AXIS BANK LIMITE

Particulars
Intrest income
other operating income

TOI
Interest Expense
Non Interest Expense
Operating Expenses

Depreciation
Provisions and contingencies
EBT
Provision for Tax

2008-09
10829.11
2915.93
13745.04
7148.92
2873.80
2683.58
190.22
939.68
2782.64

PAT
Income from associates
Minority Interest
Profit for the year

969.71
1812.93
0.00
0.00
1812.93

Particulars
Profit for the year
Retained Earnings b/f
Profit of business acquired under demerger
Transfer to Statutory Reserve
Transfer to Reserve Fund
Transfer to Investment Reserve
Transfer to Capital Reserve
Transfer to General Reserve
Transfer to Reserve Fund
Proposed dividend
Retained Earnings

2008-09
1812.93
1537.20
0.00
453.84
0.00
0.06
146.72
0.04
0.00
420.52
2328.96

AXIS BANK LIMITED GROUP -CONSOLIDATED PROFIT & LOSS ACCOUN

2009-10
11639.05
3964.21
15603.27
6632.63
3762.39
3524.52
237.87
1389.19

2010-11
15154.86
4671.45
19826.31
8588.61
4860.47
4566.79
293.69
1280.03

FOR THE YEAR ENDED ( in Crores)

2011-12
2012-13
21994.90
27201.98
5487.19
6832.80
27482.09
34034.78
13969.18
17513.39
6099.89
7140.52
5751.74
6781.75
348.15
358.77
1143.03
1756.28

3819.05

5097.19

6269.99

7624.60

1340.91
2478.14
0.00
0.00
2478.14

1752.52
3344.67
-4.77
0.00
3339.91

2051.48
4218.51
1.27
0.00
4219.78

2390.80
5233.80
1.22
-0.25
5234.77

P&L Appropriation
2009-10
2478.14
2328.95
0.00
628.63
0.00
14.88
223.92
0.56
0.00
567.47
3371.64

2010-11
3339.91
3371.63
0.00
847.12
0.00
-14.94
4.76
339.66
0.00
670.48
4864.45

2011-12
4219.78
4864.45
0.00
1060.55
0.00
0.00
51.90
1.07
0.00
770.26
7200.45

2012-13
5234.77
7200.45
112.33
1294.86
8.11
53.46
141.46
14.17
2.61
987.48
10045.41

ROFIT & LOSS ACCOUNT

E YEAR ENDED ( in Crores)

2013-14
30735.96
7766.25
38502.21
18702.97
8209.52
7834.07
375.46
2110.30
9479.42

3170.25
6309.17
1.36
-0.41
6310.12

ppropriation
6310.12
10045.40
1554.42
6.70
50.03
38.87
1.78
1.05
1101.44
13601.24

CAGR
23.20%
21.64%
22.88%
21.21%
23.36%
23.90%
14.57%
17.56%
27.78%
26.73%
28.33%

28.33%

2008-09

2009-10

2010-11

100.00%
52.01%
20.91%
19.52%
1.38%
6.84%
20.24%
7.05%
13.19%
0.00%
0.00%
13.19%

100.00%
42.51%
24.11%
22.59%
1.52%
8.90%
24.48%
8.59%
15.88%
0.00%
0.00%
15.88%

100.00%
43.32%
24.52%
23.03%
1.48%
6.46%
25.71%
8.84%
16.87%
-0.02%
0.00%
16.85%

common size statement

2011-12

2012-13

2013-14

100.00%
50.83%
22.20%
20.93%
1.27%
4.16%
22.81%
7.46%
15.35%
0.00%
0.00%
15.35%

100.00%
51.46%
20.98%
19.93%
1.05%
5.16%
22.40%
7.02%
15.38%
0.00%
0.00%
15.38%

100.00%
48.58%
21.32%
20.35%
0.98%
5.48%
24.62%
8.23%
16.39%
0.00%
0.00%
16.39%

AXIS BANK LIMITED GROUP- C

CAPITAL AND LIABILITIES

AS AT 31 MARCH, 2009

Equity

10195.71
share capital
Reserves & Surplus

359.01
9835.49

Employees' Stock Options Outstanding

Minority Interest
debts
Deposits
term deposits
Long term borrowings

1.21
0.00
127543.13
50630.72
66726.93
10185.48

TOTAL

137738.84

ASSETS

AS AT 31 MARCH, 2009

CRR
SLR

9419.21
33327.42

Net Fixed Assets

CAP WIP
Non current Investments
loans and advances
short term
long term

1024.87
57.51
18544.52
81556.77
10962.82
70593.95

CA
CL

-6191.46
3766.86
9958.32

Working Capital (CA- CL)

TOTAL

137738.84

S BANK LIMITED GROUP- CONSOLIDATED BALANCE SHEET (in Crores)

AS AT 31 MARCH, 2010

AS AT 31 MARCH, 2011

AS AT 31 MARCH, 2012

15989.11

18894.61

22681.71

405.17
15583.76

410.55
18484.06

413.20
22268.51

0.17
0.00
158448.21
66024.10
75254.56
17169.55

0.00
215434.31
77757.85
111408.58
26267.88

0.00
254059.35
91412.21
128575.47
34071.67

174437.32

234328.92

276741.07

AS AT 31 MARCH, 2010

AS AT 31 MARCH, 2011 AS AT 31 MARCH, 2012

9473.88
39930.42

13886.16
51677.45

10702.92
61647.52

1178.61
57.38
21680.67
104343.12
16128.02
88215.10

2269.96
22.96
27632.59
142407.83
26065.68
116342.14

2204.32
79.82
34505.23
169759.54
23019.82
146739.72

-2226.76
3922.59
6149.35

-3568.03
4669.70
8237.73

-2158.28
6517.16
8675.44

174437.32

234328.92

276741.07

SHEET (in Crores)

