Axis Bank valuvation

7/28/2019 Axis Bank valuvation

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Balance Sheet of Axis Bank

------------------- in Rs. Cr. -------------------

Mar '13 Mar '12 Mar '11

12 mths 12 mths 12 mths

Capital and Liabilities:Total Share Capital 467.95 413.2 410.55

Equity Share Capital 467.95 413.2 410.55

Share Application Money 0 0 0

Preference Share Capital 0 0 0

Reserves 32,639.91 22,395.34 18,588.28

Revaluation Reserves 0 0 0

Net Worth 33,107.86 22,808.54 18,998.83

Deposits 252,613.59 220,104.30 189,237.80

Borrowings 43,951.10 34,071.67 26,267.88

Total Debt 296,564.69 254,175.97 215,505.68

Other Liabilities & Provisions 10,888.11 8,643.27 8,208.86

Total Liabilities 340,560.66 285,627.78 242,713.37

Mar '13 Mar '12 Mar '11

12 mths 12 mths 12 mths

Assets

Cash & Balances with RBI 14,792.09 10,702.92 13,886.16

Balance with Banks, Money at 5,642.87 3,230.99 7,522.49

Advances 196,965.96 169,759.54 142,407.83

Investments 113,737.54 93,192.09 71,991.62Gross Block 2,355.64 3,583.67 3,426.49

Accumulated Depreciation 0 1,395.12 1,176.03

Net Block 2,355.64 2,188.55 2,250.46

Capital Work In Progress 0 70.77 22.69

Other Assets 7,066.56 6,482.93 4,632.12

Total Assets 340,560.66 285,627.79 242,713.37

Contingent Liabilities 525,314.30 449,976.11 429,069.63

Bills for collection 50,696.47 64,895.87 57,400.80

Book Value (Rs) 707.5 551.99 462.77


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Mar '10 Mar '09

12 mths 12 mths

405.17 359.01

405.17 359.01

0.17 1.21

0 0 33,107.86

15,639.27 9,854.58 296,564.69

0 0 329,672.55

16,044.61 10,214.80

141,300.22 117,374.11 0.8995735

17,169.55 10,185.48

158,469.77 127,559.59

6,133.46 9,947.67

180,647.84 147,722.06

Mar '10 Mar '09

12 mths 12 mths

9,473.88 9,419.21

5,732.56 5,597.69

104,343.12 81,556.77

55,974.82 46,330.352,107.98 1,741.86

942.79 726.45

1,165.19 1,015.41

57.24 57.48

3,901.06 3,745.15

180,647.87 147,722.06

296,125.58 104,428.39

35,756.32 29,906.04

395.99 284.5


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Mar '10 Mar '09

Mar '13 23.58719

12 mths 12 mths Mar '12 45.13313

Mar '11 30.21811 26.58623

Mar '10 7.40649511,638.02 10,835.49 Mar '09

3,945.78 2,896.88

15,583.80 13,732.37

Mar '13 Mar '12 Mar '11 Mar '10 Mar '09

6,633.53 7,149.27 Net Profit/ 5,179.43 4,242.21 3,388.49 2,514.53 1,815.36

1,255.82 997.66

2,443.05 1,572.83

234.32 188.67 Mar '13 22.09273

2,502.55 2,008.57 Mar '12 25.1947

0 0 Mar '11 34.7564 30.13949

5,066.76 3,590.42 Mar '10 38.51412

1,368.98 1,177.31 Mar '09

13,069.27 11,917.00

Mar '10 Mar '09

12 mths 12 mths 1561.054

2,514.53 1,815.36

0 0

2,348.09 1,553.87

4,862.62 3,369.230 0

567.45 420.52

0 0

62.06 50.57

120 100

395.99 284.5

867.43 600.62

0.31 0

567.45 420.52

3,427.43 2,348.09

4,862.62 3,369.23

revane avg

pat

projected pat

avg pat * last pat


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Key Financial Ratios of Axis Bank

