NIM May Come Under Severe Pressure As
Yields On Retail Loans Are Falling Fast As Competition Heats Up After
Demonetization Led Digital Banking Theme
29/01/2017
(19:30)
Trading
Idea: Axis Bank
LTP:
473
Sell
on rise around 485-495
TGT:
440-415 & 365-330 (1-3 & 6-12M)
TSL> 501 OR > 515 (+0.5% from TSL)
Note: Sustaining above 501 zone, Axis
may further move towards 515 zone, which is a strong positional resistance for
the stock and only consecutive closing above 515 area for any reason, it may
further rally towards 535-555 & 605-655 zone in the near to long term
(under bullish case scenario).
Any one holding long position in the
stock or planning to do so, may also watch 464-454 area as near term positional
support for the stock as of now.
Valuation
Metrics
|
Q3FY17
|
Q4FY17E
|
FY-17E
|
Q1FY18
|
FY-18
|
FY-18*
|
FY-18*
|
AVG
EPS
|
19.24
|
14.75
|
14.75
|
12.63
|
16.45
|
8.25
|
27.95
|
AVG
PE
|
20
|
20
|
20
|
20
|
20
|
20
|
20
|
AVG
FAIR VALUE
|
384.80
|
295.00
|
295.00
|
252.60
|
329.00
|
165.00
|
559.00
|
Q3FY17
EPS: 2.41 (Actual Reported/Diluted)
Q3FY17
TTM EPS: 19.24 (Actual)
Average
PE: 20 (15-25)*
Fair
valuation: 385 (Q3FY17 TTM)
*By considering average EPS growth of
around 19% for the last few years (FY: 12-16 before RBI AQR);
Projected
Q4FY17 EPS: 2.37
Projected
FY1-17 EPS: 14.75-12.60 (Q4FY17 TTM Estimated/Consensus);
(Although
as par present trend, it may come around 12.60)
Projected
Fair Valuation: 295-252 (FY-17 estimate/median-worse)
Projected
FY-18 EPS: 16.45 (median); best-worst: 27.95-8.25
Projected
fair valuation for FY-18: 329 (median estimate)
Best
case scenario: 559 (FY-18 estimate)
Worst
case scenario: 165 (FY-18 estimate)
Analyst’s projection for FY-17 & FY-18
EPS after Q3FY17 results:
ANALYST
PROJECTION (EPS)
|
FY-17
|
FY18
|
IDIRECT
|
13.9
|
27.7
|
CENTRUM
|
16.2
|
32.9
|
KR
CHOKSEY
|
13.4
|
24.6
|
EDL
|
16.7
|
38.3
|
RELIGARE
|
14.6
|
32
|
REUTERS
|
15.88
|
31.8
|
MY
TREND
|
12.6
|
8.25
|
AVG
|
14.75
|
27.94
|
TTM
Q1FY18 (MY TREND)
|
8.44
|
|
REUTERS
|
16.82
|
|
AVG
|
12.63
|
FY-17
EPS may fall to 14.75 from FY-16 EPS of 34.40; i.e by around 57% due to huge
RBI AQR related legacy & normal provisioning. Now, depending upon the
actual resolution process, Axis may report 10% average EPS growth from FY-18
onwards after normalization (although very low probability as par the present recovery
trend of its huge NPL, where around only 1% being recovered from its NPL/NPA).
Looking
ahead, irrespective of the recognition process (watch list/AQR etc), Axis Bank
as also other affected banks has to hasten the process of true resolution
(actual recovery of NPA/NPL or even sale to ARC at reasonable discount). But,
actual resolution process may be quite painful unless situation on the ground
improves drastically; i.e. there must be consistent signs of overall economic
recovery and revival of consumption/investment cycle.
Mere
change in management or asset sale may not work in most of the stressed assets
case, as new management can’t ignite demand overnight and there may be not so
much interested buyers for stressed assets also; even no one can show interest
for buying a default property for various probable future legal disputes and at
elevated reserved prices (recent example of repeated failure in sale of KFA
assets).
Fall
in property prices after demonetization may also make the task of the banks to
sell their NPA assets even more harder, as banks has to lower the reserve
prices also, whereas those assets may be valued at significantly higher prices
at the time of sanction of loans; i.e. significant hair-cut has to be borne by
the banks.