AS AT 31 MARCH, 2013

AS AT 31 MARCH, 2014

33158.37

38396.05

467.95
32690.42

469.84
37926.20

12.53
296254.22
111978.66
140170.46
44105.10

12.94
333280.30
126405.32
154135.75
52739.22

329425.12

371689.29

AS AT 31 MARCH, 2013

AS AT 31 MARCH, 2014

14792.11
77957.67

17041.36
80637.51

2244.91
142.42
41128.20
196990.14
33792.23
163197.91

2345.64
101.62
43996.06
232381.73
38273.98
194107.75

-3830.32
7302.28
11132.61

-4814.63
9846.14
14660.77

329425.12

371689.29

AS AT 31 MARCH, 2009 AS AT 31 MARCH, 2010

AS AT 31 MARCH, 2011

7.402%

9.166%

8.063%

0.261%
7.141%

0.232%
8.934%

0.175%
7.888%

0.001%
0.000%
92.598%
36.758%
48.445%
7.395%
0.000%
100.000%

0.000%
0.000%
90.834%
37.850%
43.141%
9.843%
0.000%
100.000%

0.000%
0.000%
91.937%
33.183%
47.544%
11.210%
0.000%
100.000%

AS AT 31 MARCH, 2009AT 31 MARCH, 2010S AT 31 MARCH, 2011

6.838%
24.196%
0.000%
0.744%
0.042%
13.464%
59.211%
7.959%
51.252%

5.431%
22.891%
0.000%
0.676%
0.033%
12.429%
59.817%
9.246%
50.571%

5.926%
22.053%
0.000%
0.969%
0.010%
11.792%
60.773%
11.124%
49.649%

-4.495%
2.735%
7.230%
0.000%
100.000%

-1.277%
2.249%
3.525%
0.000%
100.000%

-1.523%
1.993%
3.515%
0.000%
100.000%

common size statement

AS AT 31 MARCH, 2012

AS AT 31 MARCH, 2013

AS AT 31 MARCH, 2014

8.196%

10.066%

10.330%

0.149%
8.047%

0.142%
9.923%

0.126%
10.204%

0.000%
0.000%
91.804%
33.032%
46.461%
12.312%
0.000%
100.000%

0.000%
0.004%
89.931%
33.992%
42.550%
13.389%
0.000%
100.000%

0.000%
0.003%
89.666%
34.008%
41.469%
14.189%
0.000%
100.000%

AS AT 31 MARCH, 2012

AS AT 31 MARCH, 2013AS AT 31 MARCH, 2014

3.867%
22.276%
0.000%
0.797%
0.029%
12.468%
61.342%
8.318%
53.024%

4.490%
23.665%
0.000%
0.681%
0.043%
12.485%
59.798%
10.258%
49.540%

4.585%
21.695%
0.000%
0.631%
0.027%
11.837%
62.520%
10.297%
52.223%

-0.780%
2.355%
3.135%
0.000%
100.000%

-1.163%
2.217%
3.379%
0.000%
100.000%

-1.295%
2.649%
3.944%
0.000%
100.000%

Opening Balance
Additions during the year
Deductions during the year

2008-09
9835.49
1306.28
852.44
453.84
0.00

Opening Balance
Additions during the year
Deductions during the year
Share issue expenses

5911.51
5873.22
38.29
0.00
0.00

Particulars
Reserves & Surplus

Statutory Reserve

Share Premium Account

Investment Reserve Account

Opening Balance
Additions during the year
Deductions during the year

0.06
0.00
0.06
0.00

Opening Balance
Additions during the year
Deductions during the year

14.34
14.30
0.04
0.00

Opening Balance
Additions during the year
Deductions during the year

261.91
115.19
146.72
0.00

Foreign Currency Translation Reserve

Opening Balance
Additions during the year
Deductions during the year

12.44
1.78
10.66
0.00

General Reserve

Capital Reserve

Reserve Fund
Opening Balance
Additions during the year
Deductions during the year

0.00
0.00
0.00
0.00

Reserve Fund u/s 45 IC of RBI Act, 1934

Opening Balance
Additions during the year

0.00
0.00
0.00

Deductions during the year

Profi t & Loss Account

0.00
2328.95

50630.72
1331.56
23477.05
25822.12

Deposits

Demand Deposits From banks

Demand Deposits From others
Savings Bank Deposits

66726.93
5564.18
61162.75

Term Deposits

From banks
From others

10185.48
1079.55
300.00
1632.15
7173.77

Long term borrowings

Reserve Bank of India

Other banks
Other institutions & agencies
outside India

CRR

Cash in hand (including foreign currency notes)

Balances with Reserve Bank of India
in Current Account
in Other Accounts

SLR

In India
Balance with Banks

9419.21
1541.48
7877.73
7877.73
0.00

33327.42
32146.75
4419.51

in Current Accounts
in Other Deposit Accounts

540.64
3878.87

Money at Call and Short Notice

With banks
With other institutions
Government Securities
Other approved securities

0.00
0.00
0.00
27727.24
27727.24
0.00

in Current Accounts
in Other Deposit Accounts
Money at Call & Short Notice

1180.68
852.88
136.94
190.85

At cost at the beginning of the year

Additions during the year
Deductions during the year

1024.87
77.39
89.14
50.03
39.10
0.00

As at the beginning of the year

Charge for the year
Deductions during the year

11.74
11.74
0.00
0.00

Other fixed assets(including furniture & fixtures)

Gross Block
At cost at the beginning of the year
Additions on demerger
Additions during the year
Deductions during the year

947.48
1665.04
1269.12
0.00
420.19
24.26

Non current Investments

Outside India

Net Fixed Assets

Premises
Gross Block

Depreciation

Depreciation
As at the beginning of the year
Additions on demerger
Charge for the year
Deductions during the year

