InCred Equities - Ugro Capital

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Net Interest Income (Rsm)	2,636	4,037	5,757	7,882
Total Non-Interest Income (Rsm)	3,752	4,923	6,881	9,168
Operating Revenue (Rsm)	6,388	8,960	12,638	17,050
Total Provision Charges (Rsm)	(1,163)	(1,819)	(2,580)	(3,820)
Net Profit (Rsm)	1,193	1,992	3,381	4,872
Core EPS (Rs)	13.03	21.74	23.97	34.54
Core EPS Growth	127%	67%	10%	44%
FD Core P/E (x)	17.42	10.44	9.47	6.57
DPS (Rs)
Dividend Yield
BVPS (Rs)	157.1	178.8	229.7	264.3
P/BV (x)	1.45	1.27	0.99	0.86
ROE	9.9%	13.0%	13.9%	14.0%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Net Interest Income	2,636	4,037	5,757	7,882
Total Non-Interest Income	3,752	4,923	6,881	9,168
Operating Revenue	6,388	8,960	12,638	17,050
Total Non-Interest Expenses	(3,437)	(4,296)	(5,228)	(6,270)
Pre-provision Operating Profit	2,950	4,665	7,410	10,780
Total Provision Charges	(1,163)	(1,819)	(2,580)	(3,820)
Operating Profit After Provisions	1,788	2,845	4,830	6,960
Pretax Income/(Loss) from Assoc.
Operating EBIT (incl Associates)	1,788	2,845	4,830	6,960
Non-Operating Income/(Expense)
Profit Before Tax (pre-EI)	1,788	2,845	4,830	6,960
Exceptional Items
Pre-tax Profit	1,788	2,845	4,830	6,960
Taxation	(594)	(854)	(1,449)	(2,088)
Consolidation Adjustments & Others
Exceptional Income - post-tax
Profit After Tax	1,193	1,992	3,381	4,872
Minority Interests
Pref. & Special Div
FX And Other Adj.
Net Profit	1,193	1,992	3,381	4,872

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Gross Loans/Cust Deposits
Avg Loans/Avg Deposits
Avg Liquid Assets/Avg Assets
Avg Liquid Assets/Avg IEAs	107.2%	104.1%	107.7%	109.8%
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	54,322	71,996	92,182	120,374
Liquid Assets & Invst. (Current)
Other Int. Earning Assets
Total Gross Int. Earning Assets	54,322	71,996	92,182	120,374
Total Provisions/Loan Loss Reserve
Total Net Interest Earning Assets	54,322	71,996	92,182	120,374
Intangible Assets
Other Non-Interest Earning Assets	2,785	3,481	4,177	5,013
Total Non-Interest Earning Assets	3,307	4,108	4,898	5,806
Cash And Marketable Securities	4,549	661	12,062	8,788
Long-term Investments
Total Assets
Customer Interest-Bearing Liabilities
Bank Deposits
Interest Bearing Liabilities: Others	46,532	58,361	74,059	94,318
Total Interest-Bearing Liabilities	46,532	58,361	74,059	94,318
Banks Liabilities Under Acceptances
Total Non-Interest Bearing Liabilities	1,884	2,626	3,281	3,981
Total Liabilities	48,416	60,987	77,339	98,299
Shareholders Equity	14,384	16,375	32,406	37,278
Minority Interests
Total Equity

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Income Growth	39.0%	53.2%	42.6%	36.9%
Operating Profit Growth	109.8%	58.1%	58.9%	45.5%
Pretax Profit Growth	113%	59%	70%	44%
Net Interest To Total Income	41.3%	45.1%	45.6%	46.2%
Cost Of Funds	11.35%	11.00%	10.70%	10.40%
Return On Interest Earning Assets	15.3%	15.5%	15.6%	15.7%
Net Interest Spread	3.94%	4.53%	4.94%	5.25%
Net Interest Margin (Avg Deposits)
Net Interest Margin (Avg RWA)
Provisions to Pre Prov. Operating Profit	39%	39%	35%	35%
Interest Return On Average Assets
Effective Tax Rate	33.2%	30.0%	30.0%	30.0%
Net Dividend Payout Ratio
Return On Average Assets

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

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

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

Market Data

Source: Bloomberg