HDFC Securities Annual Report

Unlisted Deals:

ador powertron 500.00 (4,900.00 %) amol minechem 601.00 (0.17 %) anglo french drugs 950.00 (2.15 %) anugraha valve 510.00 (0.99 %) apl metals 40.00 (-2.44 %) apollo fashion 92.00 (-4.17 %) arkfin investments 50.00 arohan 250.00 (-1.96 %) assam carbon 310.00 (-1.59 %) avalokiteshvar 242.00 (0.83 %) axles india 680.00 (0.74 %) balmer lawrie 200.00 (-0.99 %) bharat hotels 375.00 (-1.32 %) bima mandi 235.00 (-2.08 %) bira 545.00 (-0.91 %) blsx limited 35.00 (2.94 %) boat 1,550.00 (-1.90 %) c & s electric 1,070.00 (1.90 %) cable corporation 24.50 (2.08 %) capgemini 14,600.00 (-1.02 %) care health 185.00 (-1.60 %) carrier aircon 550.00 (0.92 %) cial 470.00 (-1.05 %) csk 198.00 (-0.50 %) dalmia refract 270.00 (-1.82 %) dfm foods 467.00 dsp merrill lynch 1,000.00 east india pharma 39.00 (-2.50 %) eaton fluid 445.00 (1.14 %) electronica plastic 4,500.00 (2.27 %) elgi ultra 400.00 elofic industries 2,850.00 (1.79 %) esl steel 42.00 (-2.33 %) fincare business 87.00 (1.16 %) fincare sfbl 205.00 (1.49 %) finopaytech limited 149.00 (-0.67 %) flipkart india 231,001.00 (0.00 %) frick india 3,500.00 (-1.41 %) gkn driveline 1,750.00 (2.94 %) goodluck defence 296.00 (-1.00 %) group pharma 300.00 gynofem healthcare 59.00 (-1.67 %) hazira cargo terminals limited 205.00 (1.49 %) hdb financial 1,210.00 (-1.22 %) hdfc ergo 370.00 (1.70 %) hdfc securities 11,300.00 (-2.59 %) hella india 900.00 (-2.17 %) hero fincorp 1,980.00 (-0.50 %) hexaware 985.00 (-0.51 %) hicks 1,600.00 (1.59 %) hira ferro 200.00 (2.56 %) honeywell electrical 7,200.00 (1.41 %) ikf finance 320.00 (-3.03 %) incred financial 10.00 (1.01 %) incred holdings 156.00 (-1.27 %) india carbon 1,120.00 (-1.32 %) india exposition 121.00 (0.83 %) indian potash 3,100.00 (-1.59 %) indian seamless 195.00 (2.63 %) indo alusys 25.75 (-0.96 %) indofil 1,430.00 (-0.69 %) infinite computer 405.00 (1.25 %) inkel 22.50 (-2.17 %) jana small finance bank 75.00 kel 575.00 (0.88 %) kial 137.00 (-0.72 %) klm axiva 15.50 (3.33 %) kurlon limited 1,275.00 (1.59 %) lava 45.00 (-2.17 %) mahindra rural mrhfl 100.00 manipal housing 74.00 (2.07 %) manjushree technopack 875.00 (0.57 %) martin & harris 820.00 (-1.20 %) matrix gas 810.00 (-2.41 %) merino 3,250.00 (-1.52 %) minosha 282.00 (0.71 %) mitsubishi heavy 207.00 (-0.48 %) mkcl 435.00 (1.16 %) mobikwik 640.00 (-1.54 %) mohan meakin 2,400.00 (2.13 %) mohfl 13.25 (-1.85 %) msei 1.80 (-2.70 %) msil 34.00 (3.03 %) nayara energy 690.00 (1.47 %) nayara energy ncd 320.00 (1.59 %) ncdex 200.00 (-0.99 %) ncl buildtek 310.00 (-3.13 %) ncl holdings 106.00 (0.95 %) nsdl 850.00 (3.03 %) nse india 1,850.00 (-2.63 %) onix renewable 16,000.00 (6.67 %) orbis financial 400.00 (-1.23 %) oswal minerals 60.10 (-1.48 %) otis elevator 4,100.00 (2.50 %) oyo rooms 53.00 (-1.85 %) panasonic appliances 262.00 (0.77 %) paymate india 500.00 (-1.96 %) pharmeasy 8.50 (3.03 %) pharmed limited 620.00 (0.81 %) philips domestic 675.00 (-1.46 %) philips india 925.00 (-0.54 %) pnb metlife 70.00 proyuga adtech 25.00 purity flexpack 20.00 ramaraju surgical 265.00 (1.92 %) rapido 16,650.00 (0.03 %) rasoi 82,000.00 (2.50 %) reliance gic 480.00 (-2.04 %) resins plastics 525.00 (-0.94 %) ring plus aqua 560.00 (1.82 %) rrp s4e innovation 300.00 (-3.23 %) sab miller 535.00 (0.94 %) sbi amc 2,650.00 (-1.12 %) sbi general insurance 621.00 (0.16 %) scottish assam 505.00 (1.00 %) shriram life 261.00 (0.38 %) sigachi laboratories 36.00 (-2.70 %) signify 1,325.00 (-1.85 %) smile microfinance 51.00 (-1.92 %) sterlite grid 5 275.00 (-3.51 %) sterlite power 590.00 (-1.67 %) studds 980.00 (3.16 %) svsml 315.00 (2.94 %) t stanes 800.00 (1.27 %) tata capital 900.00 (-1.10 %) trl krosaki 1,750.00 (-1.41 %) urban tots 64.00 (-1.54 %) utkarsh coreinvest 290.00 (-1.69 %) vikram solar 445.00 (-1.11 %) vivriti capital 1,040.00 (-0.95 %)

