.1
21.3
290.7
497.4
26.1
468.0
26.4
101.4
396.0
136.6
34.5
259.4
22.7
FY21E
1,499.2
779.3
719.9
22.1
232.4
952.3
20.8
332.5
619.8
24.6
586.2
25.3
125.4
494.5
170.6
34.5
323.9
24.9
(INRb)
Balance Sheet
Y/E March
Equity Share Capital
Reserves & Surplus
Net Worth
Deposits
Growth (%)
of which CASA Dep.
Growth (%)
Borrowings
Other Liabilities & Prov.
Total Liabilities
Current Assets
Investments
Growth (%)
Loans
Growth (%)
Fixed Assets
Other Assets
Total Assets
FY14
4.8
430.0
434.8
3,673.4
24.0
1,646.2
17.2
394.4
413.4
4,916.0
395.8
1,209.5
8.4
3,030.0
26.4
29.4
251.2
4,916.0
FY15
5.0
615.1
620.1
4,508.0
22.7
1,984.9
20.6
452.1
324.8
5,905.0
363.3
1,516.4
25.4
3,655.0
20.6
31.2
339.1
5,905.0
FY16
5.1
721.7
726.8
5,464.2
21.2
2,363.1
19.1
849.7
367.3
7,408.0
389.2
1,958.4
29.1
4,645.9
27.1
33.4
381.0
7,408.0
FY17
5.1
855.6
860.7
6,436.4
17.8
3,091.5
30.8
740.3
601.0
8,638.4
489.5
2,144.6
9.5
5,545.7
19.4
36.3
422.3
8,638.4
FY18
5.2
1,057.8
1,063.0
7,887.7
22.5
3,430.9
11.0
1,231.0
457.6
10,639.3
1,229.2
2,422.0
12.9
6,583.3
18.7
36.1
368.8
10,639.3
FY19E
5.4
1,464.3
1,469.7
9,544.1
21.0
4,170.8
21.6
1,504.0
562.9
13,080.7
1,392.1
3,027.5
25.0
8,123.8
23.4
39.3
498.0
13,080.7
FY20E
5.4
1,674.8
1,680.2
11,691.6
22.5
5,308.0
27.3
1,799.3
692.4
15,863.5
1,564.9
3,723.8
23.0
9,911.1
22.0
43.6
620.0
15,863.5
FY21E
5.4
1,946.6
1,952.0
14,263.7
22.0
6,632.6
25.0
2,167.2
851.6
19,234.5
1,906.0
4,617.5
24.0
12,151.0
22.6
48.0
512.0
19,234.5
Asset Quality
Y/E March
GNPA
NNPA
GNPA Ratio
NNPA Ratio
Slippage Ratio
Credit Cost
PCR (Excl. Tech. write off)
2014
29.9
8.2
1.0
0.3
1.93
0.60
72.6
2015
34.4
9.0
0.9
0.2
1.58
0.52
73.9
2016
43.9
13.2
0.9
0.3
1.56
0.51
69.9
2017
58.9
18.4
1.1
0.3
1.53
0.62
68.7
FY18
86.1
26.0
1.3
0.4
2.14
0.81
69.8
FY19E
107.8
30.4
1.3
0.4
1.70
0.85
71.8
FY20E
126.3
37.7
1.3
0.4
1.70
1.00
70.2
FY21E
162.3
49.6
1.3
0.4
1.70
1.00
69.4
19 January 2019
9
 Motilal Oswal Financial Services
HDFC Bank
Financials and Valuations
Ratios
Y/E March
Yield & Cost Ratios (%)
Avg. Yield-Earning Assets
Avg. Yield on loans
Avg. Yield on Inv.
Avg. Cost-Int. Bear. Liab.
