InCred Equities - Cholamandalam Investment and Finance Company

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Net Interest Income (Rsm)	132,607	164,713	205,873	248,158
Total Non-Interest Income (Rsm)	3,092	3,793	4,271	4,577
Operating Revenue (Rsm)	135,699	168,506	210,144	252,735
Total Provision Charges (Rsm)	(24,943)	(32,905)	(35,548)	(43,712)
Net Profit (Rsm)	42,585	52,705	69,349	83,132
Core EPS (Rs)	50.62	62.63	82.41	98.79
Core EPS Growth	24%	24%	32%	20%
FD Core P/E (x)	29.87	24.15	18.35	15.31
DPS (Rs)	2.00	6.00	12.00	20.00
Dividend Yield	0.13%	0.40%	0.79%	1.32%
BVPS (Rs)	280.9	336.8	407.3	486.1
P/BV (x)	5.38	4.49	3.71	3.11
ROE	19.7%	20.3%	22.2%	22.1%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Net Interest Income	132,607	164,713	205,873	248,158
Total Non-Interest Income	3,092	3,793	4,271	4,577
Operating Revenue	135,699	168,506	210,144	252,735
Total Non-Interest Expenses	(50,967)	(61,931)	(78,411)	(94,160)
Pre-provision Operating Profit	82,311	103,878	128,936	155,660
Total Provision Charges	(24,943)	(32,905)	(35,548)	(43,712)
Operating Profit After Provisions	57,369	70,973	93,387	111,947
Pretax Income/(Loss) from Assoc.
Operating EBIT (incl Associates)	57,369	70,973	93,387	111,947
Non-Operating Income/(Expense)
Profit Before Tax (pre-EI)	57,369	70,973	93,387	111,947
Exceptional Items
Pre-tax Profit	57,369	70,973	93,387	111,947
Taxation	(14,783)	(18,268)	(24,038)	(28,815)
Consolidation Adjustments & Others
Exceptional Income - post-tax
Profit After Tax	42,585	52,705	69,349	83,132
Minority Interests
Pref. & Special Div
FX And Other Adj.
Net Profit	42,585	52,705	69,349	83,132

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Gross Loans/Cust Deposits
Avg Loans/Avg Deposits
Avg Liquid Assets/Avg Assets	95.0%	95.0%	95.4%	95.9%
Avg Liquid Assets/Avg IEAs	104.2%	104.9%	104.1%	103.6%
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	1,819,299	2,160,111	2,651,950	3,311,817
Liquid Assets & Invst. (Current)
Other Int. Earning Assets
Total Gross Int. Earning Assets	1,819,299	2,160,111	2,651,950	3,311,817
Total Provisions/Loan Loss Reserve
Total Net Interest Earning Assets	1,819,299	2,160,111	2,651,950	3,311,817
Intangible Assets
Other Non-Interest Earning Assets	11,972	14,408	15,596	16,881
Total Non-Interest Earning Assets	39,266	47,083	55,039	64,907
Cash And Marketable Securities	94,007	100,445	98,420	116,270
Long-term Investments	63,904	67,308	70,894	74,671
Total Assets	2,016,476	2,374,948	2,876,303	3,567,665
Customer Interest-Bearing Liabilities
Bank Deposits	1,749,461	2,058,398	2,497,205	3,118,568
Interest Bearing Liabilities: Others
Total Interest-Bearing Liabilities	1,749,461	2,058,398	2,497,205	3,118,568
Banks Liabilities Under Acceptances
Total Non-Interest Bearing Liabilities	30,741	33,096	36,379	40,052
Total Liabilities	1,780,202	2,091,494	2,533,584	3,158,620
Shareholders Equity	236,274	283,454	342,719	409,045
Minority Interests
Total Equity	236,274	283,454	342,719	409,045

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Total Income Growth	37.9%	24.2%	25.0%	20.5%
Operating Profit Growth	38.9%	25.8%	23.6%	20.4%
Pretax Profit Growth	25%	24%	32%	20%
Net Interest To Total Income	97.7%	97.7%	98.0%	98.2%
Cost Of Funds	8.07%	7.39%	6.61%	6.31%
Return On Interest Earning Assets	15.8%	15.3%	14.8%	14.3%
Net Interest Spread	7.71%	7.96%	8.20%	7.95%
Net Interest Margin (Avg Deposits)
Net Interest Margin (Avg RWA)
Provisions to Pre Prov. Operating Profit	30%	32%	28%	28%
Interest Return On Average Assets	7.41%	7.50%	7.84%	7.70%
Effective Tax Rate	25.8%	25.7%	25.7%	25.7%
Net Dividend Payout Ratio	3.9%	9.6%	14.5%	20.2%
Return On Average Assets	2.38%	2.40%	2.64%	2.58%

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

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Market Data

Source: Bloomberg