Mar '13 Mar '12

Investment Valuation Ratios

Face Value 10Dividend Per Share 18

Operating Profit Per Share (Rs) 66.33

Net Operating Profit Per Share (Rs) 580.88

Free Reserves Per Share (Rs) --

Bonus in Equity Capital --

Profitability Ratios

Interest Spread --

Adjusted Cash Margin(%) 16.39

Net Profit Margin 15.35

Return on Long Term Fund(%) 68.55

Return on Net Worth(%) 15.64

Adjusted Return on Net Worth(%) 15.64

Return on Assets Excluding Revaluations 707.5

Return on Assets Including Revaluations 707.5

Management Efficiency Ratios

Interest Income / Total Funds 8.68

Net Interest Income / Total Funds 3.09

Non Interest Income / Total Funds 2.09

Interest Expended / Total Funds 5.59

Operating Expense / Total Funds 2.1

Profit Before Provisions / Total Funds 2.97Net Profit / Total Funds 1.65

Loans Turnover 0.32

Total Income / Capital Employed(%) 10.77

Interest Expended / Capital Employed(%) 5.59

Total Assets Turnover Ratios 0.09

Asset Turnover Ratio 0.09

Profit And Loss Account Ratios

Interest Expended / Interest Earned 64.44

Other Income / Total Income 19.42

Operating Expense / Total Income 19.45

Selling Distribution Cost Composition --

Balance Sheet Ratios

Capital Adequacy Ratio 17

Advances / Loans Funds(%) --

Debt Coverage Ratios

Credit Deposit Ratio 35.91

Investment Deposit Ratio 43.77

Cash Deposit Ratio 5.39

Total Debt to Owners Fund 7.63


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Financial Charges Coverage Ratio 0.55

