InCred Equities - Aditya Birla Sunlife AMC

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Net Interest Income (Rsm)
Total Non-Interest Income (Rsm)	39,172	46,402	53,576	63,372
Operating Revenue (Rsm)	39,172	46,402	53,576	63,372
Total Provision Charges (Rsm)
Net Profit (Rsm)	18,494	22,648	26,510	32,085
Core EPS (Rs)	64.22	78.64	92.05	111.41
Core EPS Growth	39%	45%	34%	42%
FD Core P/E (x)	52.77	43.09	36.81	30.42
DPS (Rs)	48.00	50.00	58.00	70.00
Dividend Yield	5.67%	5.90%	6.85%	8.26%
BVPS (Rs)	257.2	286.7	321.2	363.0
P/BV (x)	13.17	11.82	10.55	9.33
ROE	53.9%	57.8%	60.6%	65.1%
% 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	39,172	46,402	53,576	63,372
Operating Revenue	39,172	46,402	53,576	63,372
Total Non-Interest Expenses	(13,624)	(15,101)	(16,873)	(18,916)
Pre-provision Operating Profit	24,773	30,432	35,622	43,113
Total Provision Charges
Operating Profit After Provisions	24,773	30,432	35,622	43,113
Pretax Income/(Loss) from Assoc.
Operating EBIT (incl Associates)	24,773	30,432	35,622	43,113
Non-Operating Income/(Expense)
Profit Before Tax (pre-EI)	24,773	30,432	35,622	43,113
Exceptional Items
Pre-tax Profit	24,773	30,432	35,622	43,113
Taxation	(6,279)	(7,784)	(9,112)	(11,028)
Consolidation Adjustments & Others
Exceptional Income - post-tax
Profit After Tax	18,494	22,648	26,510	32,085
Minority Interests
Pref. & Special Div
FX And Other Adj.
Net Profit	18,494	22,648	26,510	32,085

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Gross Loans/Cust Deposits
Avg Loans/Avg Deposits
Avg Liquid Assets/Avg Assets	9.6%	19.1%	42.5%	40.0%
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	6,092	1,517	1,708	1,922
Total Non-Interest Earning Assets	6,092	1,517	1,708	1,922
Cash And Marketable Securities	377	427	444	462
Long-term Investments
Total Assets	6,469	1,944	2,152	2,385
Customer Interest-Bearing Liabilities
Bank Deposits
Interest Bearing Liabilities: Others	4,390	10,261	18,701	29,922
Total Interest-Bearing Liabilities	4,390	10,261	18,701	29,922
Banks Liabilities Under Acceptances
Total Non-Interest Bearing Liabilities	3,214	3,479	3,765	4,076
Total Liabilities	7,603	13,739	22,466	33,998
Shareholders Equity	74,080	82,574	92,515	104,547
Minority Interests
Total Equity	74,080	82,574	92,515	104,547

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Total Income Growth
Operating Profit Growth	46.7%	45.0%	34.5%	42.3%
Pretax Profit Growth	47%	46%	34%	42%
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	50.7%	51.2%	51.2%	51.2%
Net Dividend Payout Ratio
Return On Average Assets	601.41%	1,076.75%	2,588.47%	2,828.81%

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

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Source: Bloomberg