InCred Equities - Cholamandalam Investment and Finance Company

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Net Interest Income (Rsm)	96,146	130,832	165,872	204,864
Total Non-Interest Income (Rsm)	3,711	2,597	2,857	3,143
Operating Revenue (Rsm)	99,857	133,429	168,729	208,007
Total Provision Charges (Rsm)	(13,218)	(24,460)	(28,560)	(33,747)
Net Profit (Rsm)	34,228	41,914	55,666	70,635
Core EPS (Rs)	40.73	49.88	65.14	82.65
Core EPS Growth	25%	22%	31%	27%
FD Core P/E (x)	30.34	24.78	18.98	14.95
DPS (Rs)	2.00	4.00	7.00	13.00
Dividend Yield	0.16%	0.32%	0.57%	1.05%
BVPS (Rs)	232.7	278.6	332.2	402.1
P/BV (x)	5.31	4.44	3.72	3.07
ROE	20.2%	19.5%	21.5%	22.5%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Net Interest Income	96,146	130,832	165,872	204,864
Total Non-Interest Income	3,711	2,597	2,857	3,143
Operating Revenue	99,857	133,429	168,729	208,007
Total Non-Interest Expenses	(38,860)	(50,360)	(62,631)	(76,065)
Pre-provision Operating Profit	59,039	80,720	103,279	128,559
Total Provision Charges	(13,218)	(24,460)	(28,560)	(33,747)
Operating Profit After Provisions	45,821	56,260	74,719	94,812
Pretax Income/(Loss) from Assoc.
Operating EBIT (incl Associates)	45,821	56,260	74,719	94,812
Non-Operating Income/(Expense)
Profit Before Tax (pre-EI)	45,821	56,260	74,719	94,812
Exceptional Items
Pre-tax Profit	45,821	56,260	74,719	94,812
Taxation	(11,593)	(14,346)	(19,053)	(24,177)
Consolidation Adjustments & Others
Exceptional Income - post-tax
Profit After Tax	34,228	41,914	55,666	70,635
Minority Interests
Pref. & Special Div
FX And Other Adj.
Net Profit	34,228	41,914	55,666	70,635

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Gross Loans/Cust Deposits
Avg Loans/Avg Deposits
Avg Liquid Assets/Avg Assets	95.0%	95.2%	95.4%	95.6%
Avg Liquid Assets/Avg IEAs	102.9%	103.2%	103.2%	103.3%
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-24A	Mar-25F	Mar-26F	Mar-27F
Total Gross Loans	1,444,243	1,817,100	2,262,965	2,736,581
Liquid Assets & Invst. (Current)
Other Int. Earning Assets
Total Gross Int. Earning Assets	1,444,243	1,817,100	2,262,965	2,736,581
Total Provisions/Loan Loss Reserve
Total Net Interest Earning Assets	1,444,243	1,817,100	2,262,965	2,736,581
Intangible Assets
Other Non-Interest Earning Assets	14,180	16,732	19,744	23,297
Total Non-Interest Earning Assets	36,061	40,914	46,572	53,169
Cash And Marketable Securities	43,202	62,152	67,310	99,090
Long-term Investments	41,002	51,179	63,479	77,101
Total Assets	1,564,508	1,971,344	2,440,326	2,965,940
Customer Interest-Bearing Liabilities
Bank Deposits	1,344,736	1,705,950	2,115,969	2,570,021
Interest Bearing Liabilities: Others
Total Interest-Bearing Liabilities	1,344,736	1,705,950	2,115,969	2,570,021
Banks Liabilities Under Acceptances
Total Non-Interest Bearing Liabilities	24,207	31,276	40,428	52,279
Total Liabilities	1,368,943	1,737,227	2,156,396	2,622,299
Shareholders Equity	195,565	234,118	283,930	343,641
Minority Interests
Total Equity	195,565	234,118	283,930	343,641

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Income Growth	37.2%	36.1%	26.8%	23.5%
Operating Profit Growth	33.5%	36.2%	27.7%	24.4%
Pretax Profit Growth	27%	23%	33%	27%
Net Interest To Total Income	96.3%	98.1%	98.3%	98.5%
Cost Of Funds	7.96%	8.10%	7.60%	7.10%
Return On Interest Earning Assets	15.1%	15.6%	15.3%	14.8%
Net Interest Spread	7.17%	7.50%	7.65%	7.75%
Net Interest Margin (Avg Deposits)
Net Interest Margin (Avg RWA)
Provisions to Pre Prov. Operating Profit	22%	30%	28%	26%
Interest Return On Average Assets	7.12%	7.40%	7.52%	7.58%
Effective Tax Rate	25.3%	25.5%	25.5%	25.5%
Net Dividend Payout Ratio	4.9%	8.0%	10.6%	15.5%
Return On Average Assets	2.54%	2.37%	2.52%	2.61%

(91) 22 4161 1547 jignesh.shial@incredresearch.com

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

(91) 22 4161 1500 meghna.luthra@incredresearch.com

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Market Data

Source: Bloomberg