HDFC Securities Limited (HDFC Securities) Return Comparision with Primex 40 Index

Periods	1 Week	1 Month	3 Months	6 Months	1 Year	3 Years	All Time
Primex-40
HDFC Securities Limited

Hdfc Securities Limited Balance Sheet (Amt. in Lakhs)

PARTICULARS	2024	2023	2022	2021
ASSETS
Financial Assets
Cash and cash equivalents	79,811	39,210	1,31,792	59,854
Bank Balance other than above	4,57,774	3,19,980	2,28,091	1,57,981
Receivables
Trade Receivables	1,28,657	40,727	50,586	43,961
Other Recievables	-	-	-	-
Loans	6,02,524	2,74,757	3,28,348	1,67,415
Investments	1,00,533	1,21,361	24,377	23,595
Other Financial Assets	9,246	3,908	6,102	4,385
	13,78,545	7,99,943	7,69,296	4,57,191
Non-Financial Assets
Current tax assets (Net)	4,156	3,829	3,049	2,232
Deferred tax Assets (Net)	-	-	-	61
Investment Property	1,341	1,368	1,397	1,424
Property, Plant and Equipment	6,164	8,051	7,584	6,015
Right-of-use assets	6,677	5,487	6,147	5,285
Capital work-in-progress	45	112	319	494
Intangible assets under development	507	2,743	1,151	585
Other Intangible assets	8,145	2,908	1,968	1,638
Other non-financial assets	4,727	3,213	1,343	966
	31,762	27,711	22,958	18,700
TOTAL ASSETS	14,10,307	8,27,654	7,92,254	4,75,891
LIABILITIES AND EQUITY
LIABILITIES
Financial Liabilities
Payables
Trade Payables
- total outstanding dues of micro enterprises and small enterprises	28	20	11	28
- total outstanding dues of creditors other than micro enterprises and small enterprises	2,17,425	98,171	1,42,057	1,03,959
Other Payables
- total outstanding dues of micro enterprises and small enterprises	-	-	-	-
- total outstanding dues of creditors other than micro enterprises and small enterprises	-	-	-	-
Borrowings	9,53,251	5,25,410	4,61,914	2,04,043
Lease Liabilities	7,778	6,491	6,936	5,990
Other financial liabilities	21,207	12,450	469	291
	11,99,689	6,42,542	6,11,387	3,14,311
Non-Financial Liabilities
Current tax liabilities (Net)	779	179	179	179
Provisions	1,501	1,460	11,733	8,747
Deferred tax liabilities (Net)	331	367	280	-
Other non-financial liabilities	5,083	3,392	2,884	4,623
	7,694	5,398	15,076	13,549
Equity
Equity Share capital	1,597	1,589	1,583	1,577
Other Equity	2,01,327	1,78,125	1,64,208	1,46,454
	2,02,924	1,79,714	1,65,791	1,48,031
TOTAL LIABILITIES AND EQUITY	14,10,307	8,27,654	7,92,254	4,75,891

Hdfc Securities Limited Profit & Loss Statement (Amt. in Lakhs)