Avg. Cost of Deposits
Interest Spread
Net Interest Margin
Capitalisation Ratios (%)
CAR
Tier I
Tier II
Asset-Liability Profile (%)
Loans/Deposit
CASA Ratio
Cost/Assets
Cost/Total Income
Cost/Core Income
Int. Expense/Int. Income
Fee Income/Total Income
Non Int. Inc./Total Income
Emp. Cost/Total Expense
Investment/Deposit
FY14
10.3
11.7
7.8
6.2
5.7
4.1
4.6
FY15
10.1
11.1
7.2
5.8
5.7
4.3
4.6
FY16
10.1
10.8
8.1
6.0
5.9
4.3
4.6
FY17
9.6
10.2
7.8
5.5
5.3
4.2
4.6
FY18
9.4
10.3
7.2
4.9
4.6
4.5
4.4
FY19E
9.6
10.7
7.3
5.1
5.0
4.5
4.2
FY20E
9.7
10.8
7.4
5.2
5.1
4.5
4.3
FY21E
9.6
10.7
7.4
5.2
5.0
4.4
4.3
16.1
11.8
4.3
16.8
13.7
3.1
15.5
13.2
2.3
14.6
12.8
1.8
14.8
13.3
1.6
16.9
15.6
1.3
15.3
14.3
1.0
14.4
13.6
0.8
82.5
44.8
2.4
45.6
45.8
55.1
27.2
30.0
34.7
32.9
81.1
44.0
2.4
44.6
47.0
53.8
24.4
28.7
34.0
33.6
85.0
43.2
2.3
44.3
46.7
54.2
23.6
28.0
33.6
35.8
86.2
48.0
2.3
43.4
45.8
52.2
21.8
27.1
32.9
33.3
83.5
43.5
2.1
41.0
42.2
50.0
22.8
27.5
30.0
30.7
85.1
43.7
2.0
39.3
40.8
51.9
21.3
26.6
29.8
31.7
84.8
45.4
1.8
36.9
38.3
52.2
20.0
25.2
29.1
31.9
85.2
46.5
1.7
34.9
36.2
52.0
19.6
24.4
28.8
32.4
Valuation
RoE
RoA
RoRWA
Book Value (INR)
Growth (%)
Price-BV (x)
Adjusted BV (INR)
Price-ABV (x)
EPS (INR)
Growth (%)
Price-Earnings (x)
Dividend Per Share (INR)
Dividend Yield (%)
E: MOSL Estimates
21.3
1.9
2.6
181
19.2
179
35.3
25.0
6.9
19.4
1.9
2.7
247
36.5
245
40.8
15.3
8.0
18.3
1.8
2.5
287
16.2
284
48.6
19.3
9.5
17.9
1.8
2.4
336
16.9
6.3
331
6.4
56.8
16.7
37.5
11.0
0.5
17.9
1.8
2.4
410
22.0
5.2
388
5.5
67.8
19.4
31.4
15.7
0.7
16.7
1.8
2.3
543
32.6
3.9
518
4.1
79.8
17.6
26.7
16.5
0.8
16.5
1.8
2.3
621
14.3
3.4
589
3.6
95.9
20.2
22.2
18.1
0.8
17.8
1.8
2.3
721
16.2
3.0
682
3.1
119.7
24.9
17.8
19.3
0.9
19 January 2019
10
 Motilal Oswal Financial Services
HDFC Bank
Corporate
and Valuations
Financials
profile
Company description
HDFC Bank was amongst the ten private sector
banks which were awarded license post
liberalization of 1990s. The bank was incorporated
in August 1994 and is promoted by the biggest
mortgage lender in the country, HDFC Limited. The
bank is now the largest private sector bank in India
with asset size of INR11.7t+ and market share of
~7% in deposit and loans respectively. As on
December 30, 2018, the bank had a network of
4,963 branches and 13,160 ATMs spread across the
country.
