IndusInd Bank Limited
Analysis of Q4 & FY 2012
Results
NSE Symbol INDUSINDBK
INDUSIND BANK has declared Very Good
Results for the 4th Q/e March,2012, and for Y/E March,2012.
Interest on Advances stands at Rs.1196.14 cr in Q4 FY 12; compared to Rs.1082.69
cr in Q3 FY 12, the preceding Qtr (Up by 10.48%);
and compared to Rs.829.71 Cr in Q4 FY 11,the corresponding qtr (Up by 44.16%).
Income on Investments stands at Rs. 270.02
cr in Q4 FY 12; compared to Rs. 293.58
cr in Q3 FY 12, (Down by -8.03%); and compared to Rs.206.23 Cr in Q4 FY 11(Up
by 30.93%).
Interest Earned stands at Rs.1481.02 cr in Q4 FY 12; compared to Rs.1389.74
cr in Q3 FY 12 (Up by 6.57%); and compared to Rs.1048.84 Cr in Q4 FY 11 (Up by 41.21%).
Other Income stands at Rs.292.05 cr in Q4 FY 12; compared to Rs.265.12
cr in Q3 FY 12 (Up by 10.16%); and compared to Rs.181.63 Cr in Q4 FY 11 (Up by 60.79%).
Total Income stands at Rs.1773.07 cr in Q4 FY 12; compared to Rs.1654.86
cr in Q3 FY 12 (Up by 7.14%); and compared to Rs.1230.47 Cr in Q4 FY 11 (Up by 44.1%).
Interest Expended stands at Rs.1016.62 cr in Q4 FY 12; compared to Rs.959.09
cr in Q3 FY 12, the preceding Qtr (Up by 6%); and compared to Rs.660.76 Cr in
Q4 FY 11,the corresponding qtr (Up by 53.86%).
Net Interest Income stands at Rs.464.40 cr in Q4 FY 12; compared to Rs.430.65
cr in Q3 FY 12 (Up by 7.84%); and compared to Rs.388.08 Cr in Q4 FY 11 (Up by 19.67%).
The Growth in NII at 19.67% YoY is quite Healthy-though Interest expended has
grown more than proportionately compared to Interest Earned.
Total Expenditure(exclg. provisions) stands at Rs.1393.98 cr in Q4 FY
12; compared to Rs.1305.62 cr in Q3 FY 12 (Up by 6.77%); and compared to Rs.932.44
Cr in Q4 FY 11 (Up by 49.5%). While Income has grown 44.1% Yoy, expenditure has
grown 49.5%YoY.
Operating Profit stands at Rs.379.09 cr in Q4 FY 12; compared to Rs.349.24
cr in Q3 FY 12 (Up by 8.55%); and compared to Rs.298.03 Cr in Q4 FY 11 (Up by 27.2%).
Provisions stands at Rs.45.99 cr in Q4 FY 12; compared to Rs. 42.83 cr in Q3 FY 12 (Up by 7.38%); and
compared to Rs.40.25 Cr in Q4 FY 11 (Up by 14.26%).
Profit before tax
stands at Rs.333.10 cr in Q4 FY 12; compared to Rs.306.41 cr in Q3 FY 12 (Up by
8.71%); and compared to Rs.257.78 Cr in Q4 FY 11 (Up by 29.22%).
Tax Expense stands at Rs. 109.72
cr in Q4 FY 12; compared to Rs.100.45 cr in Q3 FY 12 (Up by 9.23%); and
compared to Rs.86.02 Cr in Q4 FY 11 (Up by 27.55%).
Net Profit stands at Rs.223.38 cr in Q4 FY 12; compared to Rs.205.96
cr in Q3 FY 12, the preceding Qtr (Up by 8.46%); and compared to Rs.171.76 Cr
in Q4 FY 11,the corresponding qtr (Up by 30.05%). NPT Growth at 30.05% YoY is
impressive.
Capital Adequacy Ratio stands at 13.85% in Q4 FY 12; compared to Rs.13.43 %
in Q3 FY 12 and 15.89% in Q4 FY 11. With liberalization in CRR etc – the loanable
funds would increase
impressively.
Basic EPS in the last 5 Qtrs stands at Rs.4.79 (Q4FY12); Rs.4.41(Q3);Rs.4.14(Q2);
Rs.3.87(Q1) and Rs.3.69 (Q4FY11). From Q1 FY 13, there could be a good Pick-up
in loans, and income – and consequently profitability.
% of Gross/Net NPA stands at 0.27 in Q4 FY 12 – which is quite
comfortable.