Financial Charges Coverage Ratio Post Tax 1.32

Leverage Ratios

Current Ratio 0.77

Quick Ratio 20.1

Cash Flow Indicator Ratios

Dividend Payout Ratio Net Profit 19.06Dividend Payout Ratio Cash Profit 17.84

Earning Retention Ratio 80.94

Cash Earning Retention Ratio 82.16

AdjustedCash Flow Times 45.67

Mar '13 Mar '12

Earnings Per Share 110.68

Book Value 707.5


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Mar '11 Mar '10 Mar '09

10 10 10 1016 14 12 10

157.89 129.26 97.29 83.56

654.06 471.17 380.27 377.46

431.32 373.06 325.87 230.47

-- -- -- --

3.91 3.73 3.95 4.24

16.69 18.71 17.63 14.76

15.51 17.2 16.1 13.31

88.75 72.29 66.34 97.35

18.59 17.83 15.67 17.77

18.51 17.87 15.69 17.85

551.99 462.77 395.99 284.5

551.99 462.77 395.99 284.5

10.23 9.14 9.38 10.53

4.94 5.08 5.34 4.98

0.12 0.17 0.12 0.06

5.29 4.06 4.04 5.56

2.47 2.57 2.94 2.64

2.46 2.54 2.38 2.251.61 1.6 1.53 1.41

0.17 0.16 0.17 0.19

10.35 9.3 9.51 10.6

5.29 4.06 4.04 5.56

0.1 0.09 0.09 0.11

0.11 0.09 0.1 0.11

63.55 56.69 57 65.98

1.14 1.78 1.3 0.6

23.87 27.65 30.96 24.95

0.32 0.4 0.3 0.34

13.66 12.65 15.8 13.69

72.29 76.16 72.96 73.87

76.26 74.65 71.87 68.89

40.35 38.71 39.55 39.04

6.01 7.07 7.3 8.16

9.65 9.96 8.81 11.49


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0.49 0.66 1.62 1.43

1.33 1.43 1.41 1.28

0.03 0.02 0.03 0.03

21.63 19.6 19.19 9.52

18.15 19.78 22.56 23.1616.79 18.22 20.64 20.98

81.77 80.26 77.47 76.94

83.13 81.81 79.39 79.11

48.22 51.35 51.33 58.33

Mar '11 Mar '10 Mar '09

102.67 82.54 62.06 50.57

551.99 462.77 395.99 284.5


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Yearly Results of Axis Bank

------------------- in Rs. Cr. -------------------

Mar '13 Mar '12

Interest Earned(a) Int. /Disc. on Adv/Bills 19,166.23 15,379.35

(b) Income on Investment 7,746.98 6,394.27

(c) Int. on balances With RBI 111.26 98.43

(d) Others 158.1 122.6

Other Income 6,551.11 5,420.22

EXPENDITURE

Interest Expended 17,516.31 13,976.90

Employees Cost 2,376.98 2,080.17

Other Expenses 4,537.26 3,926.93

Depreciation -- --

Operating Profit before Provisions and contingencies 9,303.13 7,430.87

Provisions And Contingencies 1,750.44 1,143.03

Exceptional Items -- --

P/L Before Tax 7,552.69 6,287.84

Tax 2,373.26 2,045.63

P/L After Tax from Ordinary Activities 5,179.43 4,242.21

Prior Year Adjustments -- --

Extra Ordinary Items -- --

Net Profit/(Loss) For the Period 5,179.43 4,242.21

Equity Share Capital 467.95 413.2

Reserves Excluding Revaluation Reserves -- 22,395.34Equity Dividend Rate (%) -- --

ANALYTICAL RATIOS

a) % of Share by Govt. -- --

b) Capital Adequacy Ratio - Basel -I 17 --

c) Capital Adequacy Ratio - Basel -II -- 13.66

EPS Before Extra Ordinary

Basic EPS 119.67 102.94

Diluted EPS 118.85 102.2

EPS After Extra Ordinary

Basic EPS 119.67 102.94

Diluted EPS 118.85 102.2

NPA Ratios :

i) Gross NPA 2,393.42 1,806.30

ii) Net NPA 704.13 472.64

i) % of Gross NPA 1.06 0.94

ii) % of Net NPA 0.32 0.25

Return on Assets % 1.7 1.68

Public Share Holding

No Of Shares (Crores) 27.12 22.35


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Share Holding (%) 57.96 54.08

Promoters and Promoter Group Shareholding

a) Pledged/Encumbered

#NAME? -- --

- Per. of shares (as a % of the total sh. of prom. and promoter group) -- --

- Per. of shares (as a % of the total Share Cap. of the company) -- --

b) Non-encumbered#NAME? 15.85 15.44

- Per. of shares (as a % of the total sh. of prom. and promoter group) 100 100

- Per. of shares (as a % of the total Share Cap. of the company) 33.88 37.38


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Mar '11 Mar '10 Mar '09

10,403.11 7,986.60 7,465.86

4,438.69 3,428.31 3,051.50

182.62 120 210.19

130.39 103.11 107.93

4,632.13 3,945.78 2,896.88

8,591.82 6,633.53 7,149.27

1,613.90 1,255.82 997.66

3,165.53 2,453.90 1,860.55

-- -- --

6,415.69 5,240.55 3,724.88

1,280.03 1,389.19 939.68

-- -- --

5,135.66 3,851.36 2,785.20

1,747.17 1,336.83 969.84

3,388.49 2,514.53 1,815.36

-- -- --

-- -- --

3,388.49 2,514.53 1,815.36

410.55 405.17 359.01

18,588.28 15,639.28 9,854.58-- 120 100

-- -- --

-- 15.8 13.69

12.65 -- --

82.95 -- --

81.61 -- --

82.95 -- --

81.61 -- --

159.94 -- --

41.04 -- --

1.01 -- --

0.26 -- --

1.68 -- --

22.01 21.51 17.89


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53.6 53.1 49.84

-- -- --

-- -- --

-- -- --

15.28 -- --

100 -- --

37.21 -- --


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Cash Flow of Axis Bank

------------------- in Rs. Cr. -------------------

Mar '13 Mar '12 Mar '11 Mar '10

12 mths 12 mths 12 mths 12 mths

Net Profit Before Tax 7552.69 6287.84 5135.66Net Cash From Operating Activities 2719.04 -9826.93 11425.07

