InCred Equities - Shriram Finance Limited

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Net Interest Income (Rsm)	201,583	228,350	280,071	339,977
Total Non-Interest Income (Rsm)	332	5,312	6,374	7,649
Operating Revenue (Rsm)	201,915	233,662	286,445	347,626
Total Provision Charges (Rsm)	(45,183)	(52,138)	(65,935)	(86,703)
Net Profit (Rsm)	71,905	81,597	100,818	120,643
Core EPS (Rs)	191.34	217.13	268.28	321.04
Core EPS Growth	20%	13%	24%	20%
FD Core P/E (x)	14.76	13.01	10.53	8.80
DPS (Rs)	45.00	55.00	65.00	80.00
Dividend Yield	1.59%	1.95%	2.30%	2.83%
BVPS (Rs)	1,292.4	1,454.6	1,657.8	1,898.9
P/BV (x)	2.19	1.94	1.70	1.49
ROE	15.7%	15.8%	17.2%	18.1%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Net Interest Income	201,583	228,350	280,071	339,977
Total Non-Interest Income	332	5,312	6,374	7,649
Operating Revenue	201,915	233,662	286,445	347,626
Total Non-Interest Expenses	(54,207)	(65,627)	(78,049)	(91,067)
Pre-provision Operating Profit	142,020	161,664	201,260	248,639
Total Provision Charges	(45,183)	(52,138)	(65,935)	(86,703)
Operating Profit After Provisions	96,836	109,526	135,326	161,936
Pretax Income/(Loss) from Assoc.
Operating EBIT (incl Associates)	96,836	109,526	135,326	161,936
Non-Operating Income/(Expense)
Profit Before Tax (pre-EI)	96,836	109,526	135,326	161,936
Exceptional Items
Pre-tax Profit	96,836	109,526	135,326	161,936
Taxation	(24,932)	(27,929)	(34,508)	(41,294)
Consolidation Adjustments & Others
Exceptional Income - post-tax
Profit After Tax	71,905	81,597	100,818	120,643
Minority Interests
Pref. & Special Div
FX And Other Adj.
Net Profit	71,905	81,597	100,818	120,643

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Gross Loans/Cust Deposits
Avg Loans/Avg Deposits
Avg Liquid Assets/Avg Assets	90.8%	91.4%	92.5%	93.5%
Avg Liquid Assets/Avg IEAs	107.0%	104.3%	102.4%	100.9%
Net Cust Loans/Assets
Net Cust Loans/Broad Deposits
Equity & Provns/Gross Cust Loans
Asset Risk Weighting
Provision Charge/Avg Cust Loans
Provision Charge/Avg Assets
Total Write Offs/Average Assets

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Gross Loans	2,072,941	2,518,156	3,037,398	3,659,224
Liquid Assets & Invst. (Current)
Other Int. Earning Assets
Total Gross Int. Earning Assets	2,072,941	2,518,156	3,037,398	3,659,224
Total Provisions/Loan Loss Reserve
Total Net Interest Earning Assets	2,072,941	2,518,156	3,037,398	3,659,224
Intangible Assets
Other Non-Interest Earning Assets	81,336	77,910	74,655	71,563
Total Non-Interest Earning Assets	118,643	116,064	113,741	111,673
Cash And Marketable Securities	108,126	90,627	44,403	12,750
Long-term Investments	106,566	110,799	117,547	124,414
Total Assets	2,406,277	2,835,646	3,313,089	3,908,062
Customer Interest-Bearing Liabilities
Bank Deposits	1,858,411	2,215,977	2,612,162	3,110,341
Interest Bearing Liabilities: Others
Total Interest-Bearing Liabilities	1,858,411	2,215,977	2,612,162	3,110,341
Banks Liabilities Under Acceptances
Total Non-Interest Bearing Liabilities	28,665	34,102	40,596	48,357
Total Liabilities	1,887,076	2,250,079	2,652,758	3,158,697
Shareholders Equity	485,684	546,612	623,003	713,583
Minority Interests
Total Equity	485,684	546,612	623,003	713,583

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Income Growth	17.0%	13.3%	22.6%	21.4%
Operating Profit Growth	14.8%	13.8%	24.0%	23.1%
Pretax Profit Growth	18%	13%	24%	20%
Net Interest To Total Income	99.8%	97.7%	97.8%	97.8%
Cost Of Funds	8.61%	8.80%	8.30%	8.00%
Return On Interest Earning Assets	17.7%	17.5%	17.1%	16.8%
Net Interest Spread	9.10%	8.69%	8.78%	8.77%
Net Interest Margin (Avg Deposits)
Net Interest Margin (Avg RWA)
Provisions to Pre Prov. Operating Profit	32%	32%	33%	35%
Interest Return On Average Assets	9.02%	8.71%	9.11%	9.42%
Effective Tax Rate	25.7%	25.5%	25.5%	25.5%
Net Dividend Payout Ratio	23.5%	25.3%	24.2%	24.9%
Return On Average Assets	3.22%	3.11%	3.28%	3.34%

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Market Data

Source: Bloomberg