For
Axis, average EBITDA growth is around 30%; but it may fall in the coming days
as NIM may come under severe pressure and may fall towards 3.39-3.18% in FY: 17-18
and more in the coming years from present 3.61% (Q3FY17) as yields on retail
loans are falling fast amid tight competition between the traditional & new
bankers (PSBS and the old & new private banks as also small payment banks
after demonetization led digital banking thrust).
High
NIM >4% for the Indian private banks may be in question in the coming days
amid elevated credit costs and tepid corporate loan growth; all the banks are
now basically chasing retails & SMES for their credit growth, which may
also turn into another bubble in the coming months amid various uncertainties
out of demonetization & “war on informal economy/black unaccounted money”.
Also, Trump’s trade protection & “America First” policy may not be good for
Indian service sector, especially for the IT outsourcing, which is
traditionally a strong backbone for the great Indian retail story over the
years. Any disruption in the Indian IT sector may also cause significant
pressure on the retail banking assets including Axis Bank.
For
Axis bank, as on Q3FY17, around 5% of retail + SME loan portfolio may be
stressed, whereas for corporates it’s around 14%. Overall, around 9% of total
credit given by the bank may be stressed as on Q3FY17 and as par various
estimates, it may touch 12-15% or more by FY: 17-18 in line with other Private
bank (ICICI) & PSBS (legacy issues of over leverage by the Indian
corporates & banks in 2010-12 period; the great Indian problem of “Twin
Balance Sheet”). In that scenario, it may be safe to assume that around Rs.
42000-52000 cr may be stressed for the bank against an overall advance (loan
given) figure of Rs.347175 cr as on Q3FY17.
The
primary concern may be that the bank is able to recover/upgrade only Rs.350 cr
out of its reported GNPA of Rs.20466.82 cr and total NPL of around Rs.31556.82
cr (GNPA+WL) in Q3FY17.
Axis
bank reported very poor & way below estimate Q3FY17 earnings on 20th Jan’17
and subsequently the stock corrected quite good and then rebounded decent in
the last few days supported by general upbeat sentiment of the market for
budget hopes and by the assurance of the management that its NPA cycle may be
over.
The
main highlights of the Q3FY17 result are: (Rs.in Cr)
Q3EPS:
2.41 against estimate of 2.78 (YOY: 9.09; QOQ: 1.33); i.e. it lags consensus by
over 13%.
PAT:
