HDFC Bank Ltd

β‚Ή 934 0.85%
16 Jan 2:36 p.m.
πŸ”— Website | BSE: 500180 | NSE: HDFCBANK
14,36,689
934
1,020
20.2
337
1.19
7.35
14.3

ABOUT

HDFC Bank Limited (also known as HDFC) is an Indian banking and financial services company headquartered in Mumbai. It is India's largest private sector bank by assets and the world's tenth-largest bank by market capitalization as of May 2024.As of April 2024, HDFC Bank has a market capitalization of $145 billion, making it the third-largest company on the Indian stock exchanges.[1]

Stock Analysis

Description

  • HDFC Bank Limited is a leading Indian banking and financial services company headquartered in Mumbai, recognized as India's largest private sector bank by assets and a globally significant financial institution.

Key Growth Triggers

  • The bank's Q3 FY26 business update indicates steady growth in average advances and deposits, alongside a focus on improving Net Interest Margins (NIMs) over the next 6-12 months. Management also highlighted strategic investments in technology (AI/Gen AI) for enhanced customer experience and operational efficiency, aiming for future operating leverage and a targeted Return on Assets (ROA) above 2%.

Order Book

  • Currently no data available for Order Book.

Key Red Flags

  • HDFC Bank faces regulatory scrutiny, including a past penalty from RBI for various compliance breaches and a specific decision notice from DFSA restricting its DIFC branch from soliciting new clients for certain financial services. Allegations against the MD & CEO and prior material events also pose potential risks.

Key Dates To Watch

  • January 17, 2026: Audio recording of Q3 FY26 Earnings Call made available.
  • Q3 FY26 Financial Results: Approved by the Board on October 18, 2025, and discussed in the earnings call.
  • October 18, 2025: Board Meeting to approve Q3 FY26 financial results.

Peer Comparison

S.No.NameCurrent Price (Rs.)Price to EarningMarket Capitalization (Rs.Cr.)Dividend yield (%)Net Profit latest quarter (Rs.Cr.)YOY Quarterly profit growth (%)Sales latest quarter (Rs.Cr.)YOY Quarterly sales growth (%)Return on capital employed (%)Sales (Rs.Cr.)OPM (%)Profit after tax (Rs.Cr.)Profit after tax latest quarter (Rs.Cr.)Price to book valueReturn on assets (%)Debt to equity
1.HDFC Bank933.8520.191436688.831.1918641.2810.8276690.703.617.35307627.8969.3371148.1318641.282.731.796.39
2.ICICI Bank1419.0519.091014930.270.7814318.153.1648180.914.007.87192684.9128.3053300.2513357.063.022.185.58
3.Kotak Mah. Bank420.8022.52418506.380.124468.27-11.4217198.744.708.1767852.1227.8018574.234468.272.522.683.62
4.Axis Bank1290.5015.39400740.020.085566.56-25.3132309.772.247.11129272.6059.6725988.995527.852.041.787.28
5.IDBI Bank104.9012.02112792.711.983240.7773.567109.01-4.516.7828937.8570.499284.323229.581.671.974.81
6.IndusInd Bank944.1573556.430.00-436.88-132.8211608.63-8.496.4747307.1246.88-759.35-436.881.130.486.70
7.Yes Bank23.3825.8673364.040.00664.3117.257388.75-4.506.3630449.5759.652836.87664.311.480.597.29

Quarterly Results

Figures in Cr.

Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025
Sales
β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”
YOY Sales Growth %
23.07%31.54%34.89%38.14%75.45%65.27%58.41%50.31%9.33%7.68%8.38%6.08%3.61%
Expenses
14,46515,27016,14716,91718,30320,17831,48019,22319,59120,26020,75031,87521,478
Material Cost %
β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”
Employee Cost %
9.13%9.66%9.67%9.84%7.64%7.58%9.7%8.01%8.09%7.83%7.9%7.95%8.43%
Operating Profit
β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”
OPM %
β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”
Other Income
7,5968,5008,7319,23010,70811,13718,16610,66811,48311,45412,02821,73014,350
Exceptional items
β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”
Other income normal
7,5968,5008,7319,23010,70811,13718,16610,66811,48311,45412,02821,73014,350
Interest
17,56519,72021,76824,98840,31342,11142,39643,19643,90345,35445,39446,03245,139
Depreciation
0000000000000
Profit before tax
14,15216,21815,93615,91219,79019,43115,76321,28322,00521,84723,34421,29224,423
Tax %
25%24%24%25%19%16%-5%24%24%23%25%15%24%
Net Profit
10,60612,25912,04711,95215,97616,37316,51216,17516,82116,73617,61618,15518,641
EPS in Rs
9.5210.9910.810.6910.5410.7810.8710.6311.0210.9411.5111.8412.13