717.57
717.57
0.00
0.00
0.00

Assets on Lease
Gross Block
At cost at the beginning of the year
Additions during the year
Deductions during the year

0.00
0.00
76.50
0.00
76.50

Depreciation
As at the beginning of the year
Charge for the year
Deductions during the year

Non current Investments

in India
Shares
Debentures and Bonds
Investment in Joint Ventures
Others (Mutual Fund units, CD/CP, NABARD
deposits, PTC etc.)
Depreciation in the value of investments
outside India
Government Securities
Subsidiaries and/or joint ventures abroad
Others
Depreciation in the value of investments

loans and advances

Bills purchased and discounted

Cash credits, overdrafts and loans repayable on
demand
Term loans

0.00
0.00
0.00
0.00

18544.52
17755.90
585.07
14077.00
39.00
3193.57
138.74
788.61
0.00
0.00
857.17
68.56

81556.77
2465.26
21367.07
57724.43

Secured by tangible assets

Covered by Bank/Government Guarantees
Unsecured
Advances in India

0.00
69601.11
992.84
10962.82

Priority Sector
Public Sector
Banks
Others

71390.54
22949.04
158.16
18.51
48264.82

Advances Outside India

Due from banks
Due from
Bills purchased and discounted
Syndicated loans
Others

10166.23
68.32
10097.91
380.16
3090.62
6627.13

CA

Inter-office adjustments
Interest Accrued
Tax paid in advance/tax deducted at source
Stationery and stamps
Non banking assets acquired in satisfaction of
claims
Others

CL

Bills payable
Inter-office adjustments
Interest accrued
Proposed dividend
Contingent provision against standard assets
Subordinated Debt
Perpetual Debt and Upper Tier II instruments
Others (including provisions)

3766.86
0.00
1321.88
57.51
0.86
0.00
2386.61

9958.32
1936.77
0.00
238.58
420.02
464.42
3516.30
1818.09
1564.14

Interest Expense

Interest on deposits
Interest on Reserve Bank of India/Inter-bank
borrowings
Others

Operating Expenses

Payments to and provisions for employees

Rent, taxes and lighting
Printing and stationery
Advertisement and publicity
Directors fees, allowance and expenses
Auditors fees and expenses
Law charges
Postage, telegrams, telephones etc.
Repairs and maintenance
Insurance
Other expenditure

Provision for income tax

Current tax for the year

Deferred tax for the year
Provision for fringe benefit tax

Provisions and contingencies

Provision
Provision
Provision
Provision
Provision
assets
Provision

for
for
for
for
for

wealth tax
interest tax
non-performing assets
restructured assets
loss in present value for agricultural

towards standard assets

7148.92
6208.56
285.28
655.08

2683.58
1067.76
376.77
75.60
46.32
0.75
0.91
10.86
152.80
224.70
113.77
613.35

969.71
1096.01
137.98
11.68

939.68
0.28
732.21
65.46
0.69
105.50

Provision for depreciation in value of investments

Provision for securitized assets
Provision for country risk
Contingent provision against derivatives
Provision for other contingencies

Minority Interest
Opening Balance
Increase during the year

Interest income
Interest/discount on advances/bills
Income on investments
Interest on balances with Reserve Bank of India
and other inter-bank funds
Others

other operating income

Commission, exchange and brokerage

Profit/(Loss) on sale of investments/derivative
transactions
Profit/(Loss) on sale of fixed assets
Profit on exchange/derivative transactions
Income earned by way of dividends etc. From
subsidiaries/companies and/or joint venture
abroad/in India
Lease rentals
Miscellaneous Income

