InCred Equities - Equitas Small Finance Bank Limited

	Mar-20A	Mar-21F	Mar-22F	Mar-23F
Net Interest Income (Rsm)	14,953	18,457	22,381	27,503
Total Non-Interest Income (Rsm)	2,824	3,400	3,718	4,334
Operating Revenue (Rsm)	17,777	21,857	26,099	31,837
Total Provision Charges (Rsm)	(2,466)	(4,450)	(4,076)	(4,193)
Net Profit (Rsm)	2,436	3,319	5,207	7,221
Core EPS (Rs)	2.31	3.14	4.92	6.81
Core EPS Growth	10%	36%	57%	38%
FD Core P/E (x)	28.51	20.97	13.40	9.68
DPS (Rs)
Dividend Yield
BVPS (Rs)	26.1	29.2	34.0	40.8
P/BV (x)	2.53	2.26	1.94	1.62
ROE	9.7%	11.4%	15.6%	18.2%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-20A	Mar-21F	Mar-22F	Mar-23F
Net Interest Income	14,953	18,457	22,381	27,503
Total Non-Interest Income	2,824	3,400	3,718	4,334
Operating Revenue	17,777	21,857	26,099	31,837
Total Non-Interest Expenses	(10,836)	(11,920)	(13,913)	(16,696)
Pre-provision Operating Profit	5,976	8,876	11,019	13,822
Total Provision Charges	(2,466)	(4,450)	(4,076)	(4,193)
Operating Profit After Provisions	3,509	4,426	6,942	9,629
Pretax Income/(Loss) from Assoc.
Operating EBIT (incl Associates)	3,509	4,426	6,942	9,629
Non-Operating Income/(Expense)
Profit Before Tax (pre-EI)	3,509	4,426	6,942	9,629
Exceptional Items
Pre-tax Profit	3,509	4,426	6,942	9,629
Taxation	(1,073)	(1,106)	(1,736)	(2,407)
Consolidation Adjustments & Others
Exceptional Income - post-tax
Profit After Tax	2,436	3,319	5,207	7,221
Minority Interests
Pref. & Special Div
FX And Other Adj.
Net Profit	2,436	3,319	5,207	7,221

(Rs mn)	Mar-20A	Mar-21F	Mar-22F	Mar-23F
Gross Loans/Cust Deposits	129.0%	116.4%	120.3%	122.9%
Avg Loans/Avg Deposits	129.4%	121.5%	118.5%	121.7%
Avg Liquid Assets/Avg Assets	24.2%	26.4%	25.8%	23.1%
Avg Liquid Assets/Avg IEAs	28.0%	31.2%	30.1%	26.2%
Net Cust Loans/Assets	71.2%	70.1%	72.7%	75.5%
Net Cust Loans/Broad Deposits	127.4%	113.5%	116.4%	118.7%
Equity & Provns/Gross Cust Loans	21.2%	19.8%	19.8%	19.4%
Asset Risk Weighting	65.8%	62.9%	63.8%	64.9%
Provision Charge/Avg Cust Loans	1.03%	2.48%	1.75%	1.45%
Provision Charge/Avg Assets	0.75%	1.78%	1.29%	1.11%
Total Write Offs/Average Assets	(0.97%)	(2.10%)	(2.62%)	(2.94%)

(Rs mn)	Mar-20A	Mar-21F	Mar-22F	Mar-23F
Total Gross Loans	139,170	183,412	225,907	283,548
Liquid Assets & Invst. (Current)	23,425	32,605	35,824	39,365
Other Int. Earning Assets
Total Gross Int. Earning Assets	162,595	216,016	261,731	322,913
Total Provisions/Loan Loss Reserve	(1,698)	(4,698)	(7,274)	(9,767)
Total Net Interest Earning Assets	160,897	211,319	254,458	313,146
Intangible Assets
Other Non-Interest Earning Assets	1,312	1,443	1,588	1,746
Total Non-Interest Earning Assets	6,880	6,810	8,142	9,822
Cash And Marketable Securities	25,368	36,910	38,242	39,691
Long-term Investments
Total Assets	193,145	255,039	300,842	362,658
Customer Interest-Bearing Liabilities	107,884	157,509	187,847	230,737
Bank Deposits
Interest Bearing Liabilities: Others	51,349	59,051	67,909	78,095
Total Interest-Bearing Liabilities	159,233	216,560	255,756	308,832
Banks Liabilities Under Acceptances
Total Non-Interest Bearing Liabilities	6,471	7,697	9,076	10,574
Total Liabilities	165,704	224,257	264,832	319,406
Shareholders Equity	27,441	30,782	36,010	43,253
Minority Interests
Total Equity	27,441	30,782	36,010	43,253

	Mar-20A	Mar-21F	Mar-22F	Mar-23F
Total Income Growth	29.8%	23.4%	21.3%	22.9%
Operating Profit Growth	34.0%	43.2%	22.6%	24.2%
Pretax Profit Growth	8%	26%	57%	39%
Net Interest To Total Income	84.1%	84.4%	85.8%	86.4%
Cost Of Funds	7.96%	6.94%	6.45%	6.73%
Return On Interest Earning Assets	17.5%	16.6%	15.7%	15.9%
Net Interest Spread	9.50%	9.70%	9.30%	9.18%
Net Interest Margin (Avg Deposits)	15.11%	13.91%	12.96%	13.14%
Net Interest Margin (Avg RWA)	13.21%	12.84%	12.70%	12.88%
Provisions to Pre Prov. Operating Profit	41%	50%	37%	30%
Interest Return On Average Assets	8.53%	8.24%	8.05%	8.29%
Effective Tax Rate	30.6%	25.0%	25.0%	25.0%
Net Dividend Payout Ratio
Return On Average Assets	1.39%	1.48%	1.87%	2.18%

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