InCred Equities - Aavas Financiers Ltd

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Net Interest Income (Rsm)	10,102	11,647	14,126	17,713
Total Non-Interest Income (Rsm)	3,407	3,638	4,163	4,432
Operating Revenue (Rsm)	13,509	15,285	18,289	22,145
Total Provision Charges (Rsm)	(271)	(442)	(716)	(975)
Net Profit (Rsm)	5,741	6,356	7,785	9,637
Core EPS (Rs)	72.53	80.30	98.35	121.76
Core EPS Growth	17%	11%	22%	24%
FD Core P/E (x)	22.52	20.34	16.61	13.41
DPS (Rs)
Dividend Yield
BVPS (Rs)	550.9	632.5	730.8	851.6
P/BV (x)	2.96	2.58	2.23	1.92
ROE	14.1%	13.6%	14.4%	15.4%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Net Interest Income	10,102	11,647	14,126	17,713
Total Non-Interest Income	3,407	3,638	4,163	4,432
Operating Revenue	13,509	15,285	18,289	22,145
Total Non-Interest Expenses	(5,912)	(6,666)	(7,557)	(8,794)
Pre-provision Operating Profit	7,597	8,619	10,732	13,351
Total Provision Charges	(271)	(442)	(716)	(975)
Operating Profit After Provisions	7,326	8,177	10,016	12,376
Pretax Income/(Loss) from Assoc.
Operating EBIT (incl Associates)	7,326	8,177	10,016	12,376
Non-Operating Income/(Expense)
Profit Before Tax (pre-EI)	7,326	8,177	10,016	12,376
Exceptional Items
Pre-tax Profit	7,326	8,177	10,016	12,376
Taxation	(1,585)	(1,821)	(2,231)	(2,739)
Consolidation Adjustments & Others
Exceptional Income - post-tax
Profit After Tax	5,741	6,356	7,785	9,637
Minority Interests
Pref. & Special Div
FX And Other Adj.
Net Profit	5,741	6,356	7,785	9,637

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Gross Loans/Cust Deposits
Avg Loans/Avg Deposits
Avg Liquid Assets/Avg Assets	95.6%	94.9%	94.6%	95.1%
Avg Liquid Assets/Avg IEAs	111.1%	110.2%	109.6%	107.7%
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	162,297	185,004	225,002	281,247
Liquid Assets & Invst. (Current)
Other Int. Earning Assets
Total Gross Int. Earning Assets	162,297	185,004	225,002	281,247
Total Provisions/Loan Loss Reserve
Total Net Interest Earning Assets	162,297	185,004	225,002	281,247
Intangible Assets
Other Non-Interest Earning Assets	5,167	5,556	5,975	6,425
Total Non-Interest Earning Assets	5,991	6,503	7,090	7,764
Cash And Marketable Securities	15,596	19,812	19,596	19,169
Long-term Investments	2,300	5,653	6,362	6,620
Total Assets	186,185	216,972	258,050	314,801
Customer Interest-Bearing Liabilities
Bank Deposits
Interest Bearing Liabilities: Others	138,499	164,057	196,601	242,934
Total Interest-Bearing Liabilities	138,499	164,057	196,601	242,934
Banks Liabilities Under Acceptances
Total Non-Interest Bearing Liabilities	2,140	2,854	3,603	4,462
Total Liabilities	140,639	166,910	200,203	247,396
Shareholders Equity	43,608	50,062	57,847	67,405
Minority Interests
Total Equity	43,608	50,062	57,847	67,405

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Total Income Growth	11.5%	15.3%	21.3%	25.4%
Operating Profit Growth	17.1%	13.4%	24.5%	24.4%
Pretax Profit Growth	17%	12%	22%	24%
Net Interest To Total Income	74.8%	76.2%	77.2%	80.0%
Cost Of Funds	7.69%	7.38%	7.26%	7.23%
Return On Interest Earning Assets	13.3%	13.1%	13.3%	13.3%
Net Interest Spread	5.65%	5.76%	6.02%	6.05%
Net Interest Margin (Avg Deposits)
Net Interest Margin (Avg RWA)
Provisions to Pre Prov. Operating Profit	4%	5%	7%	7%
Interest Return On Average Assets	5.75%	5.78%	5.95%	6.18%
Effective Tax Rate	21.6%	22.3%	22.3%	22.1%
Net Dividend Payout Ratio
Return On Average Assets	3.27%	3.15%	3.28%	3.36%

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

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Market Data

Source: Bloomberg