PARTICULARS	2024	2023	2022	2021
Revenue from operations
Brokerage and Fee Income	1,59,717	1,18,240	1,40,937	1,14,024
Interest Income	1,03,072	64,765	52,804	21,110
Sale of Services	489	1,146	1466	560
Net gain on fair value changes	2,498	4,739	2132	907
Rental Income	221	221	207	207
Dividend Income	15	16	11	8
Total Revenue from operations	2,66,012	1,89,127	1,97,557	1,36,816
Other Income	61	36	1,474	3,127
Total Income	2,66,073	1,89,163	1,99,031	1,39,943
Expenses
Finance Costs	60,050	29,588	15,634	5,307
Impairment on financial instruments	1,433	2,098	590	705
Employee Benefits Expenses	38,452	27,471	25,740	23,357
Depreciation, amortization and impairment	6,392	5,745	4,230	3,629
Other expenses	32,603	20,071	20,806	12,385
Total Expenses	1,38,930	84,973	67,000	45,382
Profit before tax	1,27,143	1,04,190	1,32,031	94,561
Tax expense
Current Tax	32,102	26,334	33,217	24,074
Deferred Tax	-48	134	380	165
Total tax expense	32,054	26,468	33,597	24,239
Profit for the year	95,089	77,722	98,434	70,323
Other comprehensive income :
Items that will not be reclassified to profit or loss:
Re-measurement gains / (losses) on defined benefit plans	47	-182	-155	3
Income tax effect	-12	46	39	-1
Other comprehensive income for the year, net of tax	35	-136	-116	2
Total comprehensive income for the period, net of tax	95,124	77,586	98,318	70,325
Earnings per equity share - [Nominal value of the shares Rs.10]
Basic (in Rs.)	597.42	490.22	623.21	446.64
Diluted (in Rs.)	597.36	489.84	621.78	446.54

Hdfc Securities Limited Consolidated Cash Flow Statement (Amt. in Lakhs)

PARTICULARS	2024	2023	2022	2021
Cash Flow from operating activities
Profit before tax	1,27,143	1,04,190	1,32,031	94,561
Adjustments
Depreciation & Amortization	6,392	5,745	4,230	3,629
Share based payments to employees	3,113	2,574	2,775	1,807
Impairment on financial instruments	1,433	2,098	590	705
Loss on sale / w/off of Property, Plant & Equipment	-18	124	-4	-8
Rental income from investment property	-221	-221	-207	-207
Changes in fair value of investment	-2,867	-4,739	-2,132	-907
Finance Costs	59,504	29,020	15,634	5,307
Interest income	-5,357	-2,659	-	-5
Dividend Income	-15	-16	-11	-8
	1,89,107	1,36,116	1,52,905	1,04,874
Working capital adjustments:
Decrease / (Increase) in Other Bank Balance	-1,37,794	-83,649	-75,110	-59,446
Decrease / (Increase) in trade receivables	-89,360	7,761	-7,215	-28,128
Decrease / (Increase) in loans	-3,27,767	53,591	-1,60,933	-1,44,572
Decrease / (Increase) in Other financial assets	-5,338	-7,089	-1,717	18,050
Decrease / (Increase) in Other non-financial assets	-1,513	46	-378	-424
Increase/ (Decrease) in trade and other payables	1,19,262	-43,878	38,081	38,749
Increase/ (Decrease) in lease liability	-	-	946	-30
Increase/ (Decrease) in other financial liabilities	8,757	2,386	178	-389
Increase/ (Decrease) in Provisions	88	-860	2,831	1,618
Increase/ (Decrease) in Other non-financial liabilities	1,690	-345	-1,739	670
	-2,42,868	64,079	-52,151	-69,029
Income tax paid	-31,829	-27,114	-34,034	-24,684
Net Cash Flow (used in) / from operating activities (A)	-2,74,697	36,965	-86,185	-93,713
Investing activities
Purchase of property, plant and equipment, intangible assets	-16,012	-12,633	-7,351	-5,871
Proceeds from sale of property, plant and equipment, intangible assets	7,428	4,642	-	-
Rental income received	221	221	207	207
Purchase of investments	-600	-92,298	-3,347	-21,004
Proceeds from sale of investments	24,295	54	4,696	1,178
Dividend received	15	16	11	8
Interest received	5,357	2,659	-	5
Net cash flows (used in) / from investing activities (B)	20,704	-97,339	-5,782	-25,477
Financing activities:
Proceeds from Issuance of equity share capital	8	6	3,130	1,236
Increase/ (Decrease) from Issuance of Other Equity	-1,436	-1,250	-	-
Proceeds from Issuance of securities premium	5,960	4,798	-	-
Proceeds from share application money	1,683	-	-	-
Increase/ (Decrease) in lease liability	1,287	-445	-	-
Proceeds from Issuance of debt securities	32,47,841	19,35,096	16,81,914	4,18,996
Redemption of debt securities	-28,20,000	-18,71,600	-14,25,000	-2,85,000
Bank guarantee charges	-426	-372	-	-
Interest Paid - Others	-59,078	-28,648	-14,677	-4,350
Dividend paid, including dividend tax	-81,246	-69,791	-86,462	-50,098
Net cash flows from financing activities	2,94,594	-32,206	1,58,905	80,784
Net increase in cash and cash equivalents (A+B+C)	40,601	-92,581	66,937	-38,406
Cash and Cash equivalents at the beginning of the year	39,210	1,31,791	64,854	98,260
Cash and Cash equivalents at the end of the year	79,811	39,210	1,31,792	59,854

Let 's break down the Cash Flow Statement for the years 2024, 2023, 2022 and 2021, activity-wise:

Operating Activities:

- Net cash flow from operating activities fluctuated significantly over the years, ranging from negative 2,74,697 lakhs in 2024 to positive 36,965 lakhs in 2023.

