InCred Equities - HDFC AMC

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Net Interest Income (Rsm)
Total Non-Interest Income (Rsm)	40,583	50,452	61,290	73,817
Operating Revenue (Rsm)	40,583	50,452	61,290	73,817
Total Provision Charges (Rsm)
Net Profit (Rsm)	24,611	31,043	37,441	44,713
Core EPS (Rs)	115.43	145.60	175.62	209.72
Core EPS Growth	26%	26%	21%	19%
FD Core P/E (x)	44.07	34.94	28.97	24.26
DPS (Rs)	90.00	116.00	140.00	167.00
Dividend Yield	1.77%	2.28%	2.75%	3.28%
BVPS (Rs)	381.5	410.9	446.2	488.6
P/BV (x)	13.33	12.38	11.40	10.41
ROE	32.4%	36.7%	41.0%	44.9%
% 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	40,583	50,452	61,290	73,817
Operating Revenue	40,583	50,452	61,290	73,817
Total Non-Interest Expenses	(7,718)	(9,607)	(12,025)	(14,984)
Pre-provision Operating Profit	32,864	40,846	49,265	58,833
Total Provision Charges
Operating Profit After Provisions	32,864	40,846	49,265	58,833
Pretax Income/(Loss) from Assoc.
Operating EBIT (incl Associates)	32,864	40,846	49,265	58,833
Non-Operating Income/(Expense)
Profit Before Tax (pre-EI)	32,864	40,846	49,265	58,833
Exceptional Items
Pre-tax Profit	32,864	40,846	49,265	58,833
Taxation	(8,254)	(9,803)	(11,824)	(14,120)
Consolidation Adjustments & Others
Exceptional Income - post-tax
Profit After Tax	24,611	31,043	37,441	44,713
Minority Interests
Pref. & Special Div
FX And Other Adj.
Net Profit	24,611	31,043	37,441	44,713

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Gross Loans/Cust Deposits
Avg Loans/Avg Deposits
Avg Liquid Assets/Avg Assets	0.1%	0.2%	0.6%	1.4%
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	2,607	2,549	2,494	2,442
Total Non-Interest Earning Assets	4,421	4,272	4,131	3,997
Cash And Marketable Securities	128	312	791	2,260
Long-term Investments	82,889	89,934	98,028	106,851
Total Assets	87,437	94,518	102,950	113,108
Customer Interest-Bearing Liabilities
Bank Deposits
Interest Bearing Liabilities: Others
Total Interest-Bearing Liabilities
Banks Liabilities Under Acceptances
Total Non-Interest Bearing Liabilities	6,195	6,916	7,815	8,936
Total Liabilities	6,195	6,916	7,815	8,936
Shareholders Equity	81,341	87,603	95,135	104,172
Minority Interests
Total Equity	81,341	87,603	95,135	104,172

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Total Income Growth
Operating Profit Growth	32.6%	24.3%	20.6%	19.4%
Pretax Profit Growth	33%	24%	21%	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	25.1%	24.0%	24.0%	24.0%
Net Dividend Payout Ratio
Return On Average Assets	30.21%	34.12%	37.92%	41.39%

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

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

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Market Data

Source: Bloomberg