579.57 against consensus of 816 (YOY: 2175.30; QOQ: 319.08); i.e. it lags
estimate by around 29%.
NII:
4333.73 (estimate: 4568.50; YOY: 4162.06; QOQ: 4513.07)
Provision:
3795.80 (exceeds analysts’ estimates significantly; YOY: + 432.68%; QOQ: +
4.78%)
To
be cont for more update----
AXIS-QTR
|
Dec
'16
|
Sep
'16
|
Jun
'16
|
Mar
'16
|
Dec
'15
|
YOY
|
QOQ
|
AVG
|
AVGR
|
SGR
|
PROJ(%)
|
Q4FY17
|
Q1FY18
|
Interest
Earned
|
|||||||||||||
(a)
Int. /Disc. on Adv/Bills
|
8,156.41
|
8,386.18
|
8,319.81
|
8,093.40
|
7,529.37
|
8.33
|
-2.74
|
8082.19
|
0.92
|
1.96
|
0.55
|
8201.61
|
8247.05
|
(b)
Income on Investment
|
2,416.67
|
2,380.58
|
2,436.28
|
2,420.80
|
2,292.82
|
5.40
|
1.52
|
2382.62
|
1.43
|
1.29
|
1.40
|
2450.41
|
2484.62
|
(c)
Int. on balances With RBI
|
204.22
|
76.75
|
57.59
|
63.84
|
68.76
|
197.00
|
166.08
|
66.74
|
206.02
|
45.46
|
116.70
|
442.55
|
959.03
|
(d)
Others
|
323.7
|
315.6
|
300.22
|
320.92
|
302.38
|
7.05
|
2.57
|
309.78
|
4.49
|
1.75
|
2.64
|
332.26
|
341.04
|
INTEREST
INCOME
|
11,101.00
|
11,159.11
|
11,113.90
|
10,898.96
|
10,193.33
|
8.90
|
-0.52
|
10841.33
|
2.40
|
2.08
|
1.55
|
11272.61
|
11446.88
|
Other
Income
|
3,400.21
|
2,539.66
|
2,738.28
|
2,694.01
|
2,337.78
|
45.45
|
33.88
|
2577.43
|
31.92
|
10.37
|
21.89
|
4144.37
|
5051.39
|
TOTAL
REVENUE
|
14,501.21
|
13,698.77
|
13,852.18
|
13,592.97
|
12,531.11
|
15.72
|
5.86
|
13418.76
|
8.07
|
3.62
|
5.37
|
15279.64
|
16099.86
|
EXPENDITURE
|
|||||||||||||
Interest
Expended
|
6,767.27
|
6,645.24
|
6,596.98
|
6,346.37
|
6,031.27
|
12.20
|
1.84
|
6404.97
|
5.66
|
2.87
|
3.35
|
6994.21
|
7228.77
|
Employees
Cost
|
991.88
|
988.83
|
963.18
|
907.88
|
829.54
|
19.57
|
0.31
|
922.36
|
7.54
|
4.42
|
4.29
|
1034.43
|
1078.82
|
Other
Expenses
|
2,101.83
|
1,964.52
|
1,822.65
|
1,940.19
|
1,685.24
|
24.72
|
6.99
|
1853.15
|
13.42
|
5.46
|
8.01
|
2270.25
|
2452.17
|
TOTAL
OP EXPENDITURE
|
9,860.98
|
9,598.59
|
9,382.81
|
9,194.44
|
8,546.05
|
15.39
|
2.73
|
9180.47
|
7.41
|
3.53
|
4.38
|
10293.05
|
10744.04
|
EBITDA
|
4,640.23
|
4,100.18
|
4,469.37
|
4,398.53
|
3,985.06
|
16.44
|
13.17
|
4238.29
|
9.48
|
3.98
|
7.69
|
4996.90
|
5380.98
|
Depreciation
|
0
|
0
|
0
|
0
|
0
|
0.00
|
0.00
|
0.00
|
0.00
|
0.00
|
0.00
|
0.00
|
0.00
|
EBITA
|
4,640.23
|
4,100.18
|
4,469.37
|
4,398.53
|
3,985.06
|
16.44
|
13.17
|
4238.29
|
9.48
|
3.98
|
7.69
|
4996.90
|
5380.98
|
Provisions
& Contingencies
|
3,795.80
|
3,622.74
|
2,117.17
|
1,168.33
|
712.59
|
432.68
|
4.78
|
1905.21
|
99.23
|
49.03
|
65.30
|
6274.52
|
10371.89
|
Exceptional
Items
|
0
|
0
|
0
|
0