107.80
-0.64
0.35
-71.97

0.00
0.00
0.00

10829.11
7459.36
3051.50
210.19
108.06

2915.93
2185.87
295.08
-8.20
359.50

0.00
2.06
81.62

2009-10
15583.76
1934.91
1306.28
628.63
0.00

2010-11
18484.06
2782.04
1934.91
847.12
0.00

2011-12
22268.51
3842.59
2782.04
1060.55
0.00

9769.53
5911.51
3906.44
0.00
48.42

10005.08
9769.53
235.55
0.00
0.00

10138.76
10005.08
133.68
0.00
0.00

14.94
0.06
14.94
0.06

0.00
14.94
0.00
14.94

0.00
0.00
0.00
0.00

14.90
14.34
0.56
0.00

354.56
14.90
339.66
0.00

356.48
354.56
1.92
0.00

485.83
261.91
223.92
0.00

490.59
485.83
4.76
0.00

542.50
490.59
51.90
0.00

-7.98
12.44
-20.41
0.00

-12.66
-7.98
-4.68
0.00

187.74
-12.66
200.39
0.00

0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00

0.00
0.00
0.00

0.00
0.00
0.00

0.00
0.00
0.00

0.00

0.00

0.00

3371.63

4864.45

7200.45

66024.10
1356.44
30805.86
33861.80

77757.85
1430.51
35477.03
40850.31

91412.21
2098.08
37646.17
51667.96

75254.56
4107.35
71147.22

111408.58
7675.09
103733.50

128575.47
10094.37
118481.10

17169.55
0.00
453.45
6931.74
9784.36

26267.88
0.00
1423.70
6407.23
18436.95

34071.67
115.00
447.20
12121.10
21388.37

9473.88
1900.70
7573.17
7573.17
0.00

13886.16
2208.28
11677.88
11677.88
0.00

10702.92
3595.75
7107.18
7107.18
0.00

39930.42
38441.44
4245.57

51677.45
49517.12
5359.18

61647.52
59382.49
966.28

791.62
3453.95

440.75
4918.43

351.63
614.65

0.00
0.00
0.00
34195.88
34195.88
0.00

2.99
2.99
0.00
44154.96
44154.96
0.00

0.00
0.00
0.00
58416.21
58416.21
0.00

1488.97
907.84
581.14
0.00

2160.32
483.55
1065.82
610.95

2265.03
766.95
384.55
1113.53

1178.61
72.94
89.14
89.14
0.00
0.00

2269.96
891.90
911.73
89.14
824.48
1.88

2204.32
873.97
900.19
911.73
9.68
21.22

16.20
16.20
0.00
0.00

19.84
16.20
4.67
1.03

26.22
19.84
14.63
8.25

1105.67
2038.47
1665.04
0.00
415.06
41.64

1378.06
2544.21
2038.47
0.00
581.08
75.34

1330.35
2712.57
2544.21
0.00
330.03
161.67

932.80
932.80
0.00
0.00
0.00

1166.15
932.80
0.00
289.02
55.67

1382.22
1166.15
0.00
333.52
117.45

0.00
0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00

21680.67
21002.26
529.60
13823.26
39.00

27632.59
27059.43
692.87
18070.49
34.23

34505.23
33777.94
739.99
23150.79
35.50

6610.41
0.00

8261.83
0.00

9851.66
0.00

678.41
0.00
0.00
678.41
0.00

573.17
42.93
0.00
530.23
0.00

727.29
117.03
0.00
610.26
0.00

104343.12
3450.06

142407.83
3481.29

169759.54
3908.93

26013.56
74879.50

34980.34
103946.19

46860.85
118989.75

0.00
86578.37
1636.73
16128.02

0.00
113102.69
3239.46
26065.68

0.00
141716.34
5023.38
23019.82

92012.31
29940.42
3204.73
382.56
58484.60

122830.24
41289.12
3003.94
240.81
78296.37

144457.37
48479.24
3253.56
347.79
92376.78

12330.81
33.30
12297.51
431.63
6370.21
5495.67

19577.59
419.65
19157.94
626.45
7038.94
11492.55

25302.17
112.79
25189.38
643.82
10803.51
13742.05

3922.59
0.00
1277.10
68.82
0.97

4669.70
0.00
1716.60
47.03
1.18

6517.16
0.00
2419.44
128.03
1.26

0.00
2575.70

5.32
2899.58

26.27
3942.15

6149.35
2910.40
0.00
348.01
566.94
463.51
0.00
0.00
1860.49

8237.73
3584.32
0.00
414.33
667.88
629.66
0.00
0.00
2941.53

8675.44
3085.32
0.00
647.83
768.20
779.97
0.00
0.00
3394.13

6632.63
5713.63

8588.61
7495.29

13969.18
12175.91

149.36
769.64

160.98
932.34

231.96
1561.31

3524.52
1359.79
505.95
83.62
47.27
0.62
1.22
14.82
177.70
304.38
141.55
887.60

4566.79
1745.80
692.06
110.64
80.42
0.78
0.99
13.38
202.05
389.21
185.07
1146.40

5751.74
2254.02
668.58
95.04
90.34
1.02
1.20
18.27
262.27
538.22
231.51
1591.26

1340.91
1495.27
154.36

1752.52
1958.34
205.48
-0.34

2051.48
2262.05
210.57

1389.19
0.35

1143.03
0.36

1357.04
56.47

1280.03
0.46
0.29
955.12
15.06

-0.91

166.16

150.30

860.43
88.86

-22.23

99.27

58.10

-1.53

2.45

4.81

41.22

-19.83

0.00
0.00
0.00

0.00
0.00
0.00

0.00
0.00
0.00

11639.05
7986.60
3428.31

15154.86
10403.10
4438.68

21994.90
15379.35
6394.27

120.00
104.14

182.62
130.45

98.43
122.85

3964.21
2584.55

4671.45
3396.72

5487.19
4415.69

714.49
-4.49
468.10

367.72
-7.15
563.60

75.00
19.11
673.97

0.00
0.00
201.56

0.00
0.00
350.55

0.00
0.00
303.43

2012-13
32690.42
5137.44
3842.59
1294.86
0.00

2013-14
37926.20
6691.86

15771.73
10138.76
5662.61
0.00
29.64

15907.41

53.46
0.00
53.46
0.00

103.49

370.65
356.48
14.17
0.00

372.43

946.02
542.50
403.52
0.00

984.88

355.00
187.74
167.27
0.00

246.43

2.61
0.00
2.61
0.00

3.65

8.11
0.00
8.11

14.81

5137.44
1554.42

15771.73
135.68

53.46
50.03

370.65
1.78

946.02
38.87

355.00
108.57

2.61
1.05

8.11
6.70

0.00
10045.40

13601.24

111978.66
2925.56
45275.36