Exhibit 2: Shareholding pattern (%)
Dec-18
Promoter
DII
FII
Others
21.4
13.0
50.5
15.0
Sep-18
21.4
12.4
51.0
15.2
Dec-17
21.0
12.2
51.4
15.4
Source: Capitaline
Exhibit 1: Sensex rebased
Source: MOSL/Bloomberg
Exhibit 3: Top holders
Holder Name
Europacific Growth Fund
LIC of India
SBI-ETF NIFTY 50
ICICI Prudential Life Insurance Company Ltd
HDFC TRUSTEE COMPANY LTD- A/c HDFC
HYBRID
% Holding
4.1
2.0
2.0
1.1
1.1
Source: Capitaline
Note: FII Includes depository receipts
Exhibit 4: Top management
Name
Shyamala Gopinath
Aditya Puri
Kaizad Bharucha
Sanjay Dongre
Designation
Chairperson
Managing Director
Executive Director
Company Secretary
Exhibit 5: Directors
Name
Srikanth Nadhamuni
Keki Mistry
Partho S Datta
Name
Bobby Parikh
Malay Patel
Umesh Chandra Sarangi
Source: Capitaline
*Independent
Exhibit 6: Auditors
Name
Deloitte Haskins & Sells
Type
Statutory
Exhibit 7: MOSL forecast v/s consensus
EPS
(INR)
FY19
MOSL
forecast
79.8
95.9
119.7
Consensus
forecast
78.9
96.8
118.2
Variation (%)
1.1
-1.0
1.3
Source: Bloomberg
Source: Capitaline
FY20
FY21
19 January 2019
11
 Motilal Oswal Financial Services
Explanation of Investment Rating
Investment Rating
BUY
SELL
NEUTRAL
UNDER REVIEW
NOT RATED
Expected return (over 12-month)
>=15%
< - 10%
> - 10 % to 15%
Rating may undergo a change
We have forward looking estimates for the stock but we refrain from assigning recommendation
HDFC Bank
*In case the recommendation given by the Research Analyst becomes inconsistent with the investment rating legend, the Research Analyst shall within 28 days of the inconsistency, take appropriate measures to make the recommendation consistent with the investment rating legend.
Disclosures:
The following Disclosures are being made in compliance with the SEBI Research Analyst Regulations 2014 (herein after referred to as the Regulations).
Motilal Oswal Securities Ltd. (MOSL)
*
is a SEBI Registered Research Analyst having registration no. INH000000412. MOSL, the Research Entity (RE) as defined in the Regulations, is engaged in the business of providing Stock broking services,
Investment Advisory Services, Depository participant services & distribution of various financial products. MOSL is a subsidiary company of Motilal Oswal Financial Service Ltd. (MOFSL). MOFSL is a listed public company, the details in respect of
which are available on
www.motilaloswal.com.
MOSL is registered with the Securities & Exchange Board of India (SEBI) and is a registered Trading Member with National Stock Exchange of India Ltd. (NSE) and BSE Limited (BSE), Multi Commodity
Exchange of India (MCX) & National Commodity & Derivatives Exchange Ltd. (NCDEX) for its stock broking activities & is Depository participant with Central Depository Services Limited (CDSL) & National Securities Depository Limited (NSDL) and is
member of Association of Mutual Funds of India (AMFI) for distribution of financial products. Details of associate entities of Motilal Oswal Securities Limited are available on the website at
http://onlinereports.motilaloswal.com/Dormant/documents/Associate%20Details.pdf
MOSL, it’s associates, Research Analyst or their relative may have any financial interest in the subject company. MOSL and/or its associates and/or Research Analyst may have actual/beneficial ownership of 1% or more securities in the subject
company at the end of the month immediately preceding the date of publication of the Research Report.
MOSL and its associate company(ies), their directors and Research Analyst and their relatives may; (a) from time to time, have a long or short
position in, act as principal in, and buy or sell the securities or derivatives thereof of companies mentioned herein. (b) be engaged in any other transaction involving such securities and earn brokerage or other compensation or act as a market maker in
the financial instruments of the company(ies) discussed herein or act as an advisor or lender/borrower to such company(ies) or may have any other potential conflict of interests with respect to any recommendation and other related information and
opinions.; however the same shall have no bearing whatsoever on the specific recommendations made by the analyst(s), as the recommendations made by the analyst(s) are completely independent of the views of the associates of MOSL even though
there might exist an inherent conflict of interest in some of the stocks mentioned in the research report.
