InCred Equities - IndusInd Bank

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Net Interest Income (Rsm)	190,313	190,421	220,115	257,253
Total Non-Interest Income (Rsm)	76,842	85,713	93,018	107,662
Operating Revenue (Rsm)	267,155	276,135	313,133	364,915
Total Provision Charges (Rsm)	(70,301)	(67,845)	(57,029)	(57,333)
Net Profit (Rsm)	26,429	24,904	45,710	63,370
Core EPS (Rs)	33.92	31.97	58.67	81.34
Core EPS Growth	(70%)	(6%)	84%	39%
FD Core P/E (x)	21.83	23.16	12.62	9.10
DPS (Rs)		10.00	15.00	15.00
Dividend Yield		1.35%	2.03%	2.03%
BVPS (Rs)	827.8	864.1	912.8	979.2
P/BV (x)	0.89	0.86	0.81	0.76
ROE	4.2%	3.8%	6.6%	8.6%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Net Interest Income	190,313	190,421	220,115	257,253
Total Non-Interest Income	76,842	85,713	93,018	107,662
Operating Revenue	267,155	276,135	313,133	364,915
Total Non-Interest Expenses	(160,707)	(174,998)	(194,994)	(222,863)
Pre-provision Operating Profit	106,449	101,136	118,139	142,052
Total Provision Charges	(70,301)	(67,845)	(57,029)	(57,333)
Operating Profit After Provisions	36,147	33,291	61,110	84,719
Pretax Income/(Loss) from Assoc.
Operating EBIT (incl Associates)	36,147	33,291	61,110	84,719
Non-Operating Income/(Expense)
Profit Before Tax (pre-EI)	36,147	33,291	61,110	84,719
Exceptional Items
Pre-tax Profit	36,147	33,291	61,110	84,719
Taxation	(9,718)	(8,386)	(15,400)	(21,349)
Consolidation Adjustments & Others
Exceptional Income - post-tax
Profit After Tax	26,429	24,904	45,710	63,370
Minority Interests
Pref. & Special Div
FX And Other Adj.
Net Profit	26,429	24,904	45,710	63,370

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Gross Loans/Cust Deposits
Avg Loans/Avg Deposits	86.5%	86.0%	87.9%	87.9%
Avg Liquid Assets/Avg Assets	94.0%	93.4%	93.2%	93.2%
Avg Liquid Assets/Avg IEAs	110.6%	111.3%	109.0%	108.4%
Net Cust Loans/Assets
Net Cust Loans/Broad Deposits
Equity & Provns/Gross Cust Loans
Asset Risk Weighting
Provision Charge/Avg Cust Loans	2.04%	1.86%	1.37%	1.20%
Provision Charge/Avg Assets	1.32%	1.19%	0.90%	0.79%
Total Write Offs/Average Assets

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Total Gross Loans	3,450,186	3,864,209	4,443,840	5,110,416
Liquid Assets & Invst. (Current)	1,144,968	1,143,710	1,360,389	1,531,854
Other Int. Earning Assets
Total Gross Int. Earning Assets	4,595,155	5,007,919	5,804,229	6,642,270
Total Provisions/Loan Loss Reserve
Total Net Interest Earning Assets	4,595,155	5,007,919	5,804,229	6,642,270
Intangible Assets
Other Non-Interest Earning Assets	329,814	379,287	436,180	501,606
Total Non-Interest Earning Assets	353,372	404,022	462,152	528,878
Cash And Marketable Securities	591,658	491,591	481,378	561,188
Long-term Investments
Total Assets	5,540,185	5,903,532	6,747,759	7,732,335
Customer Interest-Bearing Liabilities	4,110,782	4,398,536	5,058,317	5,817,064
Bank Deposits
Interest Bearing Liabilities: Others
Total Interest-Bearing Liabilities	4,647,817	4,962,424	5,734,981	6,629,062
Banks Liabilities Under Acceptances
Total Non-Interest Bearing Liabilities	247,442	267,896	301,645	340,457
Total Liabilities	4,895,259	5,230,319	6,036,627	6,969,519
Shareholders Equity	644,926	673,213	711,132	762,816
Minority Interests
Total Equity	644,926	673,213	711,132	762,816

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Total Income Growth	(7.7%)	0.1%	15.6%	16.9%
Operating Profit Growth	(32.4%)	(5.0%)	16.8%	20.2%
Pretax Profit Growth	(70%)	(8%)	84%	39%
Net Interest To Total Income	71.2%	69.0%	70.3%	70.5%
Cost Of Funds	6.61%	6.34%	6.39%	6.40%
Return On Interest Earning Assets	10.7%	10.3%	10.4%	10.5%
Net Interest Spread	4.10%	3.97%	4.00%	4.09%
Net Interest Margin (Avg Deposits)	4.78%	4.48%	4.66%	4.73%
Net Interest Margin (Avg RWA)
Provisions to Pre Prov. Operating Profit	66%	67%	48%	40%
Interest Return On Average Assets	3.56%	3.33%	3.48%	3.55%
Effective Tax Rate	26.9%	25.2%	25.2%	25.2%
Net Dividend Payout Ratio		31.3%	25.6%	18.4%
Return On Average Assets	0.49%	0.44%	0.72%	0.88%

(91) 22 4161 1551 bhavik.shah@incredresearch.com

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Market Data

Source: Bloomberg