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INTRODUCTION
Financial performance is a subjective measure of how well a firm can use assets from its
primary mode of business and generate revenues. This term is also used as a general
measure of a firm's overall financial health over a given period of time, and can be used
to compare similar firms across the same industry or to compare industries or sectors in
aggregation.
,There are many different ways to measure financial performance, but all measures
should be taken in aggregation. Line items such as revenue from operations, operating
income or cash flow from operations can be used, as well as total unit sales. Furthermore,
the analyst or investor may wish to look deeper into financial statements and seek out
margin growth rates or any declining debt.
The Balance Sheet shows the financial position (condition) of the firm at a given point of
time. It provides a snapshot that may be regarded as a static picture. “Balance sheet is a
summary of a firm’s financial position on a given date that shows Total assets = Total
liabilities + Owner’s equity.”
The Income Statement (referred to in India as the profit and loss statement) reflects the
performance of the firm over a period of time. “Income statement is a summary of a
firm’s business revenues and expenses over a specified period, ending with net income or
loss for the period.”
However, financial statements do not reveal all the information related to the financial
operations of a firm, but they furnish some extremely useful information, which
highlights two important factors profitability and financial soundness.
Financial Performance
Earning a profit is likely high on the list of things you want your business to accomplish. To
determine if you are actually earning a profit requires knowing a lot more than just how much
money you brought in that month. Determining profit means looking at things like the
company’s assets, expenses, income and equity on a regular basis. These should all be
reflected on your company’s statement of financial performance, which documents all areas
related to finances so you get the big-picture view of where your company stands.
Ratio Analysis:
Fundamental Analysis has a very broad scope. One aspect looks at the general (qualitative)
factors of a company. The other side considers tangible and measurable factors (quantitative).
This means crunching and analyzing numbers from the financial statements. If used in
conjunction with other methods, quantitative analysis can produce excellent results.
Ratio analysis isn't just comparing different numbers from the balance sheet, income
statement, and cash flow statement. It's comparing the number against previous years, other
companies, the industry, or even the economy in general. Ratios look at the relationships
between individual values and relate them to how a company has performed in the past, and
might perform in the future.
Definition
Result of one number or quantity divided by another. Ratios are the simplest mathematical
(statistical) tools that reveal significant relationships hidden in mass of data, and allow
meaningful comparisons. Some ratios are expressed as fractions or decimals, and some as
percentages. Major types of business ratios include (1) Efficiency, (2) Liquidity,
(3) Profitability, and (4) Solvency ratios.
Meaning of Ratio:
A ratio is one figure express in terms of another figure. It is a mathematical yardstick that
measures the relationship two figures, which are related to each other and mutually
interdependent. Ratio is express by dividing one figure by the other related figure. Thus a
ratio is an expression relating one number to another. It is simply the quotient of two
numbers. It can be expressed as a fraction or as a decimal or as a pure ratio or in absolute
figures as “so many times”. As accounting ratio is an expression relating two figures or
accounts or two sets of account heads or group contain in the financial statements.
Meaning of Ratio Analysis:
Ratio analysis is the method or process by which the relationship of items or group of items
in the financial statement are computed, determined and presented.
Ratio analysis is an attempt to derive quantitative measure or guides concerning the financial
health and profitability of business enterprises. Ratio analysis can be used both in trend and
static analysis. There are several ratios at the disposal of an analyst but their group of ratio he
would prefer depends on the purpose and the objective of analysis.
While a detailed explanation of ratio analysis is beyond the scope of this section, we will
focus on a technique, which is easy to use. It can provide you with a valuable investment
analysis tool.
However, you must be careful not to place too much importance on one ratio. You obtain a
better indication of the direction in which a company is moving when several ratios are taken
as a group.
Classification of Ratio:
CLASSIFICATION OF RATIO
4] RATIO FOR
LONG TERM
CREDITORS
What Is a Statement of Financial Performance?
A statement of financial performance is an accounting summary that details a business
organization's revenues, expenses and net income. Three financial statements comprise the
statement of financial performance: income statement, balance sheet and cash flow statement.
Income statement: The income statement reflects a company’s revenues and expenses. It
shows the company’s bottom line so you can see how profitable your company is during a
certain period of time, such as quarterly or annually. The statement of financial performance
takes into account sales revenue, cost of goods sold and other operating expenses and income.
Balance sheet: The balance sheet reflects where your business stands financially at a certain
point in time. This statement of financial performance takes into account assets, liabilities and
shareholder equity to make sure assets are equal to the other two factors. The balance sheet
incorporates the net income determined on your income statement.
Cash flow statement: The cash flow statement looks at how money moves through your
business. It shows increases and decreases in cash from operations, investing and financing
during a period of time. This statement of financial performance shows the net change in cash
balance using numbers from both the income statement and the balance sheet.
These statements are prepared monthly, quarterly or annually, and give businesses a big
picture of there they stand financially. A corporation's accounting department may prepare a
statement of financial performance at any given point in time or throughout the year,
depending on business requirements. For example, you may ask your accounting manager to
prepare a statement of financial performance for the last two weeks of July and the first three
weeks of November to understand what factors affect sales and whether sales are seasonal.
Financial Performance Factors for a Business
Preparing a statement of financial performance means knowing a lot of important information
about how money comes into your business and how it goes out. These financial performance
factors for a business should be tracked regularly:
Assets: An asset is anything your business owns or has that will be of value in the future.
This includes tangible assets such as products, buildings and equipment. It also includes
intangible assets such as contracts, marketing and consumer mailing lists. These are all things
that can be sold in the future that would add value to your company.
Liabilities: A liability is anything you might owe in the future and is often based on a
contract. For example, if one of your employees crashes the company car, you may be liable
for paying the car’s insurance deductible since you contract with the insurance company.
Equity: Equity is the value of your business that remains after deducting liabilities from
assets. In corporations, this value is known as the shareholder’s equity.
Owner investment: Business owners typically invest their own cash and resources into the
business. This is known as the owner investment, which establishes equity in the business. If
future business partners want equity in your business, how much they invest determines their
equity share. For example, a limited liability corporation, or LLC, with two equal partners
who contributed 50 percent has an owner investment of 50 percent of the business.
Owner distribution: If those partners later sell their shares, they would receive an owner
distribution. This results in decreased equity in the business.