|
0
|
0.00
|
0.00
|
0.00
|
0.00
|
0.00
|
0.00
|
0.00
|
0.00
|
PBT
|
844.43
|
477.44
|
2,352.20
|
3,230.20
|
3,272.47
|
-74.20
|
76.87
|
2333.08
|
-63.81
|
-7.83
|
-3.33
|
816.31
|
789.13
|
Tax
|
264.86
|
158.36
|
796.67
|
1,075.92
|
1,097.17
|
-75.86
|
67.25
|
782.03
|
-66.13
|
-10.20
|
-7.01
|
246.29
|
229.02
|
PAT
|
579.57
|
319.08
|
1,555.53
|
2,154.28
|
2,175.30
|
-73.36
|
81.64
|
1551.05
|
-62.63
|
-6.65
|
-1.50
|
570.89
|
562.34
|
Equity
Share Capital
|
478.28
|
477.95
|
477.46
|
476.57
|
475.78
|
0.53
|
0.07
|
476.94
|
0.28
|
0.13
|
0.15
|
479.01
|
479.75
|
EPS
|
2.42
|
1.34
|
6.52
|
9.04
|
9.14
|
-73.50
|
81.51
|
6.51
|
-62.77
|
-6.77
|
-1.60
|
2.38
|
2.35
|
EPS
(REPORTED)
|
|||||||||||||
Basic
EPS
|
2.42
|
1.34
|
6.52
|
9.05
|
9.15
|
-73.55
|
80.60
|
6.52
|
-62.85
|
-6.98
|
-1.91
|
2.37
|
2.33
|
Diluted
EPS
|
2.41
|
1.33
|
6.49
|
9.01
|
9.09
|
-73.49
|
81.20
|
6.48
|
-62.81
|
-6.79
|
-1.69
|
2.37
|
2.33
|
TTM
EPS
|
19.24
|
25.92
|
12.60
|
8.44
|
|||||||||
NPA
Ratios :
|
|||||||||||||
i)
Gross NPA
|
20,466.82
|
16,378.65
|
9,553.17
|
6088
|
5,724.05
|
257.56
|
24.96
|
9435.97
|
116.90
|
39.83
|
61.52
|
33057.91
|
53394.98
|
ii)
Net NPA
|
8,294.78
|
7,761.15
|
4,010.23
|
2522
|
2,514.09
|
229.93
|
6.88
|
4201.87
|
97.41
|
39.93
|
50.42
|
12477.40
|
18769.09
|
i)
% of Gross NPA
|
5.22
|
4.17
|
2.54
|
1.67
|
1.68
|
210.71
|
25.18
|
2.52
|
107.55
|
35.21
|
55.16
|
8.10
|
12.57
|
ii)
% of Net NPA
|
2.18
|
2.02
|
1.08
|
0.7
|
0.75
|
190.67
|
7.92
|
1.14
|
91.65
|
35.53
|
45.69
|
3.18
|
4.63
|
ROA(%)
|
0.39
|
0.23
|
1.19
|
1.68
|
1.79
|
-78.21
|
69.57
|
1.22
|
-68.10
|
-11.71
|
-7.45
|
0.36
|
0.33
|
NII
|
4,333.73
|
4,513.87
|
4,516.92
|
4,552.59
|
4,162.06
|
4.12
|
-3.99
|
4436.36
|
-2.31
|
0.93
|
-1.08
|
4286.72
|
4240.22
|
OPM(%)
|
32.00
|
29.93
|
32.26
|
32.36
|
31.80
|
0.62
|
6.91
|
31.59
|
1.30
|
0.28
|
2.16
|
32.69
|
33.40
|
NP(%)
|
4.00
|
2.33
|
11.23
|
15.85
|
17.36
|
-76.98
|
71.59
|
11.69
|
-65.82
|
-11.59
|
-6.27
|
3.75
|
3.51
|
NIM(%)
|
3.61
|
3.93
|
4.04
|
4.24
|
4.04
|
-10.64
|
-8.14
|
4.06
|
-11.14
|
-2.72
|
-6.16
|
3.39
|
3.18
|
ADV
|
|||||||||||||
RETAIL
|
149538.00
|
149284.00
|
143159.00
|
138521.00
|
125796.00
|
18.87
|
0.17
|
139190.00
|
7.43
|
4.25
|
4.14
|
155732.14
|
162182.85
|
SME
|
43208.00
|
45857.00
|
43611.00
|
44869.00
|
41186.00
|
4.91
|
-5.78
|
43880.75
|
-1.53
|
1.19
|
-1.22
|
42680.01
|
42158.47
|
CORPORATE
|
154429.00
|
158029.00
|
158155.00
|
155384.00
|
148385.00
|
4.07
|
-2.28
|
154988.25
|
-0.36
|
0.98
|
-0.16
|
154182.64
|