63777.73

126405.32

140170.46
15121.89
125048.57

154135.75

44105.10
0.00
2236.72
14562.50
27305.88

52739.22

14792.11
4053.91
10738.20
10738.20
0.00

17041.36

77957.67
73582.50
1332.65

80637.51
71007.25
1251.76

3298.82
45330.44
77776.06

11856.62
142279.13

279.00
3125.73
16070.21
33264.28

4164.69

12876.68
12876.68

347.33
985.31
0.00
0.00
0.00
72249.86
72249.86
0.00

225.84
1025.92

658.77
0.00
658.77

69096.72
69096.72

4375.17
1160.85
1347.42
1866.90

9630.26

2244.91
863.16
904.11
900.19
3.91
0.00

2345.64
848.43
904.11

40.95
26.22
14.73
0.00

55.68

1381.75
3074.08
2712.57
8.27
417.30
64.06

1497.21
3318.03

1422.82
2842.56
5364.88

904.11

40.95
14.73

3078.56
648.59
409.12

1692.32
1382.22
3.03
344.04
36.96

1820.82
1696.81
360.73
236.72

0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00

41128.20
40247.04
754.91
26074.41
36.72

43996.06
42724.78

13381.00
0.00

18348.50

881.16
268.33
3.00
609.83
0.00

1271.27

196990.14
5607.90

232381.73

54667.91
136714.33

68781.71

611.81
23726.39
38.08

0.00

533.60
3.00
734.68

0.00

3212.90

160387.13

0.00
161389.00
1808.92
33792.23

0.00
191051.30
3056.45
38273.98

166857.33
48498.25
3918.98
44.95
114395.15

195226.50

30132.81
1037.20
29095.61
268.76
10948.72
17878.13

37155.23

7302.28
0.00
2715.79
58.20
1.12

9846.14
0.00

20.96
4506.22

43.81

11132.61
3528.82
0.00
834.33
985.22
976.70
0.00
0.00
4807.55

62761.08
3764.27
59.04
128642.11

621.19

36534.05
245.53
11459.93
24828.59

3398.29
30.50
1.26

6372.28

14660.77
3577.85

0.00
1152.39
1099.07
1299.94

0.00
0.00
7531.52

17513.39
15000.28

18702.97

459.62
2053.49

921.44

15431.86

2349.67

6781.75
2675.37
766.66
103.09
123.83
1.82
1.59
17.90
286.95
596.04
262.66
1945.84

7834.07

2390.80
2740.53
349.73

3170.25

1756.28
0.38

2110.30

1179.19
103.95

1295.98

196.64

293.07

2973.05
823.94
116.50
97.81
1.31
1.91
24.18
289.14
642.53
317.19
2546.49

3533
363

0.42

194.76

-98.22

-100.29

-9.63
383.97

426.36

12.53
0.00
12.53

12.94

27201.98
19171.28
7746.98

30735.96

111.26
172.45

168.07

6832.80
5265.50

7766.25

634.65
-4.43
664.06

341.45
1517.17

0.00
0.00
273.03

174.74

12.53
0.41

22022.52
8361.07

184.30

5747.62

-14.74

2008-09
tax rate
asset/equity
net profit margin
tato
ROA

34.85%
13.51
13.19%
9.98%
1.32%

ROE

17.78%

tato (beg cap)

ROA (beg cap)
ROE (beg cap)

2009-10

2010-11

2011-12

2012-13

2013-14

35.11%
10.91
15.88%
8.94%
1.42%

34.38%
12.40
16.87%
8.46%
1.43%

32.72%
12.20
15.35%
9.93%
1.52%

31.36%
9.93
15.38%
10.33%
1.59%

33.44%
9.68
16.39%
10.36%
1.70%

15.50%

17.70%

18.60%

15.78%

16.43%

11.33%
1.80%

11.37%
1.92%

11.73%
1.80%

12.30%
1.89%

11.69%
1.92%

19.63%

23.78%

21.96%

18.79%

18.54%

2008-09
1812.93

PAT
incease in debt
increase in Reinvestment
FCFE
RR
Growth

PAT

2008-09
1812.93

ke

21.15%

time

t
t+1

0
1
2
3
4
5
6
7
8
9
10
11
12
13

2009-10
2478.14
30905.08
36698.48
-3315.26
2.34
0.42

2010-2011
3339.91
56986.10
59891.60
434.41
0.87
0.13

2011-12
4219.78
38625.04
42412.15
432.67
0.90
0.16

2012-13
5234.77
42194.86
52684.06
-5254.43
2.00
0.37

2009-10
2478.14

2010-2011
3339.91

2011-12
4219.78

2012-13
5234.77

HIGH GROWTH

25.00%

ROE
RR

TERMINAL ASSUMPTIONS
G
ROE
RR

35%
0.71

op pat

growth
6310.12
7887.65
9859.56
12324.45
15405.57
19256.96
24071.20
29326.75
34801.07
40195.24
45152.65
49291.64
52249.14
55384.09

RR
25.00%
25.00%
25.00%
25.00%
25.00%
25.00%
21.83%
18.67%
15.50%
12.33%
9.17%
6.00%
6.00%

FCFE
0.71
0.71
0.71
0.71
0.71
66.27%
61.10%
55.94%
50.78%
45.62%
40.46%
35.29%
35.29%

p.v 12 years

32823.36

ter value
pv of ter val

365571.55
36567.171069587

total value

69390.53

2253.61
2817.02
3521.27
4401.59
5501.99
8120.06
11406.80
15332.52
19783.97
24554.80
29350.13
33808.27
35836.76

shares
p/s
actual price on 31st

46.9844553
1476.8826927587
1460

2013-14
6310.12
37026.08
42264.16
1072.04
0.83
0.13

2013-14
6310.12

AL ASSUMPTIONS
6%
17%
0.353

Ke

DF
21.15%
21.15%
21.15%
21.15%
21.15%
21.15%
21.15%
21.15%
21.15%
21.15%
21.15%
21.15%
21.15%

multiple

bv0
0.8254
0.6813
0.5624
0.4642
0.3832
0.3163
0.2611
0.2155
0.1779
0.1468
0.1212
0.1000
0.0826

6.600660066

38396.05
44030.09
51072.63
59875.81
70879.79
84634.76
100585.90
118505.85
137974.39
158385.66
178983.51
198925.02
217365.90
236913.22

DATA
Pat

2009
1,812.93

no. of shares

35.9005118

EPS

50.4988121089

PE Trailing=MPS/EPS last year

PE current=MPS/EPS current year
Growth in PAT
CAGR
PEG ratio

8.1190028612
28.331%

MPS

410

BPS
Price to Book value (trailing)
Price to Book value (current)
Price to Book value (farword)