Research Analyst may have served as director/officer, etc. in the subject company in the last 12 month period. MOSL and/or its associates may
have received any compensation from the subject company in the past 12 months.
In the last 12 months period ending on the last day of the month immediately preceding the date of publication of this research report, MOSL or any of its associates may have:
a)
managed or co-managed public offering of securities from subject company of this research report,
b)
received compensation for investment banking or merchant banking or brokerage services from subject company of this research report,
c)
received compensation for products or services other than investment banking or merchant banking or brokerage services from the subject company of this research report.
d)
Subject Company may have been a client of MOSL or its associates during twelve months preceding the date of distribution of the research report.
MOSL and it’s associates have not received any compensation or other benefits from the subject company or third party in connection with the research report. To enhance transparency, MOSL has incorporated a Disclosure of Interest Statement in
this document. This should, however, not be treated as endorsement of the views expressed in the report. MOSL and / or its affiliates do and seek to do business including investment banking with companies covered in its research reports. As a result,
the recipients of this report should be aware that MOSL may have a potential conflict of interest that may affect the objectivity of this report. Compensation of Research Analysts is not based on any specific merchant banking, investment banking or
brokerage service transactions.
Terms & Conditions:
This report has been prepared by MOSL and is meant for sole use by the recipient and not for circulation. The report and information contained herein is strictly confidential and may not be altered in any way, transmitted to, copied or distributed, in part
or in whole, to any other person or to the media or reproduced in any form, without prior written consent of MOSL. The report is based on the facts, figures and information that are considered true, correct, reliable and accurate. The intent of this report
is not recommendatory in nature. The information is obtained from publicly available media or other sources believed to be reliable. Such information has not been independently verified and no guaranty, representation of warranty, express or implied,
is made as to its accuracy, completeness or correctness. All such information and opinions are subject to change without notice. The report is prepared solely for informational purpose and does not constitute an offer document or solicitation of offer to
buy or sell or subscribe for securities or other financial instruments for the clients. Though disseminated to all the customers simultaneously, not all customers may receive this report at the same time. MOSL will not treat recipients as customers by
virtue of their receiving this report.
Analyst Certification
The views expressed in this research report accurately reflect the personal views of the analyst(s) about the subject securities or issues, and no part of the compensation of the research analyst(s) was, is, or will be directly or indirectly related to the
specific recommendations and views expressed by research analyst(s) in this report.
A graph of daily closing prices of securities is available at
www.nseindia.com, www.bseindia.com.
Research Analyst views on Subject Company may vary based on Fundamental research and Technical Research. Proprietary trading desk of MOSL or
its associates maintains arm’s length distance with Research Team as all the activities are segregated from MOSL research activity and therefore it can have an independent view with regards to subject company for which Research Team have
expressed their views.
Regional Disclosures (outside India)
This report is not directed or intended for distribution to or use by any person or entity resident in a state, country or any jurisdiction, where such distribution, publication, availability or use would be contrary to law, regulation or which would subject
MOSL & its group companies to registration or licensing requirements within such jurisdictions.
For Hong Kong:
This report is distributed in Hong Kong by Motilal Oswal capital Markets (Hong Kong) Private Limited, a licensed corporation (CE AYY-301) licensed and regulated by the Hong Kong Securities and Futures Commission (SFC) pursuant to the Securities
and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) “SFO”. As per SEBI (Research Analyst Regulations) 2014 Motilal Oswal Securities (SEBI Reg No. INH000000412) has an agreement with Motilal Oswal capital Markets (Hong Kong)
Private Limited for distribution of research report in Hong Kong. This report is intended for distribution only to “Professional Investors” as defined in Part I of Schedule 1 to SFO. Any investment or investment activity to which this document relates is only
available to professional investor and will be engaged only with professional investors.” Nothing here is an offer or solicitation of these securities, products and services in any jurisdiction where their offer or sale is not qualified or exempt from
registration. The Indian Analyst(s) who compile this report is/are not located in Hong Kong & are not conducting Research Analysis in Hong Kong.