Profit & Loss

Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales
β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”
Sales Growth %
β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”
Expenses
12,95915,40718,99922,46427,71232,52941,64447,12350,90457,32984,06876,44594,364
Material Cost %
β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”
Raw material cost
β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”
Change in inventory
β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”
Manufacturing Cost %
β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”
Employee Cost %
β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”
Other Cost %
β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”
Operating Profit
β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”
OPM %
β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”
Other Income
7,9208,99610,75212,29615,22017,62623,26125,20529,51031,21549,24145,63259,561
Exceptional items
β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”
Other income normal
β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”
Interest
22,65326,07432,63036,16740,14650,72958,62655,97955,74474,7431,49,8081,77,8471,81,919
Depreciation
6726567068339061,1401,1961,3021,6002,2422,8103,3790
Profit before tax
12,77215,32918,63822,13926,69732,20036,60741,65949,01558,48570,89588,47890,906
Tax %
34%33%34%34%34%35%28%25%25%25%14%24%β€”
Net Profit
8,47810,21612,29614,55017,48721,07826,25731,11736,96144,10960,81267,34771,148
Exceptional items AT
β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”
Profit excl Excep
β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”
Profit for PE
β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”
Profit for EPS
β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”
EPS in Rs
8.8410.1912.1614.1916.8519.3523.9428.2233.3339.5340.0244.0146.42
Dividend Payout %
19%20%20%19%19%19%5%12%23%24%24%25%β€”

Balance Sheet

Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital
4805015065135195455485515555587607651,536
Reserves
42,99961,50872,17288,9501,05,7761,48,6621,70,4382,03,1702,39,5382,79,6414,39,4865,00,6595,16,689
Borrowings
β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”
Long term Borrowings
β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”
Short term Borrowings
β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”
Lease Liabilities
β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”
Other Borrowings
β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”
Other Liabilities
41,34432,48436,72556,70945,76455,10867,39472,60284,40795,7221,35,4381,46,1291,73,397
Trade Payables
5,6116,0857,37816,6678,2227,0407,58412,42413,09411,79114,10113,6560
Advance from Customers
β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”
Other liability items
35,73326,39929,34740,04237,54248,06859,81160,17871,31483,9311,21,3371,32,4731,73,397
Total Liabilities
4,91,6005,90,5037,40,7968,63,84010,63,93412,44,54115,30,51117,46,87120,68,53524,66,08136,17,62339,10,19940,03,008
Fixed Assets
2,9403,1223,3433,6273,6074,0304,4324,9096,0848,01711,39913,65513,854
Land
β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”
Building
1,416.971,475.691,551.171,611.081,701.21,798.471,863.692,028.382,182.082,435.314,517.975,046.23β€”
Plant Machinery
β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”
Equipments
β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”
Furniture & fittings
β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”
Vehicles
β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”
Intangible Assets
β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”
Other fixed assets
6,288.856,987.617,701.458,546.589,231.3810,547.511,129.6812,926.2515,060.6618,357.7422,400.5326,149.05β€”
Gross Block
7,705.828,463.39,252.6210,157.6610,932.5812,345.9712,993.3714,954.6317,242.7420,793.0526,918.531,195.28β€”
Accumulated Depreciation
4,721.655,297.325,865.226,486.687,281.138,271.728,561.4610,045.3211,159.0712,776.5115,519.5117,539.88β€”
CWIP
0000000000000
Investments
1,20,9511,51,6421,95,8362,14,4632,42,2002,93,1163,91,8274,43,7284,55,5365,17,0017,02,4158,36,3608,74,321
Other Assets
3,67,7094,35,7405,41,6176,45,7508,18,1279,47,39511,34,25312,98,23316,06,91619,41,06429,03,80930,60,18431,14,833
Inventories
β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”
Trade receivables
β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”
Receivables under 6m
β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”
Receivables over 6m
β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”
Prow for Doubtful
β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”
Cash Equivalents
21,49522,18924,48933,63397,13839,37262,99786,6481,18,7911,03,9181,65,6591,32,2271,33,188
Loans & Advances
β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”
Other Assets items
β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”
Total Assets
4,91,6005,90,5037,40,7968,63,84010,63,93412,44,54115,30,51117,46,87120,68,53524,66,08136,17,62339,10,19940,03,008