Net Cash (used in)/from

Investing Activities -11160.2 -5118.58 -13985.3

Net Cash (used in)/from Financing Activities 14774.6 7270.37 8769.69

Net (decrease)/increase In Cash and Cash Equivalents 6501.04 -7474.74 6204.75

Opening Cash & Cash Equivalents 13933.92 21408.66 15203.91

Closing Cash & Cash Equivalents 20434.96 13933.92 21408.66


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Mar '09

12 mths

3851.36 2785.1928.87 10551.63

-5122.98 -9741.96

5304.07 1692.32

189.54 2512.66

15016.9 12504.24

15206.44 15016.9


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Capital Structure (Axis Bank)

Period Instrument Authorized Capital Issued Capital

From To (Rs. cr) (Rs. cr)

2012 2013 Equity Shar 850 467.95

2011 2012 Equity Shar 500 413.2

2010 2011 Equity Shar 500 410.55

2009 2010 Equity Shar 500 405.172008 2009 Equity Shar 500 359.01

2007 2008 Equity Shar 500 357.71

2006 2007 Equity Shar 300 281.63

2005 2006 Equity Shar 300 278.69

2004 2005 Equity Shar 300 273.8

2003 2004 Equity Shar 300 231.58

2002 2003 Equity Shar 300 230.19

2001 2002 Equity Shar 230 191.81

2000 2001 Equity Shar 230 131.9

1998 2000 Equity Shar 230 131.9

1997 1998 Equity Shar 300 115

1994 1995 Equity Shar 300 115


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- P A I D U P -

Shares (nos) Face Value Capital

467954468 10 467.95

413203952 10 413.2

410545843 10 410.55

405174119 10 405.17359005118 10 359.01

357709669 10 357.71

281630787 10 281.63

278690727 10 278.69

273796444 10 273.8

231580570 10 231.58

230185579 10 230.19

191812870 10 191.81

131903170 10 131.9

131903170 10 131.9

115000070 10 115

115000070 10 115


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Quarterly Results of Axis Bank

------------------- in Rs. Cr. -------------------

Mar '13 Dec '12 Sep '12 Jun '12 Mar '12

Interest Earned(a) Int. /Disc. on Adv/Bills 4,898.77 4,906.65 4,736.27 4,624.54 4,257.87

(b) Income on Investment 2,029.73 2,014.33 1,896.60 1,806.32 1,737.56

(c) Int. on balances With RBI 41.65 24.67 22.02 22.92 23.88

(d) Others 77.4 19.28 32.34 29.08 41.01

Other Income 2,007.17 1,615.37 1,593.06 1,335.51 1,587.62

EXPENDITURE

Interest Expended 4,382.89 4,470.12 4,360.30 4,303.00 3,914.23

Employees Cost 601.42 615.05 577.9 582.61 529.55

Other Expenses 1,270.71 1,133.62 1,163.83 969.1 1,166.61

Depreciation -- -- -- -- --

Operating Profit before Provisio 2,799.70 2,361.51 2,178.26 1,963.66 2,037.55

Provisions And Contingencies 595.35 386.83 509.42 258.84 139.28

Exceptional Items -- -- -- -- --

P/L Before Tax 2,204.35 1,974.68 1,668.84 1,704.82 1,898.27

Tax 649.2 627.46 545.3 551.3 621

P/L After Tax from Ordinary Acti 1,555.15 1,347.22 1,123.54 1,153.52 1,277.27

Prior Year Adjustments -- -- -- -- --

Extra Ordinary Items -- -- -- -- --

Net Profit/(Loss) For the Period 1,555.15 1,347.22 1,123.54 1,153.52 1,277.27

Equity Share Capital 467.95 427.16 414.53 414.29 413.2

Reserves Excluding Revaluation -- -- -- -- --Equity Dividend Rate (%) -- -- -- -- --