Revenue: Revenue represents income that a company earns during a certain period. It
includes sales, interest income and gains on short-term investments. Revenue may be a short-
term item if it is earned in a year or less or a long-term item if it is earned after a year. For
example, a business’ short-term revenues include sales and interest income, while long-term
revenues can include interest income, such as from a corporate savings account, that is earned
in two years.
Expenses: Expenses represent costs that a company incurs during a certain period. They
include the cost of sales, interest expense, production or delivery costs, as well as losses on
short-term investments.
Gains and losses: These are increases and decreases in equity that result from transactions
incidental to your business. For example, if your primary business is book printing and
distribution, you likely have machinery needed to bind books. If you sell a book binder used
to manufacture books, you would sell it either for more than you paid for it (a gain) or less (a
loss).
A statement of financial performance can also include comprehensive income, asset use,
market share and other factors that affect your business.
The statement of financial performance also helps management see which business segments
or products are worth investing more money in and which the company may need to stop
putting money into. If you're investing a lot of money in a product that historically costs more
to produce than it earns profit, you can make the best decision for your company based on
information learned from the statement of financial performance.
Maintain ongoing financial statements. One of the best ways to improve financial
performance is to regularly review how your business is doing. Instead of preparing
the statement of financial performance annually, you may want to do it quarterly, or
even monthly, to see where improvements can be made. What you don’t want to do is
make rash decisions based on one bad month, so be sure to look at financials month-
to-month, quarter-to-quarter or year-to-year to make the most informed decisions.
Be proactive. With regular financial performance statements, you can see if things
are operating as efficiently as they should. With ongoing financial statements, you can
get a sense of what is currently happening in your company, what is going to happen,
and if any changes need to be made. Being proactive can save you a lot of money and
positively impact your bottom line.
Have a realistic budget. One of the quickest ways to improve financial performance
is to have a realistic budget. Don’t spend a lot of money in areas that don’t make
sense, since it will negatively affect your bottom line. Make sure you have a budget
that is realistic and in line with company goals. When you work within that budget,
you may see the financials move in the direction you want.
Price your products correctly. Know how much your products are actually worth on
the market by doing competitor research. If you can increase the price of your product
or service, you may be able to see immediate improvements in the company’s
financial performance, especially if costs stay the same.
Set achievable goals. In addition to a realistic budget, make sure your goals are
achievable. Don’t try to provide services you don’t have the resources for. Don’t try
to double your profits within one month. What you want to do is strategically plan
where to invest resources and money, and then set goals that the company can
actually achieve. Meeting smaller goals helps improve financial performance in the
short-term, while ultimately meeting your long-term financial goals.
Get everyone on board. Make sure your entire team is onboard with the budget. This
ensures they abide by how much to spend and when to cut their losses. It also ensures
that your team is engaged and committed to your company’s goals and bottom line.
Satisfied employees can boost your financial goals since they are more likely to do
what it takes to help your company succeed and stick around for the long-term.
Make sure your systems are current. Your company is only as efficient as the
people and technology you employ. Outdated technology and systems can slow things
down so much that you waste both money and time. Periodically check in with your
staff to make sure they are making effective use of their time and efficiently
processing anything related to your company’s finances, such as invoices and
collecting overdue payments. Keeping the computers and software up to date will also
keep things operating more smoothly. Utilizing financial performance apps and newer
computer programs is key in today's fast-changing world.
Measure your financial performance
Measurement of financial performance is an important part of running a growing business.
Many businesses fail because of poor financial management or planning.
Your business' success can depend on developing and implementing sound financial and
management systems. Updating your original business plan is a good place to start.
See prepare a business plan for growth and balance sheets.
Cashflow - this is the balance of all of the money flowing in and out of your business.
You should regularly review and update your forecast. See cashflow management.
Working capital - have your requirements changed? If so, try to determine why and
assess how this compares to the industry standard. See how to use your business plan to
get funding.
Cost base - keep your costs under constant review. Make sure that your costs are covered
in your sale price - but don't expect your customers to pay for any business inefficiencies.
See price your product or service.
Borrowing - what is the position of any overdrafts or loans? Are there more appropriate
or cheaper forms of finance you could use? See borrowing finance for your business.
Growth - do you have plans in place to adapt your financing to accommodate your
business' changing needs and growth? Find out more about financing growth.
Financial performance measures
One of the most important areas of your finances you should review is your profitability.
This is your capacity to make a profit, ie generate revenue that exceeds your overall
expenditure (all costs, taxes and expenses). Most growing businesses ultimately target
increased profits, so it's important to know how to analyse your profitability ratios.
Profitability ratios typically fall under two broad categories: margins and returns. Most
common profitability ratios are:
Gross profit margin - how much money is made after direct costs of sales have been
taken into account, or the contribution as it is also known.
Operating expenses margin - this lies between the gross and net measures of
profitability. Overheads are taken into account, but interest and tax payments are not. For
this reason, it is also known as the EBIT (earnings before interest and taxes) margin.
Net profit margin - this is a much narrower measure of profits, as it takes all costs into
account, not just direct ones. All overheads, as well as interest and tax payments, are
included in the profit calculation.
Return on capital employed - this calculates net profit as a percentage of the total
capital employed in a business. This allows you to see how well the money invested in
your business is performing compared with other investments you could make with it,
like putting it in the bank.
2. Working Capital
Cash that is immediately available is "working capital". Calculate your Working Capital by
subtracting your business's existing liabilities from its existing assets. Cash on hand, accounts
receivable, short-term investments are all included, as well as accounts payable, accrued
expenses, and loans are all part of this KPI equation.
This especially meaningful KPI informs you of the condition of your business in terms of its
available operating funds, by showing the extent to which your available assets can cover
your short-term financial liabilities.
3. Current Ratio
While the Working Capital KPI discussed above subtracts liabilities from assets, the Current
Ratio KPI divides total assets by liabilities to give you an understanding the solvency of your
business—i.e., how well your company is positioned to meet its financial obligations
consistently on time and to maintain a level of credit rating that is required to order to grow
and expand your business.
9. Inventory Turnover
Inventory continuously flows in and out of your production and warehousing facilities. It can
be hard to visualize the amount of turnover that is actually taking place. The inventory
turnover KPI allows you to know how much of your average inventory your company has
sold in a period. This KPI is calculated by dividing sales within a given period by your
average inventory in the same period. The KPI gives you a picture of your company's sales
strength and production efficiency.