Cash Flows

Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity
8,364-15,862-30,13223,58526,074-56,055-16,69041,495-14,20927,31335,0151,45,177
Profit from operations
15,22318,23022,20126,77034,07541,33150,99560,64764,97973,97489,8991,03,437
Receivables
β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”
Inventory
β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”
Payables
β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”
Loans Advances
-65,049-64,703-1,01,596-93,316-1,08,941-1,67,645-1,83,640-1,50,925-2,46,639-2,43,553-2,89,444-1,48,903
Other WC items
-228-2,871-48418,501-5,705-5052,0149,343-30,506-48,479-29,8953,292
Working capital changes
-2,808-28,705-45,5874,6752,216-85,169-57,187-6,565-65,183-31,185-35,04059,116
Direct taxes
-4,051-5,387-6,746-7,859-10,216-12,216-10,498-12,588-14,005-15,476-19,844-17,376
Cash from Investing Activity
-1,623-1,933-627-1,985-523-1,231-891-1,262-1,126-1,99712,604-1,845
Fixed assets purchased
-817-736-816-1,068-770-1,552-1,547-1,617-2,141-3,280-3,835-3,199
Fixed assets sold
13331191021181418419690
Investments purchased
β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”
Investments sold
00000000009,501192
Interest received
β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”
Redeemp Cnce of Shares
β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”
Acquisition of companies
000-1,060-140000000
Other investing items
-321128-281195214-1421654325,510194
Cash from Financing Activity
5,56314,54333,347-11,56848,41115,71822,852-7,38148,19216,122-22,237-1,22,909
Redemption of debentures
00000-2,8750-1,105-3,650000
Proceeds from borrowings
00000027,543044,6629,78800
Repayment of borrowings
00000-3,1450-8,03600-22,275-1,14,429
Interest paid fin
β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”
Dividends paid
-1,313-1,649-2,009-2,408-2,831-4,053-6,5400-3,592-8,605-8,404-14,826
Financial liabilities
β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”
Other financing items
6,8765,47534,133-11,42138,5170000-11,4773,1930
Net Cash Flow
12,303-3,2522,58710,03373,963-41,5675,27132,85232,85741,43825,38220,423

Ratios

Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days
β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”
Inventory Days
β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”
Days Payable
β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”
Cash Conversion Cycle
β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”
Working Capital Days
β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”
ROCE %
β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”

Shareholding Pattern

Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters
25.6%25.59%25.52%0%0%0%0%0%0%0%0%0%0%
HDFC HOLDINGS LIMITED ( indirect foreign holding)
00β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”
HDFC INVESTMENTS LIMITED ( indirect foreign holding)
6.66.59β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”
HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED ( ___
19.0119β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”
Hdfc Holdings Limited
β€”β€”0β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”
Hdfc Investments Limited
β€”β€”6.57β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”
Housing Development Finance Corporation Limited
β€”β€”18.95β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”
FIIs
32.1%32.24%33.38%52.13%52.31%47.83%47.17%48.02%49.21%48.3%48.84%48.38%47.67%
Government Of Singapore
β€”β€”β€”2.282.322.342.12.412.632.662.422.462.27
Government Pension Fund Global
β€”β€”β€”β€”β€”1.441.571.471.491.441.391.321.22
Invesco Developing Markets Fund
β€”β€”β€”1.2β€”β€”β€”β€”β€”β€”β€”β€”β€”
Vanguard Total International Stock Index Fund
β€”β€”β€”β€”β€”1.171.181.191.191.21.231.231.24
DIIs
28.13%28.09%26.75%30.39%30.54%33.33%35.2%35.05%34.37%35.68%35.77%36.07%37%
Hdfc Trustee Company Limited-Hdfc Flexi Cap Fund
β€”β€”β€”β€”β€”β€”2.682.782.672.662.692.752.87
Hdfc Trustee Company Ltd_ A/C Hdfc Balanced Advantage Fund
1.791.831.862.122.172.6β€”β€”β€”β€”β€”β€”β€”
Icici Prudential Balanced Advantage Fund
β€”β€”1.361.841.71β€”β€”β€”β€”β€”β€”β€”β€”
Icici Prudential Bluechip Fund
1.891.76β€”β€”β€”β€”β€”β€”3.023.253.01β€”β€”
Icici Prudential Large Cap Fund
β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”3.23.45
Icici Prudential Value Discovery Fund
β€”β€”β€”β€”β€”2.512.673.13β€”β€”β€”β€”β€”
Kotak Equity Arbitrage Fund
β€”β€”β€”β€”β€”β€”1.3β€”β€”β€”β€”β€”β€”
Lici Asm Non Par
4.124.164.06β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”
Life Insurance Corporation Of India
β€”β€”β€”5.015.195.265.255.375.485.455.154.894.77
Nippon Life India Trustee Ltd-A/C Nippon India Etf___
β€”β€”β€”1.31.361.661.791.851.851.961.992.042.14
Nps Trust- A/C Hdfc Pension Fund Management Limite___
β€”β€”β€”1.51.531.581.611.631.691.751.932.12.54
Sbi Nifty 50 Etf
5.15.075.095.715.576.716.956.986.877.347.537.447.28
Uti - Nifty Exchange Traded Fund
1.571.591.621.91.932.032.06β€”β€”β€”β€”β€”β€”
Uti Nifty 50 Etf
β€”β€”β€”β€”β€”β€”β€”2.12.042.082.162.192.22
Government
0.16%0.16%0.16%0.17%0.17%0.18%0.18%0.18%0.18%0.18%0.18%0.18%0.18%
Public
13.99%13.91%14.19%17.3%16.98%18.64%17.44%16.75%16.23%15.84%15.19%15.33%15.11%
Others
β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”
No. of Shareholders
23,03,29122,90,09223,45,67230,58,65930,18,24741,21,81536,64,32539,21,91039,24,44238,29,14637,25,91137,01,272β€”