283.9988899545
1.4436676146
1.0389656896

MV of Equity
BV of Debt
Enterprise value

14719.21
127543.13
142262.34

Weight of Equity
Weight of Debt

10.35%
89.65%
2009
127543.13

total debt
Average
interest expense

WACC
Ke

21.15%
pre tax

kd

8.89%

WACC

8.669%

2010
2,478.14

2011
3,339.91

2012
4,219.78

40.5174119

41.0545843

41.3203952

61.1624406346

81.3528588085

102.123367397

23.7431327576
19.6035342534
36.693%
26.322%
90.20%

22.9405495504
17.2470890458
34.775%
23.624%
97.11%

13.8655237999
11.045464214
26.344%
22.285%
62.22%

1199
394.6232335733
4.2218474875
3.0383411264
2.6052115092

1,403.10

1,128.00

460.2313461983
3.5555433148
3.0486841272
2.556096311

548.9229783553
2.4509412697
2.0549331044
1.5919135044

48580.38
158448.21
207028.59

57603.69
215434.31
273038.00

46609.41
254059.35
300668.76

23.47%
76.53%

21.10%
78.90%

15.50%
84.50%

2010
158448.21

2011
215434.31

2012
254059.35

21.15%
post tax
6.10%

8.669%

2013
5234.77

2014
6310.12

46.7954468

46.9844553

111.8648876754

134.3023040218

12.7394937433
11.6301015183
24.053%
20.54%
62.02%

13.0514590444
10.8709974161
20.543%

1,301.00

1,460.00

708.5812117943
2.3700957171
1.8360633592

817.2074924534
2.0604554223
1.7865719704

60880.88
296254.22
357135.09

68597.30
333280.30
401877.60

17.05%
82.95%

17.07%
82.93%

2013
296254.22

2014
333280.30
210347.84
18702.97

Date

Close

Feb, 2014

Mon ret
1,101.20

-1.64%

1+Rm
98.36%

1-Jan-14

1,119.55

-13.86%

86.14%

2-Dec-13

1,299.65

12.49%

112.49%

1-Nov-13

1,155.30

-5.53%

94.47%

1-Oct-13

1,222.90

21.40%

121.40%

2-Sep-13

1,007.30

20.53%

120.53%

1-Aug-13

835.75

-19.21%

80.79%

1-Jul-13

1,034.45

-21.81%

78.19%

3-Jun-13

1,323.05

-7.52%

92.48%

1-May-13

1,430.65

-4.18%

95.82%

1-Apr-13

1,493.10

14.74%

114.74%

1-Mar-13

1,301.25

-3.13%

96.87%

1-Feb-13

1,343.30

-10.76%

89.24%

1-Jan-13

1,505.20

10.96%

110.96%

3-Dec-12

1,356.50

3.05%

103.05%

1-Nov-12

1,316.35

11.21%

111.21%

1-Oct-12

1,183.65

4.13%

104.13%

3-Sep-12

1,136.75

13.69%

113.69%

1-Aug-12

999.9

-4.10%

95.90%

2-Jul-12

1,042.70

2.65%

102.65%

1-Jun-12

1,015.80

4.55%

104.55%

1-May-12

971.55

-12.20%

87.80%

2-Apr-12

1,106.60

-3.43%

96.57%

1-Mar-12

1,145.90

-2.73%

97.27%

1-Feb-12

1,178.05

9.67%

109.67%

2-Jan-12

1,074.20

33.15%

133.15%

1-Dec-11

806.75

-14.85%

85.15%

1-Nov-11

947.5

-18.30%

81.70%

3-Oct-11

1,159.70

13.53%

113.53%

2-Sep-11

1,021.45

-5.03%

94.97%

1-Aug-11

1,075.55

-19.62%

80.38%

1-Jul-11

1,338.15

3.81%

103.81%

1-Jun-11

1,289.00

0.81%

100.81%

2-May-11

1,278.60

-0.58%

99.42%

1-Apr-11

1,286.00

-8.38%

91.62%

1-Mar-11

1,403.65

14.69%

114.69%

1-Feb-11

1,223.90

-1.83%

98.17%

3-Jan-11

1,246.75

-7.61%

92.39%

1-Dec-10

1,349.50

-1.35%

98.65%

1-Nov-10

1,367.90

-6.73%

93.27%

1-Oct-10

1,466.65

-4.22%

95.78%

1-Sep-10

1,531.20

15.58%

115.58%

2-Aug-10

1,324.85

-1.53%

98.47%

1-Jul-10

1,345.40

8.24%

108.24%

1-Jun-10

1,242.95

1.18%

101.18%

3-May-10

1,228.40

-3.14%

96.86%

1-Apr-10

1,268.20

8.48%

108.48%

1-Mar-10

1,169.10

3.93%

103.93%

1-Feb-10

1,124.85

9.69%

109.69%

1-Jan-10

1,025.50

3.72%

103.72%

1-Dec-09

988.7

-0.88%

99.12%

2-Nov-09

997.45

9.86%

109.86%

1-Oct-09

907.9

-7.50%

92.50%

1-Sep-09

981.55

8.26%

108.26%

3-Aug-09

906.7

-1.20%

98.80%

1-Jul-09

917.7

10.08%

110.08%

1-Jun-09

833.65

6.41%

106.41%

1-May-09

783.4

40.99%

140.99%

1-Apr-09

555.65

34.05%

134.05%

2-Mar-09

414.5

19.13%

119.13%

2-Feb-09

347.95

-19.64%

80.36%

1-Jan-09

433

Avg Mon Ret

covariance
beta

2.331%
0.0071584128
1.6534292983

S&P Bse sensex

Date
2/3/2014
1/1/2014
12/2/2013
11/1/2013
10/1/2013
9/2/2013
8/1/2013
7/1/2013
6/3/2013
5/1/2013
4/1/2013
3/1/2013
2/1/2013
1/1/2013
12/3/2012
11/1/2012
10/1/2012

Close
20376.56
20513.85
21170.68
20791.93
21164.52
19379.77
18619.72
19345.7
19395.81
19760.3
19504.18
18835.77
18861.54
19894.98
19426.71
19339.9
18505.38