- Working capital adjustments contributed significantly to these fluctuations, with large decreases or increases in other bank balances, trade receivables, loans, and other financial assets.

- Income tax paid also varied, contributing to the overall cash flow from operating activities.

Investing Activities:

- Net cash flows from investing activities fluctuated as well, ranging from negative 97,339 lakhs in 2023 to positive 20,704 lakhs in 2024.

- Major investments include purchases of property, plant, and equipment, intangible assets, as well as investments in securities.

- Proceeds from the sale of property, plant, and equipment, as well as investments, contributed to positive cash flows in certain years.

Financing Activities:

- Net cash flows from financing activities also varied significantly, ranging from negative 32,206 lakhs in 2023 to positive 2,94,594 lakhs in 2024.

- Activities such as the issuance of equity share capital, debt securities, and redemption of debt securities had a significant impact on financing cash flows.

- Dividend payments and interest paid also played a role in these cash flows.

Overall Cash Position:

- The company experienced fluctuations in its cash and cash equivalents over the years, ranging from a low of 39,210 lakhs in 2023 to a high of 1,31,792 lakhs in 2022.

- The net increase or decrease in cash and cash equivalents also varied, with the company experiencing both positive and negative changes in different years.

Financial Ratios of Hdfc Securities Limited:

Particulars	2024	2023
Debt/Equity Ratio	4.7	2.92
Debt Service Coverage Ratio	0.19	0.25
Interest Service Coverage Ratio	3.22	4.72
EPS (in Rs.)	597.42	490.22
Current Ratio	1.08	1.12
Current Liability Ratio	0.99	0.99
Total Debt to Total Assets	0.68	0.63
Debtors Turnover	2.07	4.64
Operating Margin	48%	55%
Net Profit Margin	36%	41%

Insights into the financial health and performance of the company in 2024 and 2023:

Here 's an analysis of the financial ratios for the company in 2023 and 2024:

1. Debt/Equity Ratio:

- Increased from 2.92 in 2023 to 4.7 in 2024, indicating a higher level of debt relative to equity. This suggests increased financial leverage in 2024 compared to 2023.

2. Debt Service Coverage Ratio (DSCR):

- Decreased from 0.25 in 2023 to 0.19 in 2024. A lower DSCR suggests that the company may have faced more difficulty in meeting its debt obligations from its operating income in 2024 compared to 2023.

3. Interest Service Coverage Ratio (ISCR):

- Decreased from 4.72 in 2023 to 3.22 in 2024. A lower ISCR indicates a reduced ability to cover interest payments from operating income in 2024 compared to 2023.

4. Earnings Per Share (EPS):

- Increased from Rs. 490.22 in 2023 to Rs. 597.42 in 2024. This indicates higher earnings attributable to each outstanding share in 2024 compared to 2023.

5. Current Ratio:

- Decreased from 1.12 in 2023 to 1.08 in 2024. While still above 1, suggesting the company 's ability to meet short-term obligations, the decrease indicates a slight weakening in liquidity from 2023 to 2024.

6. Current Liability Ratio:

- Remained constant at 0.99 in both 2023 and 2024, indicating that current liabilities make up approximately the same proportion of total liabilities in both years.

7. Total Debt to Total Assets Ratio:

- Increased from 0.63 in 2023 to 0.68 in 2024, indicating a higher proportion of assets financed by debt in 2024 compared to 2023.

8. Debtors Turnover:

- Decreased from 4.64 in 2023 to 2.07 in 2024. A lower debtors turnover ratio suggests that the company took longer to collect payments from its debtors in 2024 compared to 2023.

9. Operating Margin:

- Decreased from 55% in 2023 to 48% in 2024. This indicates a lower percentage of revenue left after covering operating expenses in 2024 compared to 2023.

10. Net Profit Margin:

- Decreased from 41% in 2023 to 36% in 2024. This indicates a lower percentage of net profit generated from total revenue in 2024 compared to 2023.

Dividend History of Hdfc Securities Limited:

Particulars	2024	2023	2022	2021
Dividend (final + interim) (In Rs.)	510	440	547	318

HDFC Securities Unaudited Financials Q1 2024-25

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