For U.S.
Motilal Oswal Securities Limited (MOSL) is not a registered broker - dealer under the U.S. Securities Exchange Act of 1934, as amended (the"1934 act") and under applicable state laws in the United States. In addition MOSL is not a registered
investment adviser under the U.S. Investment Advisers Act of 1940, as amended (the "Advisers Act" and together with the 1934 Act, the "Acts), and under applicable state laws in the United States. Accordingly, in the absence of specific exemption
under the Acts, any brokerage and investment services provided by MOSL, including the products and services described herein are not available to or intended for U.S. persons. This report is intended for distribution only to "Major Institutional
Investors" as defined by Rule 15a-6(b)(4) of the Exchange Act and interpretations thereof by SEC (henceforth referred to as "major institutional investors"). This document must not be acted on or relied on by persons who are not major institutional
investors. Any investment or investment activity to which this document relates is only available to major institutional investors and will be engaged in only with major institutional investors. In reliance on the exemption from registration provided by Rule
15a-6 of the U.S. Securities Exchange Act of 1934, as amended (the "Exchange Act") and interpretations thereof by the U.S. Securities and Exchange Commission ("SEC") in order to conduct business with Institutional Investors based in the U.S.,
MOSL has entered into a chaperoning agreement with a U.S. registered broker-dealer, Motilal Oswal Securities International Private Limited. ("MOSIPL"). Any business interaction pursuant to this report will have to be executed within the provisions of
this chaperoning agreement.
The Research Analysts contributing to the report may not be registered /qualified as research analyst with FINRA. Such research analyst may not be associated persons of the U.S. registered broker-dealer, MOSIPL, and therefore, may not be subject
to NASD rule 2711 and NYSE Rule 472 restrictions on communication with a subject company, public appearances and trading securities held by a research analyst account.
For Singapore
In Singapore, this report is being distributed by Motilal Oswal Capital Markets Singapore Pte Ltd (“MOCMSPL”) (Co.Reg. NO. 201129401Z) which is a holder of a capital markets services license and an exempt financial adviser in Singapore,
as per the approved agreement under Paragraph 9 of Third Schedule of Securities and Futures Act (CAP 289) and Paragraph 11 of First Schedule of Financial Advisors Act (CAP 110) provided to MOCMSPL by Monetary Authority of Singapore.
Persons in Singapore should contact MOCMSPL in respect of any matter arising from, or in connection with this report/publication/communication. This report is distributed solely to persons who qualify as “Institutional Investors”, of which some of
whom may consist of "accredited" institutional investors as defined in section 4A(1) of the Securities and Futures Act, Chapter 289 of Singapore (“the SFA”). Accordingly, if a Singapore person is not or ceases to be such an institutional investor, such
Singapore Person must immediately discontinue any use of this Report and inform MOCMSPL.
Disclaimer:
The report and information contained herein is strictly confidential and meant solely for the selected recipient and may not be altered in any way, transmitted to, copied or distributed, in part or in whole, to any other person or to the media or reproduced
in any form, without prior written consent. This report and information herein is solely for informational purpose and may not be used or considered as an offer document or solicitation of offer to buy or sell or subscribe for securities or other financial
instruments. Nothing in this report constitutes investment, legal, accounting and tax advice or a representation that any investment or strategy is suitable or appropriate to your specific circumstances. The securities discussed and opinions expressed in
this report may not be suitable for all investors, who must make their own investment decisions, based on their own investment objectives, financial positions and needs of specific recipient. This may not be taken in substitution for the exercise of
independent judgment by any recipient. Each recipient of this document should make such investigations as it deems necessary to arrive at an independent evaluation of an investment in the securities of companies referred to in this document
(including the merits and risks involved), and should consult its own advisors to determine the merits and risks of such an investment. The investment discussed or views expressed may not be suitable for all investors. Certain transactions -including
those involving futures, options, another derivative products as well as non-investment grade securities - involve substantial risk and are not suitable for all investors. No representation or warranty, express or implied, is made as to the accuracy,
completeness or fairness of the information and opinions contained in this document. The Disclosures of Interest Statement incorporated in this document is provided solely to enhance the transparency and should not be treated as endorsement of the
views expressed in the report. This information is subject to change without any prior notice. The Company reserves the right to make modifications and alternations to this statement as may be required from time to time without any prior approval.
