( in INR Millions)

(Year-end March) Mar 13 

INCOME :           
Interest Earned 69,832
Interest/Discount on Advances/Bills 56,103
Interest on Balances with RBI & Others 855
Income from Investment 12,825
Others 49

Other Income 13,630

Commission, Exchange & Brokerage Paid, etc. 9,471
Profit on Sale of Investment 644
Profit on Sale of Fixed Assets 55
Gain on Foreign Exchange Transactions 3,280
Dividend Income 30
Miscellaneous Income 151

TOTAL 83,462

EXPENDITURE
Interest expended 47,504
Interest on Deposits 40,268
Interest on RBI/Inter-Bank Borrowings 2,574
Other Interest 4,662

Net Interest Income 22,329

Payments to/Provisions for Employees 6,615

Operating Expenses & Administrative Expenses 6,171
Rent, Taxes & Lighting 1,664
Printing and Stationery 258
Advertisement & Publicity 133
Director's Fees, Allowances & Expenses 7
Auditor's Fees & Expenses (incl. branch audits) 12
Law Charges 276
Postage, Telegrams, Telephone, etc. 692
Repairs and Maintenance 965
Insurance 575
Other Admin. Expenses 1,589

Depreciation 734
Other Expenses, Provisions & Contingencies 6,680
Provision for Contingency 422
Provision for Dimunition in Value of Investment 13
Provision for Doubtful Loan/Deposit/NPA 2,196
Other Provisions & Write-Offs 5
Other Expenses 4,044

PBT 15,759

Tax for Current Year 5,226

TOTAL 72,850

Reported Net Profit 10,612

Number of Shares 523
Earnings Per Share-Unit Curr 19.8
Book Value-Unit Curr 142
20.29024857

(Year-end March) Mar 13 

SOURCES OF FUNDS :           
Capital 5,229
Reserves 70,967

 Deposits 541,167
Demand Deposits 88,346
Savings Deposit 70,328
CASA % 29.3%
Term Deposits 382,494

Borrowings 94,596
Borrowings – RBI 0
Borrowings – Other Banks 30,359
Borrowings – Other agencies 31,919
Borrowings Outside India 21,128
Other Borrowings 11,190

Other Liabilities & Provisions 22,180

Bills Payable 3,513
Inter Office Adjustments 232
Accrued Interest 4,000
Deferred Tax 1,180
Proposed Dividend 1,571
Other Liabilities (Including Provisions] 11,685

TOTAL LIABILITIES 734,245

APPLICATION OF FUNDS :           

Cash & Balances with RBI 32,498
Cash with RBI 28,530
Cash on Hand / Others 3,968

Bank Balance and Call Money 35,989

Bank Balance and Call Money – In India 27,748
Bank Balance and Call Money – Outside India 8,241

Investments 196,542
Government Securities 141,083
Other Approved Secutires 0
Equity Shares 580
Debentures & Bonds 7,539
Subsidiaries/Joint Ventures/Partnership 5
 Other Investments 47,335

Advances 443,206
Bills Purchased & Discounted 11,529
Cash Credit, Overdraft & Loans 107,752
Term Loans 323,925

Fixed Assets 7,561

Other Assets 18,449

TOTAL ASSETS 734,245

Forecasted Variable Based on Assumptions Assumptions

12.7% As % of advances in line with previous years

1.2% As % of balances in line with previous years
6.5% As % of investments in line with previous years

2.1% In line with growth in advances

Similar to previous year
Similar to previous year
Similar to previous year
Similar to previous year
Similar to previous year

7.4% As % of Deposits in line with previous years

2.7% As % of Borrowings in line with previous years
Similar to previous year

7.9% Assuming constant cost/income ratio

7.4% Assuming constant cost/income ratio

Similar to previous year

Similar to previous year

Similar to previous year
0.5% As % of Advances in line with previous years
Similar to previous year
Similar to previous year

30.0% Assuming 30% tax rate

 Assuming no capital raising

Assumptions

Similar to previous year

122.1% Assuming previous year advances-to-deposit ratio

16% As % of deposits in line with previous years
13% As % of deposits in line with previous years
29%
71% As % of deposits in line with previous years

