InCred Equities - Ugro Capital

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Net Interest Income (Rsm)	3,310	4,843	6,894	9,135
Total Non-Interest Income (Rsm)	4,830	6,612	8,758	11,732
Operating Revenue (Rsm)	8,141	11,455	15,652	20,867
Total Provision Charges (Rsm)	(1,731)	(2,392)	(3,618)	(5,101)
Net Profit (Rsm)	1,439	2,545	3,782	5,452
Core EPS (Rs)	15.65	15.77	23.44	33.79
Core EPS Growth	20%	1%	49%	44%
FD Core P/E (x)	11.11	11.03	7.42	5.15
DPS (Rs)
Dividend Yield
BVPS (Rs)	222.6	190.0	213.5	247.3
P/BV (x)	0.78	0.92	0.81	0.70
ROE	8.3%	10.0%	11.6%	14.7%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Net Interest Income	3,310	4,843	6,894	9,135
Total Non-Interest Income	4,830	6,612	8,758	11,732
Operating Revenue	8,141	11,455	15,652	20,867
Total Non-Interest Expenses	(4,379)	(5,428)	(6,632)	(7,978)
Pre-provision Operating Profit	3,762	6,027	9,020	12,889
Total Provision Charges	(1,731)	(2,392)	(3,618)	(5,101)
Operating Profit After Provisions	2,031	3,635	5,403	7,788
Pretax Income/(Loss) from Assoc.
Operating EBIT (incl Associates)	2,031	3,635	5,403	7,788
Non-Operating Income/(Expense)
Profit Before Tax (pre-EI)	2,031	3,635	5,403	7,788
Exceptional Items
Pre-tax Profit	2,031	3,635	5,403	7,788
Taxation	(592)	(1,091)	(1,621)	(2,336)
Consolidation Adjustments & Others
Exceptional Income - post-tax
Profit After Tax	1,439	2,545	3,782	5,452
Minority Interests
Pref. & Special Div
FX And Other Adj.
Net Profit	1,439	2,545	3,782	5,452

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Gross Loans/Cust Deposits
Avg Loans/Avg Deposits
Avg Liquid Assets/Avg Assets
Avg Liquid Assets/Avg IEAs	107.5%	105.8%	102.9%	101.4%
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-25A	Mar-26F	Mar-27F	Mar-28F
Total Gross Loans	79,191	104,869	136,064	174,370
Liquid Assets & Invst. (Current)
Other Int. Earning Assets
Total Gross Int. Earning Assets	79,191	104,869	136,064	174,370
Total Provisions/Loan Loss Reserve
Total Net Interest Earning Assets	79,191	104,869	136,064	174,370
Intangible Assets
Other Non-Interest Earning Assets	4,947	5,194	5,610	6,058
Total Non-Interest Earning Assets	5,828	6,207	6,724	7,285
Cash And Marketable Securities	5,444	5,176	1,917	2,413
Long-term Investments
Total Assets
Customer Interest-Bearing Liabilities
Bank Deposits
Interest Bearing Liabilities: Others	69,041	83,380	107,369	140,448
Total Interest-Bearing Liabilities	69,041	83,380	107,369	140,448
Banks Liabilities Under Acceptances
Total Non-Interest Bearing Liabilities	2,178	3,526	4,305	5,242
Total Liabilities	71,219	86,905	111,674	145,690
Shareholders Equity	20,464	30,659	34,440	39,892
Minority Interests
Total Equity

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Total Income Growth	25.6%	46.3%	42.4%	32.5%
Operating Profit Growth	27.5%	60.2%	49.7%	42.9%
Pretax Profit Growth	14%	79%	49%	44%
Net Interest To Total Income	40.7%	42.3%	44.0%	43.8%
Cost Of Funds	10.86%	10.60%	10.40%	10.30%
Return On Interest Earning Assets	14.4%	14.0%	14.0%	14.1%
Net Interest Spread	3.50%	3.44%	3.56%	3.81%
Net Interest Margin (Avg Deposits)
Net Interest Margin (Avg RWA)
Provisions to Pre Prov. Operating Profit	46%	40%	40%	40%
Interest Return On Average Assets
Effective Tax Rate	29.1%	30.0%	30.0%	30.0%
Net Dividend Payout Ratio
Return On Average Assets

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

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

Market Data

Source: Bloomberg