Various tools are used to evaluate the significance of financial statement data. Three
commonly used tools are these:
Ratio Analysis
Funds Flow Analysis
Cash Flow Analysis
CHAPTER-2
COMPANY PROFILE
COMPANY PROFILE
The Housing Development Finance Corporation Limited (HDFC) was amongst the first to
receive an 'in principle' approval from the Reserve Bank of India (RBI) to set up a bank in the
private sector, as part of RBI's liberalisation of the Indian Banking Industry in 1994. The
bank was incorporated in August 1994 in the name of 'HDFC Bank Limited', with its
registered office in Mumbai, India. HDFC Bank commenced operations as a Scheduled
Commercial Bank in January 1995.
HDFC is India's premier housing finance company and enjoys an impeccable track record in
India as well as in international markets. Since its inception in 1977, the Corporation has
maintained a consistent and healthy growth in its operations to remain the market leader in
mortgages. Its outstanding loan portfolio covers well over a million dwelling units. HDFC
has developed significant expertise in retail mortgage loans to different market segments and
also has a large corporate client base for its housing related credit facilities. With its
experience in the financial markets, strong market reputation, large shareholder base and
unique consumer franchise, HDFC was ideally positioned to promote a bank in the Indian
environment.
Business Focus
HDFC Bank's mission is to be a World Class Indian Bank. The objective is to build sound
customer franchises across distinct businesses so as to be the preferred provider of banking
services for target retail and wholesale customer segments, and to achieve healthy growth in
profitability, consistent with the bank's risk appetite. The bank is committed to maintain the
highest level of ethical standards, professional integrity, corporate governance and regulatory
compliance. HDFC Bank’s business philosophy is based on five core values: Operational
Excellence, Customer Focus, Product Leadership, People and Sustainability.
Capital Structure
As on 30 June 2018 the authorized share capital of the Bank is Rs. 650 crore. The paid-up
share capital of the Bank as on the said date is Rs 520,83,15,734 /- which is comprising of
260,41,57,867 equity shares of the face value of Rs 2/- each. The HDFC Group holds 20.86
% of the Bank's equity and about 18.16 % of the equity is held by the ADS / GDR
Depositories (in respect of the bank's American Depository Shares (ADS) and Global
Depository Receipts (GDR) Issues). 33.44 % of the equity is held by Foreign Institutional
Investors (FIIs) and the Bank has 5,48,942 shareholders.
The shares are listed on the BSE Limited and The National Stock Exchange of India Limited.
The Bank's American Depository Shares (ADS) are listed on the New York Stock Exchange
(NYSE) under the symbol 'HDB' and the Bank's Global Depository Receipts (GDRs) are
listed on Luxembourg Stock Exchange under ISIN No US40415F2002.
DISTRIBUTION NETWORK
HDFC Bank is headquartered in Mumbai. As of March 31, 2015, the Bank’s distribution
network was at 4,014 branches in 2,464 cities.All branches are linked on an online real-time
basis. Customers across India are also serviced through multiple delivery channels such as
Phone Banking, Net Banking, Mobile Banking and SMS based banking. The Bank’s
expansion plans take into account the need to have a presence in all major industrial and
commercial centres, where its corporate customers are located, as well as the need to build a
strong retail customer base for both deposits and loan products. Being a clearing / settlement
bank to various leading stock exchanges, the Bank has branches in centres where the NSE /
BSE have a strong and active member base.
The Bank also has a network of 11,766 ATMs across India. HDFC Bank’s ATM network can
be accessed by all domestic and international Visa / MasterCard, Visa Electron / Maestro,
Plus / Cirrus and American Express Credit / Charge cardholders.
BUSINESS PROFILE
HDFC Bank caters to a wide range of banking services covering commercial and investment
banking on the wholesale side and transactional / branch banking on the retail side. The bank
has three key business segments
Wholesale Banking
The Bank’s target market is primarily large, blue-chip manufacturing companies in
the Indian corporate sector and to a lesser extent, small & mid-sized corporates and
agri-based businesses. For these customers, the Bank provides a wide range of
commercial and transactional banking services, including working capital finance,
trade services, transactional services, cash management, etc. The bank is also a
leading provider of structured solutions, which combine cash management services
with vendor and distributor finance for facilitating superior supply chain management
for its corporate customers. Based on its superior product delivery / service levels and
strong customer orientation, the Bank has made significant inroads into the banking
consortia of a number of leading Indian corporates including multinationals,
companies from the domestic business houses and prime public sector companies. It
is recognised as a leading provider of cash management and transactional banking
solutions to corporate customers, mutual funds, stock exchange members and banks.
Treasury
Within this business, the bank has three main product areas - Foreign Exchange and
Derivatives, Local Currency Money Market & Debt Securities, and Equities. With the
liberalisation of the financial markets in India, corporates need more sophisticated risk
management information, advice and product structures. These and fine pricing on
various treasury products are provided through the bank’s Treasury team. To comply
with statutory reserve requirements, the bank is required to hold 25% of its deposits in
government securities. The Treasury business is responsible for managing the returns
and market risk on this investment portfolio.
Retail Banking
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. The products are backed by world-class service
and delivered to customers through the growing branch network, as well as through
alternative delivery channels like ATMs, Phone Banking, NetBanking and Mobile
Banking.
The HDFC Bank Preferred program for high net worth individuals, the HDFC Bank
Plus and the Investment Advisory Services programs have been designed keeping in
mind needs of customers who seek distinct financial solutions, information and advice
on various investment avenues. The Bank also has a wide array of retail loan products
including Auto Loans, Loans against marketable securities, Personal Loans and Loans
for Two-wheelers. It is also a leading provider of Depository Participant (DP) services
for retail customers, providing customers the facility to hold their investments in
electronic form.
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. The Bank launched its credit card business in late 2001. By March 2015, the
bank had a total card base (debit and credit cards) of over 25 million. The Bank is also
one of the leading players in the “merchant acquiring” business with over 235,000
Point-of-sale (POS) terminals for debit / credit cards acceptance at merchant
establishments. The Bank is well positioned as a leader in various net based B2C
opportunities including a wide range of internet banking services for Fixed Deposits,
Loans, Bill Payments, etc.