ANALYTICAL RATIOS

a) % of Share by Govt. -- -- -- -- --

b) Capital Adequacy Ratio - Base 17 13.73 12.99 13.03 --

c) Capital Adequacy Ratio - Basel -- -- -- -- 13.66

EPS Before Extra Ordinary

Basic EPS 34.39 31.56 27.11 27.88 30.94

Diluted EPS 34.19 31.42 27 27.73 30.75

EPS After Extra Ordinary

Basic EPS 34.39 31.56 27.11 27.88 30.94

Diluted EPS 34.19 31.42 27 27.73 30.75

NPA Ratios :

i) Gross NPA 2,393.42 2,275.30 2,191.01 2,091.72 1,806.30

ii) Net NPA 704.13 678.7 654.24 604.9 472.64

i) % of Gross NPA 1.06 1.1 1.1 1.06 0.94

ii) % of Net NPA 0.32 0.33 0.33 0.31 0.25

Return on Assets % 1.94 1.71 1.5 1.62 1.88

Public Share Holding

No Of Shares (Crores) 27.12 23.77 22.3 22.47 22.35


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Share Holding (%) 57.96 55.64 53.8 54.24 54.08

Promoters and Promoter Group Shareholding

a) Pledged/Encumbered

#NAME? -- -- -- -- --

- Per. of shares (as a % of the tot -- -- -- -- --

- Per. of shares (as a % of the tot -- -- -- -- --

b) Non-encumbered#NAME? 15.85 15.18 15.44 15.45 15.44

- Per. of shares (as a % of the tot 100 100 100 100 100

- Per. of shares (as a % of the tot 33.88 35.53 37.25 37.3 37.38

Notes

Source : Dion Global Solutions Limited


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7500

0.75

500000


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METRICS rank

YES BANK Ltd. 1

AXIS BANK Ltd. 2

INDUSLAND BANK Ltd. 3HDFC BANK Ltd. 4

ICICI BANK Ltd. 5

KOTAK MAHINDRA BANK Ltd. 6

SYNDICATE BANK 7

KARUR VYSYA BANK Ltd. 8

ING VYSYA BANK Ltd. 9

SOUTH INDIAN BANK Ltd. 10

FEDERAL BANK Ltd. 11

UNION BANK OF INDIA 12

BANK OF BARODA 13

PUNJAB NATIONAL BANK 13

STATE BANK OF INDIA 14

CANARA BANK 15


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revane growth year revane

Mar '09 13,732.37

Mar '10 15,583.80

Mar '11 19,786.94

Mar '12 27,414.87

Mar '13 33,733.68

pat margin

Net Profit/(Loss) For

the Period

Mar '09 1815.36

Mar '10 2514.53

Mar '11 3388.49

Mar '12 4242.21

Mar '13 5179.43

No of Share 467954468

Projected revanue FY14E

43693.03

Projected PAT FY14E

6984.02

Projected Dividend Payout FY14E

1326.96

Projected Book Value FY14EAdditon this year 5657.06

per share 120.89

Current Book value FY 13 707.50

Projected Book Value FY14E 828.39

3 Year avg P/BV 2.00

FY14E projected Value of share 1656.78

Discounting

discounting factor 0.92

Fair value for FY14E 1530.65

current year pat

projected pat Mar '13 5179.43


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Dividend Payout Ratio Net Profit Mar '09 23.16

Mar '10 22.56

Mar '11 19.78

Mar '12 18.15

Mar '13 19.06

Book Value Mar '09 284.5Mar '10 395.99

Mar '11 462.77

Mar '12 551.99

Mar '13 707.5


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avg 3-yr avg growth

13.48

26.97

38.55

23.05 29.52

revane net profit margin 3-yr avg

13,732.37 13.22

15,583.80 16.14

19,786.94 17.12

27,414.87 15.47

33,733.68 15.35 15.98

rf 8.50%

Beta 1.39

rm 16.5%

Market premium 8.00%467954468 Cost of equity ca 19.62%

D/D+E 90.0%

E/D+E 10.0%

Er(d) 10.25%

Tax rate 32.0%

Er(e) 19.62%

Cost of capital 8.24%

growth pat projected pat

15.98 827.8956295 6007.325629

CAPM Calculation

WACC Calculation


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18.99666667

3-avg book


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Axis Bank valuvation

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