IndusInd Bank Limited
NSE Symbol INDUSINDBK
IndusInd Bank Limited has produced excellent standalone Results for the quarter ended on 30-JUN-2011 (Q1 FY 2012) which are analyzed below –with comparison with previous 4 Qtrs of FY 2011 :
Interest on Advances : in Q1 FY 2012 ending June 2012 is Rs.900.69 cr – up by 8.55% from Q4 FY 11(Previous Qtr); Up by 24.56% from Q3 FY 11; up by 33.03% from Q2 FY 11; and up by 48.93% from Q1 FY 11(Corresponding Qtr).
Income on Investments in Q1 FY 12 is Rs.247.38 cr – up by 19.95% from Q4FY11; up by 31.99% from Q3; up by 41.21% from Q2 and Up by 50.43% from Q1 FY 11.
Total Interest Earned : is Rs.1164.58 cr - up by 11.04% from Q4 FY 11; up by 27.29% from Q3; up by 36.35% from Q2; and up by 50.94% from Q1Fy11.This shows consistent Growth in all Qtrs.
Other Income : is Rs.215.40 cr – up by 18.59% from Q4 Fyn 11; up by 9.93% from Q3; Up by 23% from Q2 and up by 33.82% from Q1 FY 11.
Total Income : is Rs.1379.98 cr – up by 12.15% from Q4 FY 11; up by 24.23% from Q3; up by 34.08% from Q2; and up by 47.99% from Q1 FY 11. Here again, we can see consistent Growth in all quarters.
Interest Expended : is Rs.774.57 cr – up by 17.22% from Q4 FY 11; up by 40.34% from Q3; Up by 47.72% from Q2; and up by 62.77% from Q1 FY 11.
Net Interest Income (Earned – expended) is Rs.390.01 cr – up by 0.5% from Q4 FY 11; up by 7.44% from Q3; Up by 18.28% from Q2; and up by 31.9% from Q1 FY 11 – a 5 Qtrs of consistent growth.
Total Expenditure ( excl. provisions) is Rs.1068.26 cr – up by 14.57% from Q4FY11; up by 30.33% from Q3; Up by 39.21% from Q2; and up by 52.2% from Q1 FY 11.
Operating Profit has increased to Rs.311.72 cr – up by 4.59% from Q4FY11; up by 7.05% from Q3; Up by 19.05% from Q2; and up by 35.17% from Q1FY11.
Provisions amounts to Rs.44.59 cr – against Rs.40.25 cr in Q4Fy11; showing some decrease from Rs.56.19 cr in Q3; Rs.56.71cr in Q2; and Rs.48.74 cr in Q1FY11.
Profit before tax has gone up to Rs.267.13 cr – up by 3.63% from Q4 FY11; up by 13.68% from Q3; up by 30.22% from Q2 and up by 46.88% from Q1 FY11 – a period of consistent Growth again.
Net Profit has gone up to Rs.180.18 cr – up by 4.9% from Q4 FY11; up by 17.11% from Q3; up by 35.32% from Q2; and up by a huge 51.99% from Q1 FY 11. IndusInd has thus clocked Good growth of almost 52% YoY in Q1 FY 12 qtr.
Basic EPS in last 5 Qtrs was Rs.3.87 (Q1FY12); Rs.3.69 in Q4 FY11; Rs.3.32 in Q3 FY 11; Rs.3.21 in Q2 FY 11; and Rs.2.89 in Q1 FY 11. Thus Net Profit and EPS have been consistently growing for IndusInd Bank in last several quarters.
% of Gross/Net NPA is quite healthy at 0.3
Return on Assets is increasing consistently and is currently at 1.59 – compared to Rs.1.55 in Q4 FY 11; 1.54 in Q3; 1.38 in Q2 and 1.33 in Q1 FY 11.
Capital Adequacy Ratio is healthy at 14.99 – compared to 15.89 in previous qtr and 13.71 in corresponding qtr.