News & Updates

BSE Announcements

Direct from BSE filings, AI summarised

HDFC Bank: Audio Recording of Q3 FY26 Earnings Call Available
17 Jan 2026
HDFC Bank Announces Q3 FY26 Earnings Call Presentation Availability
17 Jan 2026
HDFC Bank Q3 FY26 Results: Standalone PAT Rises 11.5% YoY to β‚Ή186.5 Bn, Consolidated PAT Up 12.2% YoY
17 Jan 2026
HDFC Bank Q3 FY26 Results: Standalone PAT Up 11.5% YoY to β‚Ή186.5bn, NIM Moderates Amidst Strategic Growth Focus
17 Jan 2026
HDFC Bank Q3 FY26 Results: Standalone PAT Grows 11.5% YoY to β‚Ή186.5 Bn, Consolidated PAT Up 12.2% YoY
17 Jan 2026

Other Websites

External media mentions

RBI Demands Rs 1783 Crore Provisioning from HDFC, ICICI Banks
19 Jan 2026
HDFC Bank Misses Deposit Goals, Flags Broad Lending Targets
19 Jan 2026
Top 3 Firms Add β‚Ή75,855 Cr Valuation; IT, Banks Outshine Flat Indian Market
18 Jan 2026
Q3 Earnings, Global Cues to Dictate Indian Market Direction This Week
18 Jan 2026
Labour Codes Force β‚Ή1,037 Cr Charge on HDFC Bank, IT Giants Face β‚Ή5,000 Cr Hit
18 Jan 2026

News Articles

Editorial & research coverage

RBI Demands Rs 1783 Crore Provisioning from HDFC, ICICI Banks
19 Jan 2026
HDFC Bank Misses Deposit Goals, Flags Broad Lending Targets
19 Jan 2026
Q3 Earnings, Global Cues to Dictate Indian Market Direction This Week
18 Jan 2026
RBI Liquidity Surge Fuels Bank Profits Amidst Q3FY26 Credit Boom
18 Jan 2026
IT, Banks Mixed; BJP Sweeps Maharashtra Polls; German Chancellor Visits India
17 Jan 2026

Documents

Announcements

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
12 Jan - Earnings call in relation to the unaudited standalone and consolidated financial results of the Bank for the quarter and nine-months ended December 31, 2025
Intimation Under SEBI (LODR) Regulations, 2015
5 Jan - Dec 31, 2025: advances under management β‚Ή29,460bn (+9.8% YoY); deposits β‚Ή28,595bn (+11.5% YoY).
Board Meeting Intimation for Approving The Unaudited Standalone And Consolidated Financial Results Of The Bank For The Quarter/Nine-Months Ending December 31, 2025
23 Dec - Board meeting on Jan 17, 2026 to approve Q3/9M (Dec 31, 2025) results; trading window closed Dec 25–Jan 19.
Announcement under Regulation 30 (LODR)-Newspaper Publication
18 Dec - Publication of Notice in newspapers for transfer of equity shares to Investor Education and Protection Fund Authority

Annual Reports

Credit Ratings

Rating update
23 Dec from care
Rating update
2 Dec 2025 from care
Rating update
30 Jun 2025 from icra
Rating update
27 Jun 2025 from crisil
Rating update
6 Mar 2025 from care
Rating update
4 Dec 2024 from fitch

Concalls

Oct 2025
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Jul 2025
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Oct 2024
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Apr 2024
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Feb 2024
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Oct 2023
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Oct 2023
Sep 2023
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Jul 2023
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Jul 2022
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Apr 2022
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May 2018
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