InCred Equities - Cholamandalam Investment and Finance Company

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Net Interest Income (Rsm)	132,607	165,660	204,414	251,912
Total Non-Interest Income (Rsm)	3,092	3,401	3,605	3,785
Operating Revenue (Rsm)	135,699	169,061	208,019	255,697
Total Provision Charges (Rsm)	(24,943)	(30,477)	(36,200)	(42,412)
Net Profit (Rsm)	42,585	52,854	65,594	82,225
Core EPS (Rs)	50.62	61.78	76.67	96.11
Core EPS Growth	24%	22%	24%	25%
FD Core P/E (x)	31.47	25.79	20.78	16.58
DPS (Rs)	2.00	6.00	12.00	20.00
Dividend Yield	0.13%	0.38%	0.75%	1.26%
BVPS (Rs)	280.9	332.1	397.0	473.4
P/BV (x)	5.67	4.80	4.01	3.37
ROE	19.7%	20.3%	21.0%	22.1%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Net Interest Income	132,607	165,660	204,414	251,912
Total Non-Interest Income	3,092	3,401	3,605	3,785
Operating Revenue	135,699	169,061	208,019	255,697
Total Non-Interest Expenses	(50,967)	(64,733)	(80,287)	(98,733)
Pre-provision Operating Profit	82,311	101,422	124,246	152,781
Total Provision Charges	(24,943)	(30,477)	(36,200)	(42,412)
Operating Profit After Provisions	57,369	70,945	88,046	110,368
Pretax Income/(Loss) from Assoc.
Operating EBIT (incl Associates)	57,369	70,945	88,046	110,368
Non-Operating Income/(Expense)
Profit Before Tax (pre-EI)	57,369	70,945	88,046	110,368
Exceptional Items
Pre-tax Profit	57,369	70,945	88,046	110,368
Taxation	(14,783)	(18,091)	(22,452)	(28,144)
Consolidation Adjustments & Others
Exceptional Income - post-tax
Profit After Tax	42,585	52,854	65,594	82,225
Minority Interests
Pref. & Special Div
FX And Other Adj.
Net Profit	42,585	52,854	65,594	82,225

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Gross Loans/Cust Deposits
Avg Loans/Avg Deposits
Avg Liquid Assets/Avg Assets	95.0%	94.8%	94.8%	94.9%
Avg Liquid Assets/Avg IEAs	104.2%	104.0%	102.4%	101.2%
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-25A	Mar-26F	Mar-27F	Mar-28F
Total Gross Loans	1,819,299	2,244,295	2,748,757	3,397,955
Liquid Assets & Invst. (Current)
Other Int. Earning Assets
Total Gross Int. Earning Assets	1,819,299	2,244,295	2,748,757	3,397,955
Total Provisions/Loan Loss Reserve
Total Net Interest Earning Assets	1,819,299	2,244,295	2,748,757	3,397,955
Intangible Assets
Other Non-Interest Earning Assets	12,294	14,506	17,118	20,199
Total Non-Interest Earning Assets	39,266	44,105	49,736	56,290
Cash And Marketable Securities	94,007	69,144	48,542	22,709
Long-term Investments	63,904	84,856	102,633	125,791
Total Assets	2,016,476	2,442,400	2,949,668	3,602,744
Customer Interest-Bearing Liabilities
Bank Deposits	1,749,461	2,121,396	2,565,832	3,144,780
Interest Bearing Liabilities: Others
Total Interest-Bearing Liabilities	1,749,461	2,121,396	2,565,832	3,144,780
Banks Liabilities Under Acceptances
Total Non-Interest Bearing Liabilities	30,741	36,889	44,211	52,920
Total Liabilities	1,780,202	2,158,285	2,610,042	3,197,700
Shareholders Equity	236,274	284,115	339,626	405,044
Minority Interests
Total Equity	236,274	284,115	339,626	405,044

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Total Income Growth	37.9%	24.9%	23.4%	23.2%
Operating Profit Growth	38.9%	23.1%	22.4%	22.9%
Pretax Profit Growth	25%	24%	24%	25%
Net Interest To Total Income	97.7%	98.0%	98.3%	98.5%
Cost Of Funds	8.07%	7.45%	7.15%	7.00%
Return On Interest Earning Assets	15.8%	15.3%	14.9%	14.7%
Net Interest Spread	7.71%	7.80%	7.75%	7.70%
Net Interest Margin (Avg Deposits)
Net Interest Margin (Avg RWA)
Provisions to Pre Prov. Operating Profit	30%	30%	29%	28%
Interest Return On Average Assets	7.41%	7.43%	7.58%	7.69%
Effective Tax Rate	25.8%	25.5%	25.5%	25.5%
Net Dividend Payout Ratio	3.9%	9.5%	15.4%	20.4%
Return On Average Assets	2.38%	2.37%	2.43%	2.51%

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

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

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Market Data

Source: Bloomberg