History
HDFC Bank Ltd is one of India's premier banks. Headquartered in Mumbai HDFC Bank is a
new generation private sector bank providing a wide range of banking services covering
commercial and investment banking on the wholesale side and transactional/branch banking
on the retail side. As of 30 September 2017 the bank's distribution network was at 4729
branches and 12259 ATMs across 2669 cities and towns. HDFC Bank also has one overseas
wholesale banking branch in Bahrain a branch in Hong Kong and two representative offices
in UAE and Kenya. The Bank has two subsidiary companies namely HDFC Securities Ltd
and HDB Financial Services Ltd.The Bank has three primary business segments namely
banking wholesale banking and treasury. The retail banking segment serves retail customers
through a branch network and other delivery channels. This segment raises deposits from
customers and makes loans and provides other services with the help of specialist product
groups to such customers. The wholesale banking segment provides loans non-fund facilities
and transaction services to corporate public sector units government bodies financial
institutions and medium-scale enterprises. The treasury segment includes net interest earnings
on investments portfolio of the Bank.The Bank's ATM network can be accessed by all
domestic and international Visa/MasterCard Visa Electron/Maestro Plus/Cirrus and American
Express Credit/Charge cardholders. The Bank's shares are listed on the Bombay Stock
Exchange Limited and The National Stock Exchange of India Ltd. The Bank's American
Depository Shares (ADS) are listed on the New York Stock Exchange (NYSE) and the
Bank's Global Depository Receipts (GDRs) are listed on Luxembourg Stock Exchange.
HDFC Bank Ltd Was incorporated on August 30 1994 by Housing Development Finance
Corporation Ltd. In the year 1994 Housing Development Finance Corporation Ltd was
amongst the first to receive an 'in principle' approval from the Reserve Bank of India to set up
a bank in the private sector as part of the RBI's liberalization of the Indian Banking Industry.
HDFC Bank commenced operations as a Scheduled Commercial Bank in January 1995.
Ramon House Churchgate branch was inaugurated on 16 January 1995 as the first branch of
the bank. In March 1995 HDFC Bank launched Rs 50-crore initial public offer (IPO) (5 crore
equity shares at Rs 10 each at par) eliciting a record 55 times oversubscription. HDFC Bank
was listed on the Bombay Stock Exchange on 19 May 1995. The bank was listed on the
National Stock Exchange on 8 November 1995.In the year 1996 the Bank was appointed as
the clearing bank by the NSCCL. In the year 1997 the launched retail investment advisory
services. In the year 1998 they launched their first retail lending product Loans against
Shares. In the year 1999 the Bank launched online real-time NetBanking. In February 2000
Times Bank Ltd owned by Bennett Coleman & Co. / Times Group amalgamated with the
Bank Ltd. This was the first merger of two new generation private banks in India. The Bank
was the first Bank to launch an International Debit Card in association with VISA (Visa
Electron). In the year 2001 they started their Credit Card business. Also they became the first
private sector bank to be authorized by the Central Board of Direct Taxes (CBDT) as well as
the RBI to accept direct taxes.During the year the Bank made a strategic tie-up with a
Bangalore-based business solutions software developer Tally Solutions Pvt Ltd for
developing and offering products and services facilitating on-line accounting and banking
services to SMEs. On 20 July 2001 HDFC Bank's American depositary receipt (ADR) was
listed on the New York Stock Exchange under the symbol HDB. Also they made the alliance
with LIC for providing online payment of insurance premium to the customers.During the
year 2002-03 the Bank increased the number of branches from 171 Nos to 231 Nos and the
size of the Bank's ATM network expanded from 479 Nos to 732 Nos. They also expanded
their presence in the 'merchant acquiring' business. During the year 2003-04 the Bank
expanded the distribution network with the number of branches increased from 231 Nos to
312 Nos and the size of the Bank's ATM network increased from 732 Nos to 910 Nos. In
September 2003 they entered the housing loan business through an arrangement with HDFC
Ltd whereby they sell HDFC Home Loan product.During the year 2004-05 the Bank
expanded the distribution network with the number of branches increased from 312 Nos to
467 Nos and the size of the Bank's ATM network increased from 910 Nos to 1147 Nos.
During the year 2005-06 the Bank launched the 'no-frills account' a basic savings account
offering to the customer. Also the distribution network was expanded with the number of
branches increased from 467 Nos (in 211 cities) to 535 Nos (in 228 cities) and the number of
ATMs from 1147 Nos to 1323 Nos.During the year 2006-07 the distribution network was
expanded with the number of branches increased from 535 Nos (in 228 cities) to 684 Nos (in
316 cities) and the number of ATMs from 1323 Nos to 1605 Nos. They commenced direct
lending to Self Help Groups. Also they opened a dedicated branch for lending to SHGs in
Thudiyalur village (Tamil Nadu). In September 28 2005 the Bank increased their stake in
HDFC Securities Ltd from 29.5% to 55%. Consequently HDFC Securities Ltd became a
subsidiary of the Bank. During the year 2007-08 the Bank added 77 Nos new branches take
the total to 761 Nos branches. Also 372 Nos new ATMs were also added taking the size of
the ATM network from 1605 Nos to 1977 Nos. HDB Financial Services Ltd became a
subsidiary company with effect from August 31 2007. In June 2 2007 the Bank opened 19
branches in a day in Delhi and the National Capital Region (NCR).During the year 2008-09
the Bank expanded their distribution network from 761 branches in 327 cities to 1412
branches in 528 Indian cities. The Bank's ATMs increased from 1977 to 3295 during the
year. As per the scheme of amalgamation Centurion Bank of Punjab Ltd was amalgamated
with the Bank with effect from May 23 2008. The appointed date for the merger was April 01
2008. The amalgamation added significant value to HDFC Bank in terms of increased branch
network geographic reach and customer base and a bigger pool of skilled manpower. In
October 2008 the bank opened their first overseas commercial branch in Bahrain. The branch
offers the bank's suite of banking services including treasury and trade finance products for
corporate clients and wealth management products for Non-resident Indians. During the year
2009-10 the Bank expanded their distribution network from 1412 branches in 528 cities to
1725 branches in 779 cities. The Bank's ATMs increased from 3295 Nos to 4232 Nos during
the year.During the year 2010-11 the Bank expanded their distribution network from 1725
branches in 779 cities to 1986 branches in 996 Indian cities. The Bank's ATMs increased
from 4232 to 5471 Nos.In the year 2014 HDFC Bank lunched the missed call banking service
allowing customers to use banking services without having to visit the Bank or connect
online.On 16 June 2015 HDFC Bank launched the 10-second personal loan approval service
thereby becoming the first in the retail lending space to fully automate the process of loan
approval and disbursement.In 2016 HDFC Bank introduced loans at ATMs as the country's
first innovation to turn ATMs into Loan Dispensing Machines (LDMs) further extending the
functionality of the Bank's ATMs.