153936.67
|
TOTAL
ADV
|
347175.00
|
353170.00
|
344925.00
|
338774.00
|
315367.00
|
10.09
|
-1.70
|
338059.00
|
2.70
|
2.35
|
1.47
|
352274.19
|
357448.27
|
GNPA
UPGRADE/RECOVERY
|
350.00
|
1073.00
|
140.00
|
780.00
|
156.00
|
124.36
|
-67.38
|
537.25
|
-34.85
|
149.25
|
19.53
|
418.34
|
500.03
|
RECOVERY/GNPA(%)
|
1.71
|
6.55
|
1.47
|
12.81
|
2.73
|
-37.25
|
-73.90
|
5.89
|
-70.96
|
65.83
|
-22.09
|
1.33
|
1.04
|
NPA
MOVEMENT
|
|||||||||||||
OP.BALANCE
|
16379.00
|
9553.00
|
6088.00
|
5724.00
|
4451.00
|
267.98
|
71.45
|
6454.00
|
153.78
|
39.24
|
82.87
|
29951.98
|
54772.65
|
FRESH
SLIPPAGES
|
4560.00
|
8772.00
|
3638.00
|
1474.00
|
2082.00
|
119.02
|
-48.02
|
3991.50
|
14.24
|
49.67
|
11.41
|
5080.39
|
5660.17
|
UPGRDATION/RECOVERY(-)
|
350.00
|
1073.00
|
140.00
|
780.00
|
156.00
|
124.36
|
-67.38
|
537.25
|
-34.85
|
149.25
|
19.53
|
418.34
|
500.03
|
WRITE
OFFS(-)
|
122.00
|
873.00
|
33.00
|
330.00
|
653.00
|
-81.32
|
-86.03
|
472.25
|
-74.17
|
567.89
|
96.84
|
240.15
|
472.71
|
GROSS
NPA
|
20467.00
|
16379.00
|
9553.00
|
6088.00
|
5724.00
|
257.56
|
24.96
|
9436.00
|
116.90
|
39.83
|
61.52
|
33058.30
|
53395.77
|
GROSS
PROVISION(-)
|
12172.00
|
8618.00
|
5543.00
|
3566.00
|
3210.00
|
279.19
|
41.24
|
5234.25
|
132.55
|
40.53
|
71.03
|
20817.67
|
35604.28
|
NEP
NPA
|
8295.00
|
7761.00
|
4010.00
|
2522.00
|
2514.00
|
229.95
|
6.88
|
4201.75
|
97.42
|
39.93
|
50.43
|
12478.20
|
18770.99
|
ACCUMULATED
WRITE OFF
|
2818.00
|
2901.00
|
3547.00
|
3627.00
|
3717.00
|
-24.19
|
-2.86
|
3448.00
|
-18.27
|
-6.44
|
-8.40
|
2581.15
|
2364.21
|
PROVISIONS
(P/L)
|
|||||||||||||
LOAN
LOSES
|
3576.00
|
3648.00
|
1823.00
|
906.00
|
626.00
|
471.25
|
-1.97
|
1750.75
|
104.26
|
57.56
|
69.41
|
6058.25
|
10263.54
|
STANDARD
ASSETS
|
-81.00
|
-22.00
|
238.00
|
258.00
|
71.00
|
-214.08
|
268.18
|
136.25
|
-159.45
|
55.92
|
27.78
|
-103.50
|
-132.26
|
SDR
A/C
|
17.00
|
9.00
|
71.00
|
22.00
|
0.00
|
0.00
|
0.00
|
25.50
|
-33.33
|
81.07
|
11.93
|
19.03
|
21.30
|
INVESTMENT
|
32.00
|
-37.00
|
-18.00
|
0.00
|
-15.00
|
0.00
|
0.00
|
0.00
|
0.00
|
0.00
|
0.00
|
0.00
|
0.00
|
OTHER
PROVISION
|
252.00
|
25.00
|
3.00
|
-17.00
|
31.00
|
712.90
|
908.00
|
10.50
|
2300.00
|
451.51
|
959.43
|
2669.77
|
28284.48
|
TOTAL
PROVISIONS
|
3796.00
|
3623.00
|
2117.00
|
1169.00
|
713.00
|
432.40
|
4.78
|
1905.50
|
99.21
|
49.00
|
65.27
|
6273.76
|
10368.82
|
PCR(%)
|
59.47
|
52.62
|
58.02
|
58.57
|
56.08
|
||||||||
PCR(REPORTED%)
|
64.00
|
60.00
|
69.00
|
72.00
|
72.00
|
||||||||
WL
MOVEMENT
|
|||||||||||||
OP.