MOSL, its associates, their directors and the employees may from time to time, effect or have effected an own account transaction in, or deal as principal or agent in or for the securities mentioned in this document. They may perform or seek to perform
investment banking or other services for, or solicit investment banking or other business from, any company referred to in this report. Each of these entities functions as a separate, distinct and independent of each other. The recipient should take this
into account before interpreting the document. This report has been prepared on the basis of information that is already available in publicly accessible media or developed through analysis of MOSL. The views expressed are those of the analyst, and
the Company may or may not subscribe to all the views expressed therein. This document is being supplied to you solely for your information and may not be reproduced, redistributed or passed on, directly or indirectly, to any other person or
published, copied, in whole or in part, for any purpose. This report is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction, where such
distribution, publication, availability or use would be contrary to law, regulation or which would subject MOSL to any registration or licensing requirement within such jurisdiction. The securities described herein may or may not be eligible for sale in all
jurisdictions or to certain category of investors. Persons in whose possession this document may come are required to inform themselves of and to observe such restriction. Neither the Firm, not its directors, employees, agents or representatives shall
be liable for any damages whether direct or indirect, incidental, special or consequential including lost revenue or lost profits that may arise from or in connection with the use of the information.
The person accessing this information specifically agrees
to exempt MOSL or any of its affiliates or employees from, any and all responsibility/liability arising from such misuse and agrees not to hold MOSL or any of its affiliates or employees responsible for any such misuse and further agrees to hold MOSL
or any of its affiliates or employees free and harmless from all losses, costs, damages, expenses that may be suffered by the person accessing this information due to any errors and delays.
Registered Office Address: Motilal Oswal Tower, Rahimtullah Sayani Road, Opposite Parel ST Depot, Prabhadevi, Mumbai-400025; Tel No.: 022-3980 4263; www.motilaloswal.com. Correspondence Address: Palm Spring Centre, 2nd Floor, Palm
Court Complex, New Link Road, Malad (West), Mumbai- 400 064. Tel No: 022 3080 1000. Compliance Officer: Neeraj Agarwal, Email Id:
na@motilaloswal.com,
Contact No.:022-38281085.
Registration details of group entities: MOSL: SEBI Registration: INZ000158836 (BSE/NSE/MCX/NCDEX); CDSL: IN-DP-16-2015; NSDL: IN-DP-NSDL-152-2000; Research Analyst: INH000000412. AMFI: ARN 17397. Investment Adviser:
INA000007100.Motilal Oswal Asset Management Company Ltd. (MOAMC): PMS (Registration No.: INP000000670) offers PMS and Mutual Funds products. Motilal Oswal Wealth Management Ltd. (MOWML): PMS (Registration No.: INP000004409)
offers wealth management solutions. *Motilal Oswal Securities Ltd. is a distributor of Mutual Funds, PMS, Fixed Deposit, Bond, NCDs, Insurance and IPO products. * Motilal Oswal Real Estate Investment Advisors II Pvt. Ltd. offers Real Estate
products. * Motilal Oswal Private Equity Investment Advisors Pvt. Ltd. offers Private Equity products
*MOSL
has been amalgamated with Motilal Oswal Financial Services Limited (MOFSL) w.e.f. August 21, 2018 pursuant to order dated July 30, 2018 issued by Hon'ble National Company Law Tribunal, Mumbai Bench. The existing registration no(s) of
MOSL would be used until receipt of new MOFSL registration numbers.
Disclosure of Interest Statement
Analyst ownership of the stock
HDFC Bank
No
19 January 2019
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