InCred Equities - Shriram Finance Limited

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Net Interest Income (Rsm)	233,798	279,664	333,012	397,334
Total Non-Interest Income (Rsm)	251	301	361	433
Operating Revenue (Rsm)	234,049	279,965	333,372	397,767
Total Provision Charges (Rsm)	(53,117)	(61,022)	(77,358)	(93,635)
Net Profit (Rsm)	81,042	102,003	121,762	149,309
Core EPS (Rs)	42.87	53.96	64.41	78.98
Core EPS Growth	12%	26%	19%	23%
FD Core P/E (x)	16.05	12.76	10.69	8.71
DPS (Rs)	10.00	15.00	15.00	20.00
Dividend Yield	1.45%	2.18%	2.18%	2.91%
BVPS (Rs)	297.7	348.7	410.1	485.1
P/BV (x)	2.31	1.97	1.68	1.42
ROE	15.5%	16.7%	17.0%	17.6%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Net Interest Income	233,798	279,664	333,012	397,334
Total Non-Interest Income	251	301	361	433
Operating Revenue	234,049	279,965	333,372	397,767
Total Non-Interest Expenses	(64,987)	(74,928)	(84,766)	(95,128)
Pre-provision Operating Profit	162,609	197,938	240,798	294,050
Total Provision Charges	(53,117)	(61,022)	(77,358)	(93,635)
Operating Profit After Provisions	109,493	136,916	163,439	200,415
Pretax Income/(Loss) from Assoc.
Operating EBIT (incl Associates)	109,493	136,916	163,439	200,415
Non-Operating Income/(Expense)
Profit Before Tax (pre-EI)	109,493	136,916	163,439	200,415
Exceptional Items
Pre-tax Profit	109,493	136,916	163,439	200,415
Taxation	(28,450)	(34,914)	(41,677)	(51,106)
Consolidation Adjustments & Others
Exceptional Income - post-tax
Profit After Tax	81,042	102,003	121,762	149,309
Minority Interests
Pref. & Special Div
FX And Other Adj.
Net Profit	81,042	102,003	121,762	149,309

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Gross Loans/Cust Deposits
Avg Loans/Avg Deposits
Avg Liquid Assets/Avg Assets	88.7%	90.4%	92.2%	93.1%
Avg Liquid Assets/Avg IEAs	106.4%	105.6%	102.9%	102.9%
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	2,453,928	2,950,106	3,574,570	4,322,936
Liquid Assets & Invst. (Current)
Other Int. Earning Assets
Total Gross Int. Earning Assets	2,453,928	2,950,106	3,574,570	4,322,936
Total Provisions/Loan Loss Reserve
Total Net Interest Earning Assets	2,453,928	2,950,106	3,574,570	4,322,936
Intangible Assets
Other Non-Interest Earning Assets	119,027	116,816	114,715	112,719
Total Non-Interest Earning Assets	166,232	165,047	164,074	163,320
Cash And Marketable Securities	213,657	88,717	102,900	123,729
Long-term Investments	155,987	115,497	123,680	149,574
Total Assets	2,989,805	3,319,367	3,965,224	4,759,559
Customer Interest-Bearing Liabilities
Bank Deposits	2,341,973	2,566,593	3,092,003	3,739,340
Interest Bearing Liabilities: Others
Total Interest-Bearing Liabilities	2,341,973	2,566,593	3,092,003	3,739,340
Banks Liabilities Under Acceptances
Total Non-Interest Bearing Liabilities	30,531	35,209	40,615	46,864
Total Liabilities	2,372,504	2,601,802	3,132,618	3,786,204
Shareholders Equity	562,826	659,157	775,248	916,996
Minority Interests
Total Equity	562,826	659,157	775,248	916,996

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Total Income Growth	16.0%	19.6%	19.1%	19.3%
Operating Profit Growth	14.5%	21.3%	21.2%	21.7%
Pretax Profit Growth	13%	25%	19%	23%
Net Interest To Total Income	99.9%	99.9%	99.9%	99.9%
Cost Of Funds	8.79%	7.90%	7.80%	7.60%
Return On Interest Earning Assets	17.8%	17.0%	16.4%	16.2%
Net Interest Spread	9.02%	9.08%	8.64%	8.58%
Net Interest Margin (Avg Deposits)
Net Interest Margin (Avg RWA)
Provisions to Pre Prov. Operating Profit	33%	31%	32%	32%
Interest Return On Average Assets	8.61%	8.87%	9.14%	9.11%
Effective Tax Rate	26.0%	25.5%	25.5%	25.5%
Net Dividend Payout Ratio	4.7%	5.6%	4.7%	5.1%
Return On Average Assets	2.99%	3.23%	3.34%	3.42%

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

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

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Market Data

Source: Bloomberg