BALANCE
|
11091.00
|
13789.00
|
20295.00
|
22628.00
|
24000.00
|
-53.79
|
-19.57
|
20178.00
|
-45.03
|
-17.00
|
-23.76
|
8455.59
|
6446.40
|
SLIPPAGE
INTO NPA
|
2579.00
|
7288.00
|
2680.00
|
||||||||||
SLIPPAGE
OUT OF WL
|
1981.00
|
1484.00
|
958.00
|
0.00
|
33.49
|
610.50
|
224.49
|
60.94
|
79.73
|
3560.46
|
6399.24
|
||
TOTAL
SLIPPAGE FROM WL
|
12547.00
|
55.45
|
|||||||||||
BALANCE
WL
|
10081.00
|
||||||||||||
FRESH
ADDITION INTO WL
|
1070.00
|
||||||||||||
EXIT
OUT OF WL
|
-61.00
|
||||||||||||
FINAL
WL
|
11090.00
|
||||||||||||
TOTAL
NPL
|
31556.82
|
||||||||||||
NPL/ADV(CURRENT)
|
9.09
|
||||||||||||
RECOVERY/NPL(%)
|
1.11
|
||||||||||||
CORPORTAE
NPL
|
|||||||||||||
WL
|
11090.00
|
||||||||||||
SPL-5/25
|
2992.00
|
||||||||||||
SDR
|
1360.00
|
||||||||||||
CDR
|
6336.00
|
||||||||||||
TOTAL
CORPORATE NPL
|
21778.00
|
||||||||||||
RETAIL
NPL
|
9778.82
|
||||||||||||
CORPORATE
ADV
|
154429.00
|
158029.00
|
158155.00
|
155384.00
|
148385.00
|
||||||||
RETIAL+SME
ADV
|
192746.00
|
195141.00
|
186770.00
|
183390.00
|
166982.00
|
||||||||
NPL/CORP
ADV
|
14.10
|
||||||||||||
NPL/RETAIL+SME
ADV
|
5.07
|
AXIS-YLY
|
Mar
'16
|
Mar
'15
|
Mar
'14
|
Mar
'13
|
Mar
'12
|
FY-12-16
|
FY-15-16
|
AVG
|
AVGR
|
SGR
|
PROJ(%)
|
FY-17
|
FY1-8
|
Interest
Earned
|
|||||||||||||
(a)
Int. /Disc. on Adv/Bills
|
30,040.56
|
25,867.82
|
21,950.43
|
19,166.23
|
15,379.35
|
95.33
|
16.13
|
20590.96
|
45.89
|
17.07
|
25.73
|
37770.09
|
47488.44
|
(b)
Income on Investment
|
9,377.59
|
9,117.09
|
8,343.13
|
7,746.98
|
6,394.27
|
46.66
|
2.86
|
7900.37
|
18.70
|
9.32
|
10.64
|
10374.94
|
11478.37
|
(c)
Int. on balances With RBI
|
295.25
|
231.26
|
166.79
|
111.26
|
98.43
|
199.96
|
27.67
|
151.94
|
94.33
|
31.94
|
50.98
|
445.77
|
673.04
|
(d)
Others
|
1,274.64
|
262.43
|
180.81
|
158.1
|
122.6
|
939.67
|
385.71
|
180.99
|
604.28
|
116.92
|
335.46
|
5550.49
|
24169.89
|
INTEREST
INCOME
|
40,988.04
|
35,478.60
|
30,641.16
|
27,182.57
|
21,994.65
|
86.35
|
15.53
|
28824.25
|
42.20
|
15.78
|
23.77
|
50732.82
|
62794.39
|
Other
Income
|
9,371.46
|
8,365.04
|
7,405.22
|
6,551.11
|
5,420.22
|
72.90
|
12.03
|
6935.40
|
35.13
|
13.82
|
19.80
|
11227.10
|
13450.19
|
TOTAL
OP REVENUE
|
50,359.50
|
43,843.64
|
38,046.38
|
33,733.68
|
27,414.87
|
83.69
|
14.86
|
35759.64
|
40.83
|
15.40
|
23.00
|
61944.27
|
76194.03
|
EXPENDITURE
|
|||||||||||||
Interest
Expended
|
24,155.07
|
21,254.46
|
18,689.52
|
17,516.31
|
13,976.90
|
72.82
|
13.65
|
17859.30
|
35.25
|
13.57
|
20.17
|
29026.74
|
34880.95
|
Employees
Cost
|
3,376.01
|
3,114.97
|
2,601.35
|
2,376.98
|
2,080.17
|
62.29
|
8.38
|
2543.37
|
32.74
|
12.51
|
17.30
|
3960.10
|
4645.24
|
Other
Expenses
|
6,724.81
|
6,088.77
|
5,299.42
|
4,537.26
|
3,926.93
|
71.25
|
10.45
|
4963.10
|
35.50
|
13.90
|
