InCred Equities - Cholamandalam Investment and Finance Company

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Net Interest Income (Rsm)	96,146	132,563	164,694	202,741
Total Non-Interest Income (Rsm)	3,711	2,968	3,414	3,755
Operating Revenue (Rsm)	99,857	135,532	168,108	206,496
Total Provision Charges (Rsm)	(13,218)	(25,225)	(30,257)	(35,846)
Net Profit (Rsm)	34,228	41,669	52,304	65,859
Core EPS (Rs)	40.73	49.59	61.20	77.07
Core EPS Growth	25%	22%	23%	26%
FD Core P/E (x)	35.85	29.45	23.86	18.95
DPS (Rs)	2.00	4.00	9.00	16.00
Dividend Yield	0.14%	0.27%	0.62%	1.10%
BVPS (Rs)	232.7	278.3	326.1	387.4
P/BV (x)	6.27	5.25	4.48	3.77
ROE	20.2%	19.4%	20.4%	21.6%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Net Interest Income	96,146	132,563	164,694	202,741
Total Non-Interest Income	3,711	2,968	3,414	3,755
Operating Revenue	99,857	135,532	168,108	206,496
Total Non-Interest Expenses	(38,860)	(51,876)	(64,825)	(78,866)
Pre-provision Operating Profit	59,039	81,307	100,463	124,247
Total Provision Charges	(13,218)	(25,225)	(30,257)	(35,846)
Operating Profit After Provisions	45,821	56,082	70,206	88,401
Pretax Income/(Loss) from Assoc.
Operating EBIT (incl Associates)	45,821	56,082	70,206	88,401
Non-Operating Income/(Expense)
Profit Before Tax (pre-EI)	45,821	56,082	70,206	88,401
Exceptional Items
Pre-tax Profit	45,821	56,082	70,206	88,401
Taxation	(11,593)	(14,413)	(17,903)	(22,542)
Consolidation Adjustments & Others
Exceptional Income - post-tax
Profit After Tax	34,228	41,669	52,304	65,859
Minority Interests
Pref. & Special Div
FX And Other Adj.
Net Profit	34,228	41,669	52,304	65,859

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Gross Loans/Cust Deposits
Avg Loans/Avg Deposits
Avg Liquid Assets/Avg Assets	95.0%	94.7%	94.6%	94.7%
Avg Liquid Assets/Avg IEAs	102.9%	104.2%	104.7%	103.7%
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	1,444,243	1,810,542	2,223,679	2,720,585
Liquid Assets & Invst. (Current)
Other Int. Earning Assets
Total Gross Int. Earning Assets	1,444,243	1,810,542	2,223,679	2,720,585
Total Provisions/Loan Loss Reserve
Total Net Interest Earning Assets	1,444,243	1,810,542	2,223,679	2,720,585
Intangible Assets
Other Non-Interest Earning Assets	14,180	16,732	19,744	23,297
Total Non-Interest Earning Assets	36,061	40,914	46,572	53,169
Cash And Marketable Securities	43,202	93,391	94,628	90,105
Long-term Investments	41,002	70,080	85,474	103,791
Total Assets	1,564,508	2,014,927	2,450,354	2,967,651
Customer Interest-Bearing Liabilities
Bank Deposits	1,344,736	1,752,006	2,136,854	2,594,765
Interest Bearing Liabilities: Others
Total Interest-Bearing Liabilities	1,344,736	1,752,006	2,136,854	2,594,765
Banks Liabilities Under Acceptances
Total Non-Interest Bearing Liabilities	24,207	29,048	34,858	41,829
Total Liabilities	1,368,943	1,781,054	2,171,711	2,636,594
Shareholders Equity	195,565	233,873	278,643	331,056
Minority Interests
Total Equity	195,565	233,873	278,643	331,056

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Income Growth	37.2%	37.9%	24.2%	23.1%
Operating Profit Growth	33.5%	37.1%	23.5%	23.6%
Pretax Profit Growth	27%	22%	25%	26%
Net Interest To Total Income	96.3%	97.8%	98.0%	98.2%
Cost Of Funds	7.96%	8.15%	7.35%	7.00%
Return On Interest Earning Assets	15.1%	15.9%	15.3%	14.9%
Net Interest Spread	7.17%	7.75%	7.90%	7.90%
Net Interest Margin (Avg Deposits)
Net Interest Margin (Avg RWA)
Provisions to Pre Prov. Operating Profit	22%	31%	30%	29%
Interest Return On Average Assets	7.12%	7.41%	7.38%	7.48%
Effective Tax Rate	25.3%	25.7%	25.5%	25.5%
Net Dividend Payout Ratio	4.9%	8.1%	14.5%	20.4%
Return On Average Assets	2.54%	2.33%	2.34%	2.43%

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

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

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Market Data

Source: Bloomberg