InCred Equities - Ugro Capital

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Net Interest Income (Rsm)	2,636	3,567	5,252	7,593
Total Non-Interest Income (Rsm)	3,752	4,817	6,729	8,998
Operating Revenue (Rsm)	6,388	8,384	11,981	16,590
Total Provision Charges (Rsm)	(1,163)	(1,687)	(2,383)	(3,749)
Net Profit (Rsm)	1,193	1,492	3,026	4,834
Core EPS (Rs)	13.03	16.29	21.45	34.27
Core EPS Growth	127%	25%	32%	60%
FD Core P/E (x)	13.25	10.60	8.05	5.04
DPS (Rs)
Dividend Yield
BVPS (Rs)	157.1	173.3	223.7	257.9
P/BV (x)	1.10	1.00	0.77	0.67
ROE	9.9%	9.9%	12.8%	14.2%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Net Interest Income	2,636	3,567	5,252	7,593
Total Non-Interest Income	3,752	4,817	6,729	8,998
Operating Revenue	6,388	8,384	11,981	16,590
Total Non-Interest Expenses	(3,437)	(4,596)	(5,275)	(5,936)
Pre-provision Operating Profit	2,950	3,788	6,706	10,655
Total Provision Charges	(1,163)	(1,687)	(2,383)	(3,749)
Operating Profit After Provisions	1,788	2,101	4,323	6,906
Pretax Income/(Loss) from Assoc.
Operating EBIT (incl Associates)	1,788	2,101	4,323	6,906
Non-Operating Income/(Expense)
Profit Before Tax (pre-EI)	1,788	2,101	4,323	6,906
Exceptional Items
Pre-tax Profit	1,788	2,101	4,323	6,906
Taxation	(594)	(609)	(1,297)	(2,072)
Consolidation Adjustments & Others
Exceptional Income - post-tax
Profit After Tax	1,193	1,492	3,026	4,834
Minority Interests
Pref. & Special Div
FX And Other Adj.
Net Profit	1,193	1,492	3,026	4,834

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Gross Loans/Cust Deposits
Avg Loans/Avg Deposits
Avg Liquid Assets/Avg Assets
Avg Liquid Assets/Avg IEAs	107.2%	106.9%	112.4%	111.2%
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-24A	Mar-25F	Mar-26F	Mar-27F
Total Gross Loans	54,322	72,210	96,013	128,926
Liquid Assets & Invst. (Current)
Other Int. Earning Assets
Total Gross Int. Earning Assets	54,322	72,210	96,013	128,926
Total Provisions/Loan Loss Reserve
Total Net Interest Earning Assets	54,322	72,210	96,013	128,926
Intangible Assets
Other Non-Interest Earning Assets	2,785	3,286	3,615	3,904
Total Non-Interest Earning Assets	3,307	3,913	4,336	4,697
Cash And Marketable Securities	4,549	4,126	16,745	8,554
Long-term Investments
Total Assets
Customer Interest-Bearing Liabilities
Bank Deposits
Interest Bearing Liabilities: Others	46,532	62,344	82,846	102,352
Total Interest-Bearing Liabilities	46,532	62,344	82,846	102,352
Banks Liabilities Under Acceptances
Total Non-Interest Bearing Liabilities	1,884	2,627	3,301	4,050
Total Liabilities	48,416	64,971	86,147	106,402
Shareholders Equity	14,384	15,875	31,551	36,385
Minority Interests
Total Equity

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Income Growth	39.0%	35.3%	47.3%	44.6%
Operating Profit Growth	109.8%	28.4%	77.1%	58.9%
Pretax Profit Growth	113%	18%	106%	60%
Net Interest To Total Income	41.3%	42.5%	43.8%	45.8%
Cost Of Funds	11.35%	11.30%	10.50%	9.90%
Return On Interest Earning Assets	15.3%	15.4%	15.3%	14.9%
Net Interest Spread	3.94%	4.06%	4.81%	5.00%
Net Interest Margin (Avg Deposits)
Net Interest Margin (Avg RWA)
Provisions to Pre Prov. Operating Profit	39%	45%	36%	35%
Interest Return On Average Assets
Effective Tax Rate	33.2%	29.0%	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