Rm
-0.67%
-3.10%
1.82%
-1.76%
9.21%
4.08%
-3.75%
-0.26%
-1.84%
1.31%
3.55%
-0.14%
-5.19%
2.41%
0.45%
4.51%
-1.37%

1+Rm
99.33%
96.90%
101.82%
98.24%
109.21%
104.08%
96.25%
99.74%
98.16%
101.31%
103.55%
99.86%
94.81%
102.41%
100.45%
104.51%
98.63%

9/3/2012
8/1/2012
7/2/2012
6/1/2012
5/1/2012
4/2/2012
3/1/2012
2/1/2012
1/2/2012
12/1/2011
11/1/2011
10/3/2011
9/2/2011
8/1/2011
7/1/2011
6/1/2011
5/2/2011
4/1/2011
3/1/2011
2/1/2011
1/3/2011
12/1/2010
11/1/2010
10/1/2010
9/1/2010
8/2/2010
7/1/2010
6/1/2010
5/3/2010
4/1/2010
3/2/2010
2/1/2010
1/1/2010
12/1/2009
11/2/2009
10/1/2009
9/1/2009
8/3/2009
7/1/2009
6/1/2009
5/1/2009
4/1/2009
3/1/2009
2/2/2009

18762.74
17380.75
17236.18
17429.98
16218.53
17318.81
17404.2
17752.68
17193.55
15454.92
16123.46
17705.01
16453.76
16676.75
18197.2
18845.87
18503.28
19135.96
19445.22
17823.4
18327.76
20509.09
19521.25
20032.34
20069.12
17971.12
17868.29
17700.9
16944.63
17558.71
17527.77
16429.55
16357.96
17464.81
16926.22
15896.28
17126.84
15666.64
15670.31
14493.84
14625.25
11403.25
9708.5
8891.61
9424.24

7.95%
0.84%
-1.11%
7.47%
-6.35%
-0.49%
-1.96%
3.25%
11.25%
-4.15%
-8.93%
7.60%
-1.34%
-8.36%
-3.44%
1.85%
-3.31%
-1.59%
9.10%
-2.75%
-10.64%
5.06%
-2.55%
-0.18%
11.67%
0.58%
0.95%
4.46%
-3.50%
0.18%
6.68%
0.44%
-6.34%
3.18%
6.48%
-7.18%
9.32%
-0.02%
8.12%
-0.90%
28.26%
17.46%
9.19%
-5.65%

107.95%
100.84%
98.89%
107.47%
93.65%
99.51%
98.04%
103.25%
111.25%
95.85%
91.07%
107.60%
98.66%
91.64%
96.56%
101.85%
96.69%
98.41%
109.10%
97.25%
89.36%
105.06%
97.45%
99.82%
111.67%
100.58%
100.95%
104.46%
96.50%
100.18%
106.68%
100.44%
93.66%
103.18%
106.48%
92.82%
109.32%
99.98%
108.12%
99.10%
128.26%
117.46%
109.19%
94.35%

Market Variance
Average

0.004329434
0.014727832

x-^x
-3.97%
-16.19%
10.16%
-7.86%
19.07%
18.20%
-21.54%
-24.14%
-9.85%
-6.51%
12.41%
-5.46%
-13.09%
8.63%
0.72%
8.88%
1.79%
11.36%
-6.44%
0.32%
2.22%
-14.53%
-5.76%
-5.06%
7.34%
30.82%
-17.19%
-20.63%
11.20%
-7.36%
-21.95%
1.48%
-1.52%
-2.91%
-10.71%
12.36%
-4.16%
-9.94%
-3.68%
-9.06%
-6.55%
13.24%
-3.86%
5.91%

(Y-)
-2.14%
-4.58%
0.35%
-3.23%
7.74%
2.61%
-5.23%
-1.73%
-3.32%
-0.16%
2.08%
-1.61%
-6.67%
0.94%
-1.02%
3.04%
-2.84%
6.48%
-0.63%
-2.58%
6.00%
-7.83%
-1.96%
-3.44%
1.78%
9.78%
-5.62%
-10.41%
6.13%
-2.81%
-9.83%
-4.91%
0.38%
-4.78%
-3.06%
7.63%
-4.22%
-12.11%
3.59%
-4.02%
-1.66%
10.20%
-0.90%
-0.53%

(x-^x)*(y-^Y)
0.0008496
0.0074143
0.0003557
0.0025384
0.0147624
0.0047490
0.0112650
0.0041769
0.0032708
0.0001042
0.0025818
0.0008793
0.0087290
0.0008113
-0.0000734
0.0026996
-0.0005098
0.0073584
0.0004054
-0.0000819
0.0013342
0.0113808
0.0011291
0.0017406
0.0013059
0.0301426
0.0096584
0.0214745
0.0068679
0.0020684
0.0215818
-0.0007277
-0.0000577
0.0013892
0.0032781
0.0094275
0.0017571
0.0120432
-0.0013197
0.0036437
0.0010867
0.0135094
0.0003472
-0.0003133

-1.15%
-5.47%
6.15%
1.60%
7.36%
1.39%
-3.21%
7.53%
-9.83%
5.92%
-3.53%
7.75%
4.08%
38.66%
31.72%
16.80%
-21.97%

2.99%
-4.97%
-1.30%
5.21%
-1.04%
-7.81%
1.71%
5.01%
-8.66%
7.85%
-1.50%
6.64%
-2.37%
26.78%
15.98%
7.71%
-7.12%

-0.0003428
0.0027182
-0.0007989
0.0008352
-0.0007651
-0.0010865
-0.0005486
0.0037738
0.0085165
0.0046506
0.0005294
0.0051469
-0.0009678
0.1035239
0.0506921
0.0129493
0.0156447
0.4295048

sensex

90 days T bill
(Y-)
-2.14%
-4.58%
0.35%
-3.23%
7.74%
2.61%
-5.23%
-1.73%
-3.32%
-0.16%
2.08%
-1.61%
-6.67%
0.94%
-1.02%
3.04%
-2.84%

