InCred Equities - IndusInd Bank

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Net Interest Income (Rsm)	206,159	225,041	258,392	300,824
Total Non-Interest Income (Rsm)	93,878	89,162	105,124	129,775
Operating Revenue (Rsm)	300,038	314,203	363,516	430,599
Total Provision Charges (Rsm)	(37,987)	(54,383)	(54,800)	(57,838)
Net Profit (Rsm)	89,498	75,840	93,283	119,513
Core EPS (Rs)	115.19	97.39	119.78	153.47
Core EPS Growth	13%	(8%)	22%	27%
FD Core P/E (x)	8.68	10.27	8.35	6.52
DPS (Rs)	16.50	18.00	24.00	31.00
Dividend Yield	1.65%	1.80%	2.40%	3.10%
BVPS (Rs)	805.7	884.1	979.9	1,102.3
P/BV (x)	1.24	1.13	1.02	0.91
ROE	15.2%	11.5%	12.8%	14.7%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Net Interest Income	206,159	225,041	258,392	300,824
Total Non-Interest Income	93,878	89,162	105,124	129,775
Operating Revenue	300,038	314,203	363,516	430,599
Total Non-Interest Expenses	(142,635)	(158,701)	(184,338)	(213,410)
Pre-provision Operating Profit	157,403	155,502	179,178	217,189
Total Provision Charges	(37,987)	(54,383)	(54,800)	(57,838)
Operating Profit After Provisions	119,415	101,120	124,377	159,351
Pretax Income/(Loss) from Assoc.
Operating EBIT (incl Associates)	119,415	101,120	124,377	159,351
Non-Operating Income/(Expense)
Profit Before Tax (pre-EI)	119,415	101,120	124,377	159,351
Exceptional Items
Pre-tax Profit	119,415	101,120	124,377	159,351
Taxation	(29,918)	(25,280)	(31,094)	(39,838)
Consolidation Adjustments & Others
Exceptional Income - post-tax
Profit After Tax	89,498	75,840	93,283	119,513
Minority Interests
Pref. & Special Div
FX And Other Adj.
Net Profit	89,498	75,840	93,283	119,513

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Gross Loans/Cust Deposits
Avg Loans/Avg Deposits	87.8%	87.8%	85.3%	83.1%
Avg Liquid Assets/Avg Assets	74.7%	74.5%	75.7%	77.0%
Avg Liquid Assets/Avg IEAs	114.7%	112.3%	115.3%	118.1%
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	3,432,983	3,872,910	4,454,722	5,160,082
Liquid Assets & Invst. (Current)
Other Int. Earning Assets
Total Gross Int. Earning Assets	3,432,983	3,872,910	4,454,722	5,160,082
Total Provisions/Loan Loss Reserve
Total Net Interest Earning Assets	3,432,983	3,872,910	4,454,722	5,160,082
Intangible Assets
Other Non-Interest Earning Assets	261,108	280,919	297,597	315,622
Total Non-Interest Earning Assets	283,086	304,748	323,520	343,877
Cash And Marketable Securities	368,016	533,176	737,625	1,005,433
Long-term Investments	1,065,267	1,161,532	1,286,651	1,433,255
Total Assets	5,149,352	5,872,366	6,802,518	7,942,647
Customer Interest-Bearing Liabilities	3,847,929	4,473,625	5,286,681	6,282,138
Bank Deposits
Interest Bearing Liabilities: Others	476,114	485,259	496,592	510,215
Total Interest-Bearing Liabilities	4,324,044	4,958,884	5,783,273	6,792,354
Banks Liabilities Under Acceptances
Total Non-Interest Bearing Liabilities	197,337	224,378	255,511	291,136
Total Liabilities	4,521,381	5,183,262	6,038,784	7,083,490
Shareholders Equity	627,971	689,104	763,734	859,157
Minority Interests
Total Equity	627,971	689,104	763,734	859,157

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Income Growth	17.2%	9.2%	14.8%	16.4%
Operating Profit Growth	9.7%	(1.2%)	15.2%	21.2%
Pretax Profit Growth	21%	(15%)	23%	28%
Net Interest To Total Income	68.7%	71.6%	71.1%	69.9%
Cost Of Funds	6.15%	6.34%	5.86%	5.48%
Return On Interest Earning Assets	14.4%	14.2%	13.8%	13.4%
Net Interest Spread	8.30%	7.88%	7.91%	7.94%
Net Interest Margin (Avg Deposits)	5.72%	5.41%	5.29%	5.20%
Net Interest Margin (Avg RWA)
Provisions to Pre Prov. Operating Profit	24%	35%	31%	27%
Interest Return On Average Assets	4.24%	4.08%	4.08%	4.08%
Effective Tax Rate	25.1%	25.0%	25.0%	25.0%
Net Dividend Payout Ratio
Return On Average Assets	1.84%	1.38%	1.47%	1.62%

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

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

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

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Market Data

Source: Bloomberg