InCred Equities - Shriram Finance Limited

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Net Interest Income (Rsm)	201,583	226,728	269,643	320,654
Total Non-Interest Income (Rsm)	332	5,644	6,773	8,127
Operating Revenue (Rsm)	201,915	232,372	276,416	328,781
Total Provision Charges (Rsm)	(45,183)	(51,090)	(61,817)	(78,209)
Net Profit (Rsm)	71,905	80,696	98,820	118,121
Core EPS (Rs)	191.34	214.74	262.97	314.33
Core EPS Growth	20%	12%	22%	20%
FD Core P/E (x)	3.34	2.98	2.43	2.03
DPS (Rs)	45.00	15.00	15.00	15.00
Dividend Yield	7.04%	2.35%	2.35%	2.35%
BVPS (Rs)	1,292.4	1,536.3	1,784.2	2,083.6
P/BV (x)	0.49	0.42	0.36	0.31
ROE	15.7%	15.2%	15.8%	16.3%
% 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	226,728	269,643	320,654
Total Non-Interest Income	332	5,644	6,773	8,127
Operating Revenue	201,915	232,372	276,416	328,781
Total Non-Interest Expenses	(54,207)	(65,976)	(74,947)	(84,312)
Pre-provision Operating Profit	142,020	160,025	194,461	236,761
Total Provision Charges	(45,183)	(51,090)	(61,817)	(78,209)
Operating Profit After Provisions	96,836	108,934	132,644	158,552
Pretax Income/(Loss) from Assoc.
Operating EBIT (incl Associates)	96,836	108,934	132,644	158,552
Non-Operating Income/(Expense)
Profit Before Tax (pre-EI)	96,836	108,934	132,644	158,552
Exceptional Items
Pre-tax Profit	96,836	108,934	132,644	158,552
Taxation	(24,932)	(28,238)	(33,824)	(40,431)
Consolidation Adjustments & Others
Exceptional Income - post-tax
Profit After Tax	71,905	80,696	98,820	118,121
Minority Interests
Pref. & Special Div
FX And Other Adj.
Net Profit	71,905	80,696	98,820	118,121

(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%	92.6%	93.6%
Avg Liquid Assets/Avg IEAs	107.0%	105.2%	104.7%	104.0%
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	2,471,523	2,990,586	3,605,827
Liquid Assets & Invst. (Current)
Other Int. Earning Assets
Total Gross Int. Earning Assets	2,072,941	2,471,523	2,990,586	3,605,827
Total Provisions/Loan Loss Reserve
Total Net Interest Earning Assets	2,072,941	2,471,523	2,990,586	3,605,827
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	127,946	126,393	139,600
Long-term Investments	106,566	108,747	117,081	124,762
Total Assets	2,406,277	2,824,280	3,347,801	3,981,862
Customer Interest-Bearing Liabilities
Bank Deposits	1,858,411	2,174,940	2,601,810	3,119,040
Interest Bearing Liabilities: Others
Total Interest-Bearing Liabilities	1,858,411	2,174,940	2,601,810	3,119,040
Banks Liabilities Under Acceptances
Total Non-Interest Bearing Liabilities	28,665	33,073	38,170	44,062
Total Liabilities	1,887,076	2,208,014	2,639,979	3,163,102
Shareholders Equity	485,684	577,311	670,494	782,979
Minority Interests
Total Equity	485,684	577,311	670,494	782,979

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Income Growth	17.0%	12.5%	18.9%	18.9%
Operating Profit Growth	14.8%	12.7%	21.1%	21.3%
Pretax Profit Growth	18%	12%	22%	20%
Net Interest To Total Income	99.8%	97.6%	97.5%	97.5%
Cost Of Funds	8.61%	9.00%	8.30%	7.80%
Return On Interest Earning Assets	17.7%	17.7%	16.8%	16.2%
Net Interest Spread	9.10%	8.70%	8.52%	8.38%
Net Interest Margin (Avg Deposits)
Net Interest Margin (Avg RWA)
Provisions to Pre Prov. Operating Profit	32%	32%	32%	33%
Interest Return On Average Assets	9.02%	8.67%	8.74%	8.75%
Effective Tax Rate	25.7%	25.9%	25.5%	25.5%
Net Dividend Payout Ratio	23.5%	7.0%	5.7%	4.8%
Return On Average Assets	3.22%	3.09%	3.20%	3.22%

(91) 22 4161 1569 rishabh.jogani@incredresearch.com

(91) 22 4161 1553 meghna.luthra@incredresearch.com

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Market Data

Source: Bloomberg