Board of Director
Mrs. Shyamala Gopinath
Mr. Bobby Parikh
Mr. Malay Patel
Mr. Keki Mistry
Mr. Aditya Puri
Mr. Kaizad Bharucha
Mr. Umesh Chandra Sarangi
Mr. Srikanth Nadhamuni
Mr. Sanjiv Sachar
Mr. Sandeep Parekh
CHAPTER- 3
LITERATURE REVIEW
"Financial management is concerned with raising financial resources and their effective
utilisation towards achieving the organisational goals."
"Financial management is the process of putting the available funds to the best advantage
from the long term point of view of business objectives."
Financial Management means planning, organizing, directing and controlling the financial
activities such as procurement and utilization of funds of the enterprise. It means applying
general management principles to financial resources of the enterprise.
The financial management is generally concerned with procurement, allocation and control of
financial resources of a concern. The objectives can be-
To plan a sound capital structure-There should be sound and fair composition of capital so
that a balance is maintained between debt and equity capital.
Financial Statements (or financial reports) are formal records of a business’ financial
activities. These statements provide an overview of business’ profitability and financial
condition in both short and long term.
Financial statement analysis refers to an assessment of the viability, stability and profitability
of a business, sub-business or project.
It is performed by professional who prepare reports using ratios that make use of information
taken from financial statements and other reports. These reports are usually presented to top
management as one of their basis in making business decision. Based on these reports,
management may
Management can be summarized as the process of making informed decisions in three key
areas: investment, financing and operations. Banking professionals responsible for evaluating
management success in these areas can turn to this curriculum for a set of crucial financial
statement analysis techniques, culminating in business valuation principles. Participants learn
how to compare companies financially, understand cash flow, and grasp basic profitability
and risk analysis concepts.
FINANCIAL STATEMENTS
OBJECTIVES OF STUDY
3. To know the various financial indications through changing values of various ratios.
RESEARCH METHODOLOGY
Research Methodology is a purposeful, precise and systematic search for new knowledge,
skills, attitudes and values, or for the re-interpretation of existing knowledge, skills, attitudes
and values.
Research methodology is a way to systematically solve the research problem. It may be
understood as a science of studying now research is done systematically. In that various
steps, those are generally adopted by a researcher in studying his problem along with the
logic behind them.
The research design followed to study the Financial Performance of HDFC Bank For the
Year of 2014 to 2018 is Descriptive and Analytical Research Design.
Research is common parlance refers to a search for knowledge. Once can also define
research as a scientific and systematic search for pertinent information on specific topic. In
fact, research is an art of scientific investigation. It is a way of solving problems
systematically. It may be understood as a science of studying how research is done
scientifically. It studies the various methods that are generally adopted by a researcher in
studying the research problems along with logic behind them.
DATA COLLECTION
Primary data collection tools:
The primary data is that data which is collected fresh or first hand, and for
first time which is original in nature. Primary data can collect through personal
interview, questionnaire etc. to support the secondary data.
Secondary data means data that already available i.e. they refers to the data which have
already been collected & analyzed by some else. When the researcher utilizes secondary
data he has to look in to various sources from where he can obtain them.
Secondary data:
The most important benefit if Financial Performance of HDFC Bank is that it provides
an idea to the investors about deciding on investing their funds in a particular company.
Financial statement analysis is helpful to the government agencies in analyzing the
taxation owed to the firm.
Financial Performance of HDFC Bank is used to identify the trends and relationships
between financial statement items. Both internal management and external users (such
as analysts, creditors, and investors) of the financial statements need to evaluate a
company's profitability, liquidity, and solvency.
The financial statements are comprised of four basic reports, which are as follows:
Null Hypothesis (H0): Ratio Analysis does not help the business concern in
maintaining the goodwill.
The study fully depends on financial data collected from the published financial statement
(Annual Report) of HDFC Bank. The data collected from above the sources are not of
detailed nature. Thus study incorporates all the limitations that are inherent in the considered
financial statement.
CURRENT RATIO :-
Current ratio = current assets
Current liabilities
YEAR RATIOS
CURRENT RATIO
2
1.8
1.6 1.77
1.4 1.6 2017-2018
1.2 2016-2017
1
2015-2016
0.8 0.97
0.6 2014-2015
0.65 0.66
0.4 2013-2014
0.2
0
2014 2015 2016 2017 2018
INTERPRETATION:
The company current ratio is not ideal. The standard norm for current ratio is 0.8 It is evident
that in the year 2018 current ratio 0.66 is satisfactory. In remaining year current ratio is above
1 is satisfactory. Therefore it can be calculated that the liquidity performance of company is
poor.
QUICK RATIO:
Quick Ratio = current assets – (stock and prepaid expenses)
YEAR RATIOS
QUICK RATIO
1.8
1.6
1.4 1.55
1.2 2017-2018
1.33
1 2016-2017
0.8 2015-2016
0.6 2014-2015
0.67
0.4 2013-2014
0.37 0.42
0.2
0
2014 2015 2016 2017 2018
INTERPRETATION:
It is more test of liquidity than the current ratio. Generally a quick ratio is 0:50. It is considered to
represent a satisfactory current financial condition. The quick ratio has never exceeded the standard
ratio. The quick ratio has been decreased from 1.55 to 1.33 in 2016 as 0.67 and then decreased from
.37 to .42 in 2017 to 2018. Therefore it can be concluded the liquidity performance of the company
was not good.
NET PROFIT RATIO:
Sales
YEAR RATIOS
10 10.81
2017-2018
8
7.9 2016-2017
6 7.46
6.37 2015-2016
5.52
4 2014-2015
2 2013-2014
0
2014 2015 2016 2017 2018
INTERPRETATION:
In this the net profit ratio is increased in 2014-2015 as 5.52 then slowly it gets increased from 5.52 to
6.37 in year 2014-2015 to 2015-2016. Then again it increased in 2016-2017 as 7.9. So only in the year
2014-2015 and 2017-2018 utilized the net profit effectually.
RETURN ON ASSETS
YEAR RATIOS
RETURN ON ASSETS
16
14
14.45
12
2017-2018
10 11.66
11.04
2016-2017
8 8.98 9.08
2015-2016
6
2014-2015
4
2013-2014
2
0
2014 2015 2016 2017 2018
INTERPRETATION:
In the year 2014-2015 got the lower return on assets as 8.98 on the other hand lower ratio got in the
year 2017-2018. Therefore it indicates ideal capacity of assets.