19.41
|
8030.30
|
9589.23
|
TOTAL
OP EXPENDITURE
|
34,255.89
|
30,458.20
|
26,590.29
|
24,430.55
|
19,984.00
|
71.42
|
12.47
|
25365.76
|
35.05
|
13.51
|
19.72
|
41011.53
|
49099.46
|
EBITDA
|
16,103.61
|
13,385.44
|
11,456.09
|
9,303.13
|
7,430.87
|
116.71
|
20.31
|
10393.88
|
54.93
|
20.10
|
31.13
|
21116.76
|
27690.54
|
Depreciation
|
0
|
0
|
0
|
0
|
0
|
0.00
|
0.00
|
0.00
|
0.00
|
0.00
|
0.00
|
0.00
|
0.00
|
EBITA
|
16,103.61
|
13,385.44
|
11,456.09
|
9,303.13
|
7,430.87
|
116.71
|
20.31
|
10393.88
|
54.93
|
20.10
|
31.13
|
21116.76
|
27690.54
|
Provisions
& Contingencies
|
3,709.86
|
2,328.61
|
2,107.46
|
1,750.44
|
1,143.03
|
224.56
|
59.32
|
1832.39
|
102.46
|
31.23
|
62.29
|
6020.59
|
9770.59
|
Exceptional
Items
|
0
|
0
|
0
|
0
|
0
|
0.00
|
0.00
|
0.00
|
0.00
|
0.00
|
0.00
|
0.00
|
0.00
|
PBT
|
12,393.75
|
11,056.83
|
9,348.63
|
7,552.69
|
6,287.84
|
97.11
|
12.09
|
8561.50
|
44.76
|
17.72
|
24.71
|
15456.61
|
19276.40
|
Tax
|
4,170.09
|
3,699.01
|
3,130.96
|
2,373.26
|
2,045.63
|
103.85
|
12.74
|
2812.22
|
48.28
|
19.15
|
26.53
|
5276.58
|
6676.67
|
PAT
|
8,223.66
|
7,357.82
|
6,217.67
|
5,179.43
|
4,242.21
|
93.85
|
11.77
|
5749.28
|
43.04
|
17.06
|
23.83
|
10183.57
|
12610.58
|
Equity
Share Capital
|
476.57
|
474.1
|
469.84
|
467.95
|
413.2
|
15.34
|
0.52
|
456.27
|
4.45
|
3.38
|
3.05
|
491.09
|
506.05
|
EPS
|
34.51
|
31.04
|
26.47
|
22.14
|
20.53
|
68.08
|
11.19
|
25.04
|
37.80
|
13.82
|
19.96
|
41.40
|
49.66
|
EPS
(REPORTED)
|
|||||||||||||
Basic
EPS
|
34.59
|
31.18
|
26.51
|
23.93
|
20.59
|
68.01
|
10.94
|
25.55
|
35.36
|
13.32
|
19.16
|
41.22
|
49.11
|
Diluted
EPS
|
34.40
|
30.85
|
26.45
|
23.77
|
20.44
|
68.30
|
11.51
|
25.38
|
35.56
|
13.36
|
19.37
|
41.06
|
49.02
|
NPA
Ratios :
|
|||||||||||||
i)
Gross NPA
|
6088
|
4,110.19
|
3,146.41
|
2,393.42
|
1,806.30
|
237.04
|
48.12
|
2864.08
|
112.56
|
33.69
|
63.41
|
9948.24
|
16256.17
|
ii)
Net NPA
|
2522
|
1,316.71
|
1,024.62
|
704.13
|
472.64
|
433.60
|
91.54
|
879.53
|
186.75
|
49.61
|
109.07
|
5272.82
|
11024.06
|
i)
% of Gross NPA
|
1.67
|
1.34
|
1.22
|
1.06
|
0.94
|
77.66
|
24.63
|
1.14
|
46.49
|
15.22
|
26.44
|
2.11
|
2.67
|
ii)
% of Net NPA
|
0.7
|
0.44
|
0.4
|
0.32
|
0.25
|
180.00
|
59.09
|
0.35
|
98.58
|
28.99
|
57.92
|
1.11
|
1.75
|
ROA(%)
|
1.72
|
1.83
|
1.78
|
1.7
|
1.68
|
2.38
|
-6.01
|
1.75
|
-1.57
|
0.67
|
-1.58
|
1.69
|
1.67
|
NII
|
16,832.97
|
14,224.14
|
11,951.64
|
9,666.26
|
8,017.75
|
109.95
|
18.34
|
10964.95
|
53.52
|
19.51
|
29.71
|
21834.75
|
28322.76
|
OPM(%)
|
31.98
|
30.53
|
30.11
|
27.58
|
27.11
|
17.97
|
4.74
|
28.83
|
10.91
|
4.26
|
6.10
|
33.93
|
36.00
|
NP(%)
|
16.33
|
16.78
|
16.34
|
15.35
|
15.47
|
5.53
|
-2.69
|
15.99
|
2.14
|
1.41
|
0.56
|
16.42
|
16.51
|
AX
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