InCred Equities - CreditAccess Grameen Ltd

	Mar-20A	Mar-21A	Mar-22F	Mar-23F
Net Interest Income (Rsm)	10,207	13,484	15,534	22,015
Total Non-Interest Income (Rsm)	1,048	1,889	1,766	1,709
Operating Revenue (Rsm)	11,255	15,373	17,300	23,723
Total Provision Charges (Rsm)	(2,373)	(7,713)	(4,450)	(2,687)
Net Profit (Rsm)	3,355	1,314	4,120	8,579
Core EPS (Rs)	23.30	8.44	26.48	55.14
Core EPS Growth	4%	(64%)	214%	108%
FD Core P/E (x)	37.97	104.75	33.41	16.04
DPS (Rs)
Dividend Yield
BVPS (Rs)	189.9	237.2	263.7	318.9
P/BV (x)	4.66	3.73	3.35	2.77
ROE	13.2%	4.1%	10.6%	18.9%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-20A	Mar-21A	Mar-22F	Mar-23F
Net Interest Income	10,207	13,484	15,534	22,015
Total Non-Interest Income	1,048	1,889	1,766	1,709
Operating Revenue	11,255	15,373	17,300	23,723
Total Non-Interest Expenses	(4,266)	(5,856)	(7,344)	(9,571)
Pre-provision Operating Profit	6,989	9,517	9,956	14,152
Total Provision Charges	(2,373)	(7,713)	(4,450)	(2,687)
Operating Profit After Provisions	4,616	1,804	5,506	11,465
Pretax Income/(Loss) from Assoc.
Operating EBIT (incl Associates)	4,616	1,804	5,506	11,465
Non-Operating Income/(Expense)
Profit Before Tax (pre-EI)	4,616	1,804	5,506	11,465
Exceptional Items
Pre-tax Profit	4,616	1,804	5,506	11,465
Taxation	(1,261)	(490)	(1,386)	(2,886)
Consolidation Adjustments & Others
Exceptional Income - post-tax
Profit After Tax	3,355	1,314	4,120	8,579
Minority Interests
Pref. & Special Div
FX And Other Adj.
Net Profit	3,355	1,314	4,120	8,579

(Rs mn)	Mar-20A	Mar-21A	Mar-22F	Mar-23F
Gross Loans/Cust Deposits
Avg Loans/Avg Deposits
Avg Liquid Assets/Avg Assets	7.4%	13.0%	15.4%	9.7%
Avg Liquid Assets/Avg IEAs	8.3%	15.4%	18.7%	10.9%
Net Cust Loans/Assets	88.2%	77.8%	83.7%	89.9%
Net Cust Loans/Broad Deposits	129.4%	128.0%	134.3%	140.6%
Equity & Provns/Gross Cust Loans	24.6%	31.5%	28.0%	24.2%
Asset Risk Weighting	93.9%	81.6%	87.1%	92.8%
Provision Charge/Avg Cust Loans	2.68%	6.76%	3.37%	1.53%
Provision Charge/Avg Assets	2.38%	5.58%	2.73%	1.33%
Total Write Offs/Average Assets

(Rs mn)	Mar-20A	Mar-21A	Mar-22F	Mar-23F
Total Gross Loans	110,989	117,205	146,506	205,109
Liquid Assets & Invst. (Current)	456
Other Int. Earning Assets	555	2,810	3,147	3,525
Total Gross Int. Earning Assets	112,000	120,015	149,653	208,634
Total Provisions/Loan Loss Reserve
Total Net Interest Earning Assets	112,000	120,015	149,653	208,634
Intangible Assets
Other Non-Interest Earning Assets	5,827	5,492	5,667	6,242
Total Non-Interest Earning Assets	6,718	5,734	5,957	6,620
Cash And Marketable Securities	7,179	24,844	19,514	12,957
Long-term Investments
Total Assets	125,896	150,593	175,124	228,210
Customer Interest-Bearing Liabilities
Bank Deposits	85,800	91,545	109,096	145,870
Interest Bearing Liabilities: Others	8,567	16,842	20,268	27,446
Total Interest-Bearing Liabilities	95,397	109,414	130,391	174,342
Banks Liabilities Under Acceptances
Total Non-Interest Bearing Liabilities	2,068	3,215	3,697	4,252
Total Liabilities	97,464	112,629	134,088	178,594
Shareholders Equity	27,342	36,916	41,036	49,616
Minority Interests
Total Equity	27,342	36,916	41,036	49,616

	Mar-20A	Mar-21A	Mar-22F	Mar-23F
Total Income Growth	36.8%	32.1%	15.2%	41.7%
Operating Profit Growth	22.1%	36.2%	4.6%	42.2%
Pretax Profit Growth	(7%)	(61%)	205%	108%
Net Interest To Total Income	90.7%	87.7%	89.8%	92.8%
Cost Of Funds	8.07%	9.07%	9.00%	9.70%
Return On Interest Earning Assets	17.9%	19.6%	19.5%	20.5%
Net Interest Spread	9.88%	10.56%	10.52%	10.84%
Net Interest Margin (Avg Deposits)
Net Interest Margin (Avg RWA)	11.03%	11.19%	11.28%	12.09%
Provisions to Pre Prov. Operating Profit	34%	81%	45%	19%
Interest Return On Average Assets	10.23%	9.75%	9.54%	10.92%
Effective Tax Rate	27.3%	27.2%	25.2%	25.2%
Net Dividend Payout Ratio
Return On Average Assets	3.36%	0.95%	2.53%	4.25%

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

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

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

Market Data

Source: Bloomberg