RETURN ON EQUITY
YEAR RATIOS
RETURN ON EQUITY
25
20
20.25
2017-2018
15 16.93 2016-2017
15.65
12.97 13.27 2015-2016
10
2014-2015
5 2013-2014
0
2014 2015 2016 2017 2018
INTERPRETATION:
In this the return on equity first increased in the year 2014 as 12.97 and then it declined from 2015 to
2016 and then again it increased from 13.27 to 15.65 in the year 2016. So the higher ratio 20.25 in the
year 2017-2018 is only recorded.
CAPITAL TURNOVER RATIO
YEAR RATIOS
20
19.39 2017-2018
15 16.3 2016-2017
14.93
2015-2016
10 12.04 12.3
2014-2015
5 2013-2014
0
2014 2015 2016 2017 2018
INTERPRETATION:
The high capital turnover ratio it indicates greater profit on the other hand when it is low it indicates
sufficient sales are not being made and profits and lower. The actual capital turnover ratio has
increased from 12.04 to 12.3 in 2014-2015 increased in year 2016-2017 as 14.93 and then again
increased in 2017-2018. Finally the capital turnover ratio is satisfactory.
CURRENT ASSET TO WORKING CAPITAL RATIO
YEAR RATIOS
10 11.03
8 2017-2018
8.01 2016-2017
7.49
6
6.41 2015-2016
5.57
4 2014-2015
2013-2014
2
0
2014 2015 2016 2017 2018
INTERPRETATION:
In the year 2014-2015 got the higher current asset to working capital ratio as 5.57 on the other hand
lower ratio got in the year 2016-2017 of 8.01. Therefore only in the year 2014-2015 the lower ratio is
recorded and used effectively.
Fixed Asset Turnover Ratio
YEAR RATIOS
8
7.45
7
5 5.15
3.85
4
3.52
2.9
3
2
1
0
2013-14
2014-15
2015-16
2016-17
2017-18
Interpretation
From above table the fixed asset turnover is too high in the year 2017-18, when
compared to remaining years (i.e., 2013-14, 2014-15,2015-16, 2016-17). So, its shows that
firm is likely operating over capacity and needs to either increase its asset base (plant,
property, equipment) to support its sales or reduce its capacity.
Total Asset Turnover Ratio
YEAR RATIOS
3 2.85
2.6
2.5
2 2.07
1.46 1.59
1.5
0.5
0
2013-14
2014-15
2015-16
2016-17
2017-18
Interpretation
If a Company can generate more sales with fewer assets it has a higher turnover ratio
which tells it is a good Company because it is using its assets efficiently. A lower turnover
ratio tells that the Company is not using its assets optimally. Total asset turnover ratio is a
key driver of return on equity.
From above table the total asset turnover ratio is high i.e.2.85 (in the year of 2013-
14), when compared with remaining years (i.e.,2014-15, 2015-16, 2016-17,2017-18). In the
beginning the Company was in good in using asset efficiency, later it was quite normal and
negligible.
Gross Profit Margin
YEAR RATIOS
30 28.32
26.53
25 23.5
24.08
20 20.76
15
10
0
2013-14
2014-15
2015-16
2016-17
2017-18
Interpretation
From the above table the gross profit was high in the year 2013-14, when compared to
remaining years (i.e., 2014-15, 2015-16, 2016-17, 2017-18). A high gross profit margin
indicates that the Company can make a reasonable profit, as long as it keeps the overhead
cost in control. A low margin indicates that the business is unable to control its production
cost.
Return on Capital Employed (ROCE)
YEAR RATIOS
30
25 25.88
20.19
20
15
10
7.31
5 2.69
0 1.92
2013-14
2014-15
2015-16
2016-17
2017-18
Interpretation
The return on capital employed is greater or higher in the year of 2017-18, when
compared to previous years. Hence ROCE can indicate that a Company can reinvest a greater
portion of its profits back into its operations, to the benefit of shareholders. The re-invested
capital is, in turn, employed at higher rate of return, which help generate higher earnings
growth.
CHAPTER-7
FINDINGS
Current Ratio is 0.8 It is evident that in the year 2018 current ratio 0.66 is satisfactory.
In remaining year current ratio is above 1 is satisfactory. Therefore it can be calculated
that the liquidity performance of company is poor.
Net Profit Ratio is increased in 2014-2015 as 5.52 then slowly it gets increased from
5.52 to 6.37 in year 2014-2015 to 2015-2016. Then again it increased in 2015-2016 as
7.9. So only in the year 2014-2015 and 2017-2018 utilized the net profit effectually.
Return On Assets as 8.98 on the other hand lower ratio got in the year 2017-2018.
Therefore it indicates ideal capacity of assets.
Return On Equity first increased in the year 2014 as 12.97 and then it declined from
2015 to 2016 and then again it increased from 13.27 to 15.65 in the year 2016. So the
higher ratio 20.25 in the year 2017-2018 is only recorded.
Capital Turnover Ratio it indicates greater profit on the other hand when it is low it
indicates sufficient sales are not being made and profits and lower. The actual capital
turnover ratio has increased from 12.04 to 12.3 in 2014-2015 increased in year 2016-
2017 as 14.93 and then again increased in 2017-2018. Finally the capital turnover ratio
is satisfactory.
Current Asset To Working Capital Ratio as 5.57 on the other hand lower ratio got in the
year 2016-2017 of 8.01. Therefore only in the year 2014-2015 the lower ratio is
recorded and used effectively.
CONCLUSION
The overall financial position of the HDFC Bank is satisfactory. The company needs
to improve its profitable position which is ideal, but less when compared to other
years, in order to earn return on the resources committed to business.
The company’s liquidity position is satisfactory but not ideal, as the current assets and
the current liabilities have being considerably decreased when compared to previous
year in order to meet its current obligations.
The activity ratio of the company is i.e current asset turnover ratio needs to be
improved. In the rest of the ratios gives satisfactory result.
Increased demand of products helps the company remain strong. The changing
lifestyle and concepts of Indians have contributing much to the growth of the
company.