(Y-)
0.05%
0.21%
0.00%
0.10%
0.60%
0.07%
0.27%
0.03%
0.11%
0.00%
0.04%
0.03%
0.44%
0.01%
0.01%
0.09%
0.08%

(X-)(Y-)
Risk-free Returns
0.000752
0.71%
0.000843
0.71%
-0.000199
0.71%
0.001347
0.73%
-0.002903
0.75%
-0.000501
0.75%
-0.000378
0.75%
-0.000721
0.67%
0.000994
0.67%
0.000003
0.67%
0.004872
0.64%
-0.000525
0.64%
0.005253
0.64%
-0.001088
0.66%
0.000438
0.66%
-0.000785
0.66%
0.000343
0.69%

6.48%
-0.63%
-2.58%
6.00%
-7.83%
-1.96%
-3.44%
1.78%
9.78%
-5.62%
-10.41%
6.13%
-2.81%
-9.83%
-4.91%
0.38%
-4.78%
-3.06%
7.63%
-4.22%
-12.11%
3.59%
-4.02%
-1.66%
10.20%
-0.90%
-0.53%
2.99%
-4.97%
-1.30%
5.21%
-1.04%
-7.81%
1.71%
5.01%
-8.66%
7.85%
-1.50%
6.64%
-2.37%
26.78%
15.98%
7.71%
-7.12%

0.42%
0.00%
0.07%
0.36%
0.61%
0.04%
0.12%
0.03%
0.96%
0.32%
1.08%
0.38%
0.08%
0.97%
0.24%
0.00%
0.23%
0.09%
0.58%
0.18%
1.47%
0.13%
0.16%
0.03%
1.04%
0.01%
0.00%
0.09%
0.25%
0.02%
0.27%
0.01%
0.61%
0.03%
0.25%
0.75%
0.62%
0.02%
0.44%
0.06%
7.17%
2.55%
0.60%
0.51%
0.004329236

0.002161
-0.000586
-0.000510
0.002844
-0.000585
0.000032
-0.002087
-0.000269
-0.008521
-0.000684
-0.004988
0.005241
-0.001220
0.002680
0.003059
0.000405
-0.002462
0.000468
-0.000651
-0.000973
0.018060
0.000985
-0.000378
0.001035
0.015047
-0.000319
0.000338
0.003289
0.001332
0.000209
-0.000255
0.000534
0.007449
-0.001526
0.000086
-0.005118
-0.000458
0.001871
0.004840
-0.003710
-0.008590
-0.005371
-0.006017
0.001238
0.000428

0.69%
0.69%
0.67%
0.67%
0.67%
0.70%
0.70%
0.70%
0.72%
0.72%
0.72%
0.70%
0.70%
0.70%
0.69%
0.69%
0.69%
0.64%
0.64%
0.64%
0.63%
0.63%
0.63%
0.57%
0.57%
0.57%
0.53%
0.53%
0.53%
0.28%
0.28%
0.28%
0.28%
0.28%
0.28%
0.26%
0.26%
0.26%
0.48%
0.48%
0.48%
0.34%
0.34%
0.34%

(Y-)/n-1

(X-)(Y-)

0.58%

y-rfr

x-rfr
-2.35%
-14.57%
11.78%
-6.26%
20.65%
19.78%
-19.96%
-22.48%
-8.19%
-4.85%
14.10%
-3.77%
-11.40%
10.30%
2.39%
10.55%
3.44%
13.00%
-4.79%
1.98%
3.88%
-12.87%
-4.13%
-3.43%
8.97%
32.43%
-15.57%
-19.02%
12.83%
-5.73%
-20.32%
3.12%
0.12%
-1.27%
-9.02%
14.05%
-2.47%
-8.24%
-1.98%
-7.36%
-4.79%
15.01%
-2.10%
7.71%

-1.38%
-3.81%
1.11%
-2.49%
8.46%
3.33%
-4.50%
-0.93%
-2.51%
0.64%
2.91%
-0.78%
-5.83%
1.75%
-0.21%
3.85%
-2.06%
7.26%
0.15%
-1.78%
6.80%
-7.02%
-1.19%
-2.66%
2.55%
10.53%
-4.87%
-9.65%
6.90%
-2.04%
-9.06%
-4.13%
1.16%
-4.00%
-2.23%
8.46%
-3.39%
-11.27%
4.43%
-3.18%
-0.75%
11.10%
0.01%
0.42%

0.65%
-3.67%
8.20%
3.65%
9.41%
3.44%
-1.16%
9.58%
-7.76%
8.00%
-1.46%
9.60%
5.93%
40.51%
33.71%
18.79%
-19.98%

3.93%
-4.03%
-0.10%
6.40%
0.16%
-6.62%
2.90%
6.20%
-7.44%
9.06%
-0.28%
7.64%
-1.38%
27.78%
17.12%
8.85%
-5.99%

Multiple R
R Square

Regression Statistics
0.8391916992
0.704242708

Adjusted R Square
Standard Error
Observations

0.6992298726
0.0713573576
61

ANOVA
df
Regression
Residual
Total

Intercept
X Variable 1

1
59
60
Coefficients
0.0027776062
1.6515713656

SUMMARY OUTPUT

SS
0.7153464545
0.3004204769
1.0157669314
Standard Error
0.0092201851
0.1393406685

MS
F
Significance F
0.7153464545 140.4878963243 3.0231998782E-017
0.0050918725

t Stat
P-value
0.3012527581
0.7642809496
11.8527590174 3.02319988E-017

Lower 95%
-0.0156719414
1.3727513342

Upper 95%
Lower 95.0%
0.0212271538 -0.0156719414
1.9303913969 1.3727513342

Upper 95.0%
0.0212271538
1.9303913969