InCred Equities - Aditya Birla Sunlife AMC

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Net Interest Income (Rsm)
Total Non-Interest Income (Rsm)	19,586	22,849	26,691	31,616
Operating Revenue (Rsm)	19,586	22,849	26,691	31,616
Total Provision Charges (Rsm)
Net Profit (Rsm)	9,247	10,906	12,684	15,075
Core EPS (Rs)	32.11	37.87	44.04	52.34
Core EPS Growth	(11%)	18%	16%	19%
FD Core P/E (x)	24.25	20.56	17.68	14.88
DPS (Rs)	24.00	28.00	33.00	39.00
Dividend Yield	3.08%	3.60%	4.24%	5.01%
BVPS (Rs)	128.6	138.4	149.4	162.7
P/BV (x)	6.05	5.63	5.21	4.79
ROE	27.0%	28.4%	30.6%	33.5%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Net Interest Income
Total Non-Interest Income	19,586	22,849	26,691	31,616
Operating Revenue	19,586	22,849	26,691	31,616
Total Non-Interest Expenses	(6,812)	(7,980)	(9,442)	(11,174)
Pre-provision Operating Profit	12,387	14,445	16,800	19,966
Total Provision Charges
Operating Profit After Provisions	12,387	14,445	16,800	19,966
Pretax Income/(Loss) from Assoc.
Operating EBIT (incl Associates)	12,387	14,445	16,800	19,966
Non-Operating Income/(Expense)
Profit Before Tax (pre-EI)	12,387	14,445	16,800	19,966
Exceptional Items
Pre-tax Profit	12,387	14,445	16,800	19,966
Taxation	(3,139)	(3,539)	(4,116)	(4,892)
Consolidation Adjustments & Others
Exceptional Income - post-tax
Profit After Tax	9,247	10,906	12,684	15,075
Minority Interests
Pref. & Special Div
FX And Other Adj.
Net Profit	9,247	10,906	12,684	15,075

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Gross Loans/Cust Deposits
Avg Loans/Avg Deposits
Avg Liquid Assets/Avg Assets	0.2%	0.6%	0.6%	0.2%
Avg Liquid Assets/Avg IEAs
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
Liquid Assets & Invst. (Current)
Other Int. Earning Assets
Total Gross Int. Earning Assets
Total Provisions/Loan Loss Reserve
Total Net Interest Earning Assets
Intangible Assets
Other Non-Interest Earning Assets	40,768	43,958	48,229	52,922
Total Non-Interest Earning Assets	40,768	43,958	48,229	52,922
Cash And Marketable Securities	74	428	82	74
Long-term Investments
Total Assets	40,842	44,386	48,312	52,996
Customer Interest-Bearing Liabilities
Bank Deposits
Interest Bearing Liabilities: Others	2,195	2,590	3,004	3,455
Total Interest-Bearing Liabilities	2,195	2,590	3,004	3,455
Banks Liabilities Under Acceptances
Total Non-Interest Bearing Liabilities	1,607	1,928	2,275	2,685
Total Liabilities	3,802	4,518	5,280	6,140
Shareholders Equity	37,040	39,868	43,032	46,856
Minority Interests
Total Equity	37,040	39,868	43,032	46,856

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Total Income Growth
Operating Profit Growth	(1.5%)	16.4%	16.0%	18.5%
Pretax Profit Growth	(2%)	17%	16%	19%
Net Interest To Total Income
Cost Of Funds
Return On Interest Earning Assets
Net Interest Spread
Net Interest Margin (Avg Deposits)
Net Interest Margin (Avg RWA)
Provisions to Pre Prov. Operating Profit
Interest Return On Average Assets
Effective Tax Rate	25.3%	24.5%	24.5%	24.5%
Net Dividend Payout Ratio
Return On Average Assets	24.44%	25.59%	27.37%	29.76%

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

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

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Market Data

Source: Bloomberg