CHAPTER-8
RECOMMENDATIONS/SUGESSTIONS
On the basis of the above conclusion the researcher is suggesting the following:-
BOOK’S
o M.Y. Khan and P.K. Jain, Financial management – Vikas Publishing house
ltd., New Delhi.
https://www.hdfcbank.com/aboutus/default.htm
https://www.goodreturns.in/company/hdfc-bank/ratios.html
https://www.simplilearn.com/financial-performance-rar21-article
https://www.investopedia.com/terms/f/financialperformance.asp
https://www.moneycontrol.com/financials/housingdevelopmentfinancecorpora
tion/balance-sheetVI/HDF#HDF
ANNEXURE
Balance Sheet
Consolidated Balance Sheet of HDFC Bank ------------------- in Rs. Cr. -------------------
Mar 18 Mar-17 Mar-16 Mar-15 Mar-15
12 mths 12 mths 12 mths 12 mths 12 mths
EQUITIES AND LIABILITIES
SHAREHOLDER'S FUNDS
Equity Share Capital 519.02 512.51 505.64 501.3 501.3
Total Share Capital 519.02 512.51 505.64 501.3 501.3
Reserves and Surplus 109,080.11 91,281.44 73,798.49 62,652.77 62,652.77
Total Reserves and
Surplus 109,080.11 91,281.44 73,798.49 62,652.77 62,652.77
Total ShareHolders
Funds 109,599.12 91,793.95 74,304.12 63,154.07 63,154.07
Minority Interest 356.33 291.44 180.62 161.63 161.63
Deposits 788,375.14 643,134.25 545,873.29 450,283.65 450,283.65
Borrowings 156,442.08 98,415.64 71,763.45 59,478.25 59,478.25
Other Liabilities and
Provisions 48,413.49 58,708.88 38,140.33 34,018.93 34,018.93
Total Capital and 1,103,186.1
Liabilities 7 892,344.16 730,261.82 607,096.52 607,096.52
ASSETS
Cash and Balances
with Reserve Bank of
India 104,688.21 37,910.55 30,076.58 27,522.29 27,522.29
Balances with Banks
Money at Call and
Short Notice 18,373.35 11,400.57 8,992.30 9,004.13 9,004.13
Investments 238,460.92 210,777.11 161,683.34 164,272.61 164,272.61
Advances 700,033.84 585,480.99 487,290.42 383,407.97 383,407.97
Fixed Assets 3,810.56 3,814.70 3,479.70 3,224.94 3,224.94
Other Assets 37,819.29 42,960.24 38,739.48 19,664.57 19,664.57
1,103,186.1
Total Assets 7 892,344.16 730,261.82 607,096.52 607,096.52
CONTINGENT LIABILITIES,
COMMITMENTS
Bills for Collection 82,299.09 30,848.04 55,242.58 22,304.93 22,304.93
Contingent Liabilities 836,231.70 818,284.29 821,774.81 975,278.60 975,278.60
Profit Loss Statement
Consolidated Profit & Loss account of HDFC Bank ------------------- in Rs. Cr. -----------------
Mar 18 Mar-17 Mar-16 Mar-15 Mar-15
12 mths 12 mths 12 mths 12 mths 12 mths
INCOME
Interest / Discount on Advances
/ Bills 67,658.90 55,986.18 47,736.19 39,334.66 39,334.66
Income from Investments 16,229.79 15,951.56 14,125.50 10,709.85 10,709.85
Interest on Balance with RBI
and Other Inter-Bank funds 540.62 544.86 375.16 542.94 542.94
Others 858.53 788.76 924.72 79.04 79.04
Total Interest Earned 85,287.84 73,271.35 63,161.56 50,666.49 50,666.49
Other Income 16,056.60 12,877.63 11,211.65 9,545.68 9,545.68
Total Income 101,344.45 86,148.99 74,373.22 60,212.18 60,212.18
EXPENDITURE
Interest Expended 42,381.48 38,041.58 34,069.57 27,288.46 27,288.46
Payments to and Provisions for
Employees 9,193.90 8,504.70 6,306.14 5,162.68 5,162.68
Depreciation 966.78 886.19 738.03 680.45 680.45
Operating Expenses (excludes
Employee Cost &
Depreciation) 13,766.54 11,360.18 10,787.71 8,734.40 8,734.40
Total Operating Expenses 23,927.22 20,751.07 17,831.88 14,577.52 14,577.52
Provision Towards Income Tax 10,848.11 8,424.16 6,889.36 5,492.37 5,492.37
Provision Towards Deferred
Tax -945.03 -346.04 -195.7 112.97 -112.97
Provision Towards Other Taxes 0 0 0 0.77 0.77
Other Provisions and
Contingencies 6,571.82 3,990.81 2,960.77 2,040.04 2,265.98
Total Provisions and
Contingencies 16,474.90 12,068.93 9,654.43 7,646.15 7,646.15
Total Expenditure 82,783.61 70,861.58 61,555.89 49,512.13 49,512.13
Net Profit / Loss for The Year 18,560.84 15,287.40 12,817.33 10,700.05 10,700.05
Net Profit / Loss After EI &
Prior Year Items 18,560.84 15,287.40 12,817.33 10,700.05 10,700.05
Minority Interest -51.34 -36.72 -19.72 -14.41 -14.41
Share Of Profit/Loss Of
Associates 0.52 2.34 3.73 3.25 3.25
Consolidated Profit/Loss After
MI And Associates 18,510.02 15,253.03 12,801.33 10,688.89 10,688.89
Profit / Loss Brought Forward 34,532.33 24,825.59 19,550.86 15,207.47 15,207.47
Transferred on Amalgamation 0 27.45 0 0 0
Total Profit / Loss available for
Appropriations 53,042.35 40,106.06 32,352.20 25,896.36 25,896.36
APPROPRIATIONS
Transfer To / From Statutory
Reserve 4,562.03 3,777.16 3,180.93 2,623.87 2,623.87
Transfer To / From Capital
Reserve 235.52 313.41 222.15 224.92 224.92
Transfer To / From General
Reserve 1,748.67 1,454.96 1,229.62 1,038.59 1,038.59
Transfer To / From Investment
Reserve -44.2 4.29 -8.52 27.54 27.54
Dividend and Dividend Tax for
The Previous Year 3,390.58 -1.69 -11.71 0.84 0.84
