InCred Equities - Aavas Financiers Ltd

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Net Interest Income (Rsm)	9,063	10,132	11,952	14,396
Total Non-Interest Income (Rsm)	2,856	3,483	3,811	4,382
Operating Revenue (Rsm)	11,919	13,615	15,763	18,778
Total Provision Charges (Rsm)	(245)	(305)	(363)	(435)
Net Profit (Rsm)	4,907	5,899	7,040	8,509
Core EPS (Rs)	62.51	75.14	89.68	108.39
Core EPS Growth	14%	20%	19%	21%
FD Core P/E (x)	26.25	21.83	18.29	15.14
DPS (Rs)
Dividend Yield
BVPS (Rs)	480.6	555.8	645.5	753.8
P/BV (x)	3.41	2.95	2.54	2.18
ROE	13.9%	14.5%	14.9%	15.5%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Net Interest Income	9,063	10,132	11,952	14,396
Total Non-Interest Income	2,856	3,483	3,811	4,382
Operating Revenue	11,919	13,615	15,763	18,778
Total Non-Interest Expenses	(5,430)	(5,747)	(6,374)	(7,434)
Pre-provision Operating Profit	6,489	7,868	9,389	11,344
Total Provision Charges	(245)	(305)	(363)	(435)
Operating Profit After Provisions	6,245	7,563	9,026	10,909
Pretax Income/(Loss) from Assoc.
Operating EBIT (incl Associates)	6,245	7,563	9,026	10,909
Non-Operating Income/(Expense)
Profit Before Tax (pre-EI)	6,245	7,563	9,026	10,909
Exceptional Items
Pre-tax Profit	6,245	7,563	9,026	10,909
Taxation	(1,337)	(1,664)	(1,986)	(2,400)
Consolidation Adjustments & Others
Exceptional Income - post-tax
Profit After Tax	4,907	5,899	7,040	8,509
Minority Interests
Pref. & Special Div
FX And Other Adj.
Net Profit	4,907	5,899	7,040	8,509

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Gross Loans/Cust Deposits
Avg Loans/Avg Deposits
Avg Liquid Assets/Avg Assets	95.8%	95.6%	95.6%	95.7%
Avg Liquid Assets/Avg IEAs	112.5%	112.7%	111.8%	110.4%
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	140,044	165,325	197,931	237,164
Liquid Assets & Invst. (Current)
Other Int. Earning Assets
Total Gross Int. Earning Assets	140,044	165,325	197,931	237,164
Total Provisions/Loan Loss Reserve
Total Net Interest Earning Assets	140,044	165,325	197,931	237,164
Intangible Assets
Other Non-Interest Earning Assets	4,191	4,610	5,071	5,578
Total Non-Interest Earning Assets	5,351	6,002	6,742	7,583
Cash And Marketable Securities	17,978	20,787	21,947	23,381
Long-term Investments	1,822	2,550	3,315	4,144
Total Assets	165,195	194,664	229,934	272,272
Customer Interest-Bearing Liabilities
Bank Deposits
Interest Bearing Liabilities: Others	123,365	145,933	172,909	205,169
Total Interest-Bearing Liabilities	123,365	145,933	172,909	205,169
Banks Liabilities Under Acceptances
Total Non-Interest Bearing Liabilities	4,097	5,101	6,355	7,922
Total Liabilities	127,462	151,033	179,263	213,092
Shareholders Equity	37,732	43,631	50,671	59,180
Minority Interests
Total Equity	37,732	43,631	50,671	59,180

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Income Growth	13.7%	11.8%	18.0%	20.4%
Operating Profit Growth	15.6%	21.2%	19.3%	20.8%
Pretax Profit Growth	14%	21%	19%	21%
Net Interest To Total Income	76.0%	74.4%	75.8%	76.7%
Cost Of Funds	7.45%	7.50%	7.20%	7.00%
Return On Interest Earning Assets	13.6%	13.2%	12.9%	12.7%
Net Interest Spread	6.16%	5.75%	5.70%	5.70%
Net Interest Margin (Avg Deposits)
Net Interest Margin (Avg RWA)
Provisions to Pre Prov. Operating Profit	4%	4%	4%	4%
Interest Return On Average Assets	6.06%	5.63%	5.63%	5.73%
Effective Tax Rate	21.4%	22.0%	22.0%	22.0%
Net Dividend Payout Ratio
Return On Average Assets	3.28%	3.28%	3.32%	3.39%

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

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

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

More Reports

Market Data

Source: Bloomberg