10% Assuming 10% increase over previous year

Balancing figure

Similar to year 2013

Similar to year 2013

36.3% Assuming constant investment-to-deposit ratio (as in 2013)

 Assumed 25% increase in line with management outlook
As % of advances in line with previous years
As % of advances in line with previous years
As % of advances in line with previous years

15% Assuming 15% increase over previous year

Similar to year 2013
Mar-14 Mar-15 Mar-16 Mar-17 Mar-18

87,064 108,604 135,529 169,186 211,256

70,129 87,661 109,576 136,970 171,213
855 855 855 855 855
16,031 20,039 25,049 31,311 39,139
49 49 49 49 49

15,997 18,957 22,656 27,280 33,061

11,838 14,798 18,497 23,121 28,902
644 644 644 644 644
55 55 55 55 55
3,280 3,280 3,280 3,280 3,280
30 30 30 30 30
151 151 151 151 151

103,061 127,561 158,185 196,466 244,316

57,828 70,695 86,736 106,740 131,695

50,335 62,918 78,648 98,310 122,888
2,831 3,114 3,426 3,768 4,145
4,662 4,662 4,662 4,662 4,662

29,236 37,910 48,794 62,445 79,561

8,168 10,110 12,537 15,570 19,363

7,620 9,431 11,695 14,525 18,063

734 734 734 734 734

7,229 7,915 8,773 9,845 11,186
422 422 422 422 422
13 13 13 13 13
2,745 3,431 4,289 5,362 6,702
5 5 5 5 5
4,044 4,044 4,044 4,044 4,044

21,483 28,676 37,710 49,050 63,276

6,445 8,603 11,313 14,715 18,983

 15,038 20,073 26,397 34,335 44,293
523 523 523 523 523
28.75 38.38 50.47 65.65 84.69

Mar-14 Mar-15 Mar-16 Mar-17 Mar-18

5,229 5,229 5,229 5,229 5,229

86,004 106,078 132,475 166,810 211,103

676,459 845,574 1,056,967 1,321,209 1,651,511

110,432 138,040 172,550 215,688 269,609
87,910 109,888 137,359 171,699 214,624

478,117 597,646 747,058 933,822 1,167,278

104,055 114,461 125,907 138,497 152,347

23,578 25,223 27,403 30,358 34,393

895,326 1,096,564 1,347,981 1,662,103 2,054,583

32,498 32,498 32,498 32,498 32,498

35,989 35,989 35,989 35,989 35,989

245,677 307,096 383,871 479,838 599,798

554,008 692,510 865,637 1,082,046 1,352,558
14,411 18,014 22,517 28,146 35,183
134,690 168,363 210,454 263,067 328,834
404,907 506,133 632,666 790,833 988,541

8,705 10,022 11,537 13,282 15,291

18,449 18,449 18,449 18,449 18,449

895,326 1,096,564 1,347,981 1,662,103 2,054,583

Indusind Bank

Residual Income for Explicit Forecast Period

(in INR Millions)
Cost of Equity (COE)%

Reported Net Profit

Net Worth

Residual Income

Terminal Long-Term Growth Rate

Valuation
(in INR Millions)
Current Net Worth (2013)

PV of Residual Income for Explicit Forecast Period (FY14–FY18)

Terminal Residual Value (FY18 onward)

PV of Terminal Residual Value

Target Market Cap (Current Networth + PV of Residual Income for Explicit Forecast + PV of Terminal Value)
Fully Diluted Equity Shares
Per Share Value
Current Price
Upside/Downside
2013 2014 2015 2016 2017 2018

13.95% 13.95% 13.95% 13.95% 13.95%

10,612 15,037.76 20,073.19 26,397.20 34,334.92 44,293.03

76,195 91,233.16 111,306.36 137,703.56 172,038.48 216,331.51

4,408.51 7,346.17 10,869.97 15,125.27 20,293.66

6%

76,195.40

36,407.12

270,582.13
140,840.47

253,442.99
523.00
484.59
403.00
20%