InCred Equities - HDFC AMC

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Net Interest Income (Rsm)
Total Non-Interest Income (Rsm)	31,624	41,535	52,788	62,356
Operating Revenue (Rsm)	31,624	41,535	52,788	62,356
Total Provision Charges (Rsm)
Net Profit (Rsm)	19,459	26,018	33,506	39,331
Core EPS (Rs)	91.27	122.03	157.16	184.48
Core EPS Growth	37%	34%	29%	17%
FD Core P/E (x)	44.65	33.39	25.93	22.09
DPS (Rs)	70.00	97.00	126.00	147.00
Dividend Yield	1.72%	2.38%	3.09%	3.61%
BVPS (Rs)	332.0	356.9	387.9	425.2
P/BV (x)	12.27	11.42	10.51	9.58
ROE	29.5%	35.4%	42.2%	45.4%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Net Interest Income
Total Non-Interest Income	31,624	41,535	52,788	62,356
Operating Revenue	31,624	41,535	52,788	62,356
Total Non-Interest Expenses	(6,842)	(7,746)	(9,555)	(11,606)
Pre-provision Operating Profit	24,782	33,789	43,233	50,750
Total Provision Charges
Operating Profit After Provisions	24,782	33,789	43,233	50,750
Pretax Income/(Loss) from Assoc.
Operating EBIT (incl Associates)	24,782	33,789	43,233	50,750
Non-Operating Income/(Expense)
Profit Before Tax (pre-EI)	24,782	33,789	43,233	50,750
Exceptional Items
Pre-tax Profit	24,782	33,789	43,233	50,750
Taxation	(5,323)	(7,772)	(9,727)	(11,419)
Consolidation Adjustments & Others
Exceptional Income - post-tax
Profit After Tax	19,459	26,018	33,506	39,331
Minority Interests
Pref. & Special Div
FX And Other Adj.
Net Profit	19,459	26,018	33,506	39,331

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Gross Loans/Cust Deposits
Avg Loans/Avg Deposits
Avg Liquid Assets/Avg Assets	0.1%	0.9%	2.0%	3.2%
Avg Liquid Assets/Avg IEAs
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
Liquid Assets & Invst. (Current)
Other Int. Earning Assets
Total Gross Int. Earning Assets
Total Provisions/Loan Loss Reserve
Total Net Interest Earning Assets
Intangible Assets
Other Non-Interest Earning Assets	2,102	2,050	2,001	1,954
Total Non-Interest Earning Assets	3,466	3,346	3,231	3,123
Cash And Marketable Securities	112	1,229	2,187	3,700
Long-term Investments	71,900	76,933	83,473	90,985
Total Assets	75,478	81,508	88,891	97,809
Customer Interest-Bearing Liabilities
Bank Deposits
Interest Bearing Liabilities: Others
Total Interest-Bearing Liabilities
Banks Liabilities Under Acceptances
Total Non-Interest Bearing Liabilities	4,785	5,407	6,183	7,151
Total Liabilities	4,785	5,407	6,183	7,151
Shareholders Equity	70,791	76,101	82,708	90,657
Minority Interests
Total Equity	70,791	76,101	82,708	90,657

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Income Growth
Operating Profit Growth	32.5%	36.3%	27.9%	17.4%
Pretax Profit Growth	32%	36%	28%	17%
Net Interest To Total Income
Cost Of Funds
Return On Interest Earning Assets
Net Interest Spread
Net Interest Margin (Avg Deposits)
Net Interest Margin (Avg RWA)
Provisions to Pre Prov. Operating Profit
Interest Return On Average Assets
Effective Tax Rate	21.5%	23.0%	22.5%	22.5%
Net Dividend Payout Ratio
Return On Average Assets	27.64%	33.15%	39.33%	42.13%

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

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

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Market Data

Source: Bloomberg