Equity Share Dividend 50.77 0 2,401.78 2,005.20 2,005.20
Tax On Dividend 0 25.6 512.35 424.54 424.54
Balance Carried Over To
Balance Sheet 43,098.98 34,532.33 24,825.59 19,550.86 19,550.86
Total Appropriations 53,042.35 40,106.06 32,352.20 25,896.36 25,896.36
OTHER ADDITIONAL INFORMATION
EARNINGS PER SHARE
Basic EPS (Rs.) 72 60 51 44 44
Diluted EPS (Rs.) 71 59 50 44 44
Yearly Result
Consolidated Yearly Results of HDFC Bank ----------------- in Rs. Cr. -------------------
Mar '18 Mar '17 Mar '16 Mar '15 Mar '14
Interest Earned
(a) Int. /Disc. on Adv/Bills 67,658.90 55,986.18 47,736.19 39,334.66 33,077.52
(b) Income on Investment 16,229.79 15,951.56 14,125.50 10,709.85 9,039.20
(c) Int. on balances With RBI 540.62 544.86 375.16 542.94 378.6
(d) Others 858.54 788.76 924.72 79.04 59.7
Other Income 16,056.60 12,877.63 11,211.65 9,545.69 8,297.50
EXPENDITURE
Interest Expended 42,381.48 38,041.58 34,069.57 27,288.46 23,445.45
Employees Cost 9,193.90 8,504.70 6,306.14 5,162.68 4,494.47
Other Expenses 14,733.32 12,246.37 11,525.75 9,414.84 7,975.18
Depreciation -- -- -- -- --
Operating Profit before
Provisions and contingencies 35,035.75 27,356.34 22,471.76 18,346.20 14,937.42
Provisions And Contingencies 6,571.82 3,990.81 2,960.77 2,266.75 1,726.75
Exceptional Items -- -- -- -- --
P/L Before Tax 28,463.93 23,365.53 19,510.99 16,079.45 13,210.67
Tax 9,903.08 8,078.12 6,693.66 5,379.40 4,446.16
P/L After Tax from Ordinary
Activities 18,560.85 15,287.41 12,817.33 10,700.05 8,764.51
Prior Year Adjustments -- -- -- -- --
Extra Ordinary Items -- -- -- -- --
Net Profit/(Loss) For the Period 18,560.85 15,287.41 12,817.33 10,700.05 8,764.51
Minority Interest -51.34 -36.72 -19.72 -14.41 -24.65
Share Of P/L Of Associates 0.52 2.34 3.72 3.25 3.63
Net P/L After M.I & Associates 18,510.03 15,253.03 12,801.33 10,688.89 8,743.49
Equity Share Capital 519.02 512.51 505.64 501.3 479.81
Reserves Excluding
Revaluation Reserves 109,080.11 91,281.44 73,798.49 62,652.77 43,686.82
Equity Dividend Rate (%) -- -- -- -- --
ANALYTICAL RATIOS
a) % of Share by Govt. -- -- -- -- --
b) Capital Adequacy Ratio -
Basel -I -- -- -- -- --
c) Capital Adequacy Ratio -
Basel -II -- -- -- -- --
EPS Before Extra Ordinary
Basic EPS 71.7 60 50.9 44.1 36.6
Diluted EPS 70.8 59.2 50.2 43.6 36.3
EPS After Extra Ordinary
Basic EPS 71.7 60 50.9 44.1 36.6
Diluted EPS 70.8 59.2 50.2 43.6 36.3
NPA Ratios :
i) Gross NPA -- -- -- -- 2,989.28
ii) Net NPA -- -- -- -- 820.03
i) % of Gross NPA -- -- -- -- 1
ii) % of Net NPA -- -- -- -- 0.3
Return on Assets % -- -- -- -- 2
Public Share Holding
No Of Shares (Lakhs) -- -- -- 149.03 144.88
Share Holding (%) -- -- -- 59.4 60.4
Promoters and Promoter Group Shareholding
a) Pledged/Encumbered
- Number of shares (Lakhs) -- -- -- -- --
- Per. of shares (as a % of the
total sh. of prom. and promoter
group) -- -- -- -- --
- Per. of shares (as a % of the
total Share Cap. of the
company) -- -- -- -- --
b) Non-encumbered
- Number of shares (Lakhs) -- -- -- 54.32 54.32
- Per. of shares (as a % of the -- -- -- 100 100
total sh. of prom. and promoter
group)
- Per. of shares (as a % of the
total Share Cap. of the
company) -- -- -- 21.7 22.6
Cash Flow
Cash Flow of HDFC Bank ------------------- in Rs. Cr. -------------------
Mar 18 Mar-18 Mar-17 Mar-17 Mar-16
12 mths 12 mths 12 mths 12 mths 12 mths
Net Profit/Loss Before
Extraordinary Items And Tax 26,697.30 26,697.30 22,139.08 22,139.08 18,637.92
Net CashFlow From Operating
Activities 26,074.07 26,074.07 23,585.40 23,585.40 -3,224.67
Net Cash Used In Investing
Activities -533.1 -533.1 -1,956.25 -1,956.25 -804.76
Net Cash Used From - -
Financing Activities 48,411.43 48,411.43 11,567.63 11,567.63 6,588.57
Foreign Exchange Gains /
Losses 10.59 10.59 -28.26 -28.26 28.24
Net Inc/Dec In Cash And Cash
Equivalents 73,962.99 73,962.99 10,033.26 10,033.26 2,587.39
Cash And Cash Equivalents
Begin of Year 48,952.10 48,952.10 38,918.84 38,918.84 36,331.45
Cash And Cash Equivalents
End Of Year 122,915.08 122,915.08 48,952.10 48,952.10 38,918.84
Ratio
Consolidated Key Financial Ratios of
HDFC Bank ------------------- in Rs. Cr. -------------------
Mar 18 Mar-17 Mar-16 Mar-15 Mar-14
Per Share Ratios
Basic EPS (Rs.) 71.73 59.95 50.85 44.1 36.58
Diluted EPS (Rs.) 70.76 59.16 50.24 43.6 36.31
Cash EPS (Rs.) 75.25 63.12 53.62 45.4 39.4
Book Value [Excl.
Reval Reserve]/Share
(Rs.) 422.33 358.21 293.9 251.96 184.1
Book Value [Incl.
Reval Reserve]/Share
(Rs.) 422.33 358.21 293.9 251.96 184.1
Operating Revenue Per
Share 328.65 285.93 249.83 202.14 177.38
Net Profit/Share (Rs.) 71.52 59.66 50.7 42.69 36.53
NP After MI And
SOA / Share (Rs.) 71.33 59.52 50.63 42.64 36.45