InCred Equities - HDFC AMC

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Net Interest Income (Rsm)
Total Non-Interest Income (Rsm)	31,624	43,622	54,768	65,079
Operating Revenue (Rsm)	31,624	43,622	54,768	65,079
Total Provision Charges (Rsm)
Net Profit (Rsm)	19,459	27,205	34,591	41,114
Core EPS (Rs)	91.27	127.60	162.25	192.84
Core EPS Growth	37%	40%	27%	19%
FD Core P/E (x)	45.91	32.84	25.83	21.73
DPS (Rs)	70.00	102.00	130.00	154.00
Dividend Yield	1.67%	2.43%	3.10%	3.68%
BVPS (Rs)	332.0	357.5	389.6	428.2
P/BV (x)	12.62	11.72	10.76	9.78
ROE	29.5%	37.0%	43.4%	47.2%
% 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	43,622	54,768	65,079
Operating Revenue	31,624	43,622	54,768	65,079
Total Non-Interest Expenses	(6,842)	(8,291)	(10,134)	(12,028)
Pre-provision Operating Profit	24,782	35,332	44,634	53,051
Total Provision Charges
Operating Profit After Provisions	24,782	35,332	44,634	53,051
Pretax Income/(Loss) from Assoc.
Operating EBIT (incl Associates)	24,782	35,332	44,634	53,051
Non-Operating Income/(Expense)
Profit Before Tax (pre-EI)	24,782	35,332	44,634	53,051
Exceptional Items
Pre-tax Profit	24,782	35,332	44,634	53,051
Taxation	(5,323)	(8,126)	(10,043)	(11,936)
Consolidation Adjustments & Others
Exceptional Income - post-tax
Profit After Tax	19,459	27,205	34,591	41,114
Minority Interests
Pref. & Special Div
FX And Other Adj.
Net Profit	19,459	27,205	34,591	41,114

(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%	2.3%	3.7%
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	1,349	2,539	4,341
Long-term Investments	71,900	76,933	83,473	90,985
Total Assets	75,478	81,628	89,243	98,449
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	76,221	83,060	91,298
Minority Interests
Total Equity	70,791	76,221	83,060	91,298

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Income Growth
Operating Profit Growth	32.5%	42.6%	26.3%	18.9%
Pretax Profit Growth	32%	43%	26%	19%
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%	34.63%	40.49%	43.81%

(91) 22 4161 1547 jignesh.shial@incredresearch.com

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

(91) 22 4161 1500 meghna.luthra@incredresearch.com

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Market Data

Source: Bloomberg