The annualized EPS (Q1 x 4) comes to Rs.15.48 but is likely to be much better if current progress is maintained. Current MP is Rs.287.On this EPS and Market price, the PE Ratio amounts to Rs.18.54.
Based on its Past growth trajectory, IndusInd Bank appears to be a Good Investment for medium / long term Investors.
STAND ALONE RESULTS TABLE
| INDUSIND BNK | Q1FY12 | Q4FY11 | Q3FY11 | Q2FY11 | Q1FY11 |
| Interest on Advances | 90069 | 82971 | 72308 | 67706 | 60477 |
| Income on Investments | 24738 | 20623 | 18743 | 17519 | 16445 |
| Income on Balances With RBI | 424 | 348 | 433 | 178 | 105 |
| Others | 1227 | 942 | 7 | 5 | 127 |
| Interest Earned | 116458 | 104884 | 91491 | 85408 | 77154 |
| Other Income | 21540 | 18163 | 19595 | 17512 | 16096 |
| Total Income | 137998 | 123047 | 111086 | 102920 | 93250 |
| Interest Expended | 77457 | 66076 | 55191 | 52435 | 47586 |
| N I I | 39001 | 38808 | 36300 | 32973 | 29568 |
| Employees Cost | 11071 | 10022 | 9795 | 9544 | 8904 |
| Other Oprtg Expenses | 18298 | 17146 | 16982 | 14756 | 13699 |
| Opertng Expenses | 29369 | 27168 | 26777 | 24300 | 22603 |
| Total Expdr excl. provisions | 106826 | 93244 | 81968 | 76735 | 70189 |
| Operating Profit | 31172 | 29803 | 29118 | 26185 | 23061 |
| Provisions | 4459 | 4025 | 5619 | 5671 | 4874 |
| Profit before tax | 26713 | 25778 | 23499 | 20514 | 18187 |
| Tax Expense | 8695 | 8602 | 8113 | 7199 | 6332 |
| Net Profit | 18018 | 17176 | 15386 | 13315 | 11855 |
| Face Value (in Rs.) | 10 | 10 | 10 | 10 | 10 |
| Paid-up Equity | 46616 | 46597 | 46510 | 46141 | 41106 |
| Capital Adequacy Ratio | 14.99 | 15.89 | 15.61 | 16.22 | 13.71 |
| Basic EPS | 3.87 | 3.69 | 3.32 | 3.21 | 2.89 |
| Diluted EPS | 3.78 | 3.62 | 3.25 | 3.12 | 2.81 |
| Gross/Net NPA | 8378 | 7282 | 9099 | 8373 | 8249 |
| % of Gross/Net NPA | 0.3 | 0.28 | 0.36 | 0.36 | 0.38 |
| Return on Assets | 1.59 | 1.55 | 1.54 | 1.38 | 1.33 |
| Public holding (%) | 80.47 | 80.46 | 80.43 | 80.27 | 77.85 |
OTHER DETAILS
Total Advances as on June 30, 2011 were at ` 28,384.35 crore as compared to ` 21,608.10
crore in the corresponding quarter of the previous year, recording a growth of 31.36%.
Total deposits as on June 30, 2011 were at ` 35,264.06 crore as compared to ` 27,382.43
crore in the corresponding quarter of the previous year, recording a growth of 28.78%.
CASA for Q1 FY12 stood at 28.20% as against 24.33% in Q1 FY11. CASA showed an increase
of 49.26% in absolute numbers on Y-O-Y basis
Increase in network to 326 Branches, and 633 ATMs as against 224 Branches and 533 ATMs
as on June 30, 2010.
Net Interest Margin (NIM) for Quarter ended June 2011 works out to 3.41 % as compared
to 3.32 % in the corresponding period last year.
INDUSIND BANK was earlier reviewed at the URL :
http://wiseinvestmentideas.blogspot.com/2011/04/indusind-bank-quarterly-annual-results.html
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