Return on Assets stands at 1.6% which is also excellent.
ANNUAL RESULTS FOR FY 2012
Review with preceding 3
years
We
will also compare the annual results for FY 2012 – with the 3 preceding years
of FY11, FY10 and FY 09, to judge the progress of the bank over the years.
Interest on Advances stands at Rs.4216.62 Cr in FY 12;compared to Rs.2834.61
Cr (Up by 48.75%); Rs.2112.95 Cr in FY 10 (Up by 99.56%); Rs.1793.31 cr in FY
09 (up by 135.13%).
Income on Investments stands at Rs.1078.20 Cr in FY 12;compared to Rs.733.30
Cr in FY 11(Up by 47.03%); Rs.559.15 Cr in FY 10 (Up by 92.83%); Rs.483.24 cr
in FY 09 (up by 123.12%).
Interest Earned stands at Rs.5359.20 Cr in FY 12;compared to Rs.3589.36
Cr in FY 11 (Up by 49.31%); Rs. 2706.99 Cr in FY 10 (Up by 97.98%); Rs. 2309.47
cr in FY 09 (up by 132.05%).
Other Income stands at Rs.1011.78 Cr in FY 12;compared to Rs.713.66
Cr Cr in FY 11 (Up by 41.77%); Rs.553.48 Cr in FY 10 (Up by 82.80%); Rs. 456.25 cr in FY 09 (up by 121.76%).
Total Income stands at Rs.6370.98 Cr in FY 12;compared to Rs.4303.02
Cr in FY 11 (Up by 48.06%); Rs.3260.47 Cr
in FY 10 (Up by 95.40%); Rs.2765.72 cr in FY 09 (up by 130.36%). Thus, total
income has grown over 130% over the preceding 3 years.
Interest Expended stands at Rs.3654.95 Cr in FY 12;compared to Rs.2212.87
Cr in FY 11 (Up by 65.17%); Rs. 1820.58 Cr in FY 10 (Up by 100.76%); Rs.1850.44 cr in FY 09 (up by 97.52%).
Net Interest Income stands at Rs.1704.25 Cr in FY 12;compared to Rs.1376.49
Cr in FY 11 (Up by 23.81%); Rs.886.41 Cr in FY 10 (Up by 92.26%); Rs.459.03 cr
in FY 09 (up by 271.27%). NII has grown impressively by 271% over 3 preceding
Years.
Total Expenditure(excl.provisions) stands at Rs.4997.95 Cr in FY
12;compared to Rs.3221.35 Cr in FY 11 (Up by 55.15%); Rs.2556.58 Cr in FY 10
(Up by 95.49%); Rs.2397.47 cr in FY 09 (up by 108.47%).
Operating Profit stands at Rs.1373.03 Cr in FY 12;compared to Rs.1081.67
Cr in FY 11 (Up by 26.94%); Rs.703.89
Cr in FY 10 (Up by 95.06%); Rs.368.25 cr in FY 09 (up by 272.85%).
Provisions stands at Rs.180.38 Cr in FY 12;compared to Rs.201.89 Cr
in FY 11 (down by -10.65%); Rs.170.84 Cr in FY 10 (Up by 5.58%); Rs.140.76 cr
in FY 09 (up by 28.15%).
Profit before tax stands at Rs.1192.65 Cr in FY 12;compared to Rs.879.78
Cr in FY 11 (Up by 35.56%); Rs.533.05 Cr in FY 10 (Up by 123.74%); Rs.227.49 cr in FY 09 (up by 424.26%).
Tax Expense stands at Rs.390.04 Cr in FY 12;compared to Rs.302.46 Cr
in FY 11 (Up by 28.96%); Rs. 182.74
Cr in FY 10 (Up by 113.44%); Rs.79.15 cr in FY 09 (up by 392.79%).
Net Profit stands at Rs.802.61 Cr in FY 12;compared to Rs.577.32 Cr
in FY 11 (Up by 39.02%); Rs. 350.31 Cr in
FY 10 (Up by 129.11%); Rs.148.34 cr in FY 09 (up by 441.06%). While Operating
profit has grown by 273%; PBT has grown by 424%; and NPT has grown by 441% over
the 3 preceding years – which is very impressive.
Reserves stands at Rs.4054.67 Cr in FY 12;compared to Rs.3358.90
Cr in FY 11 (Up by 20.71%); Rs. 1754.95
Cr in FY 10 (Up by 131.04%); Rs.1072.42 cr in FY 09 (up by 278.09%). The Grown
in reserves and consequently in Book value is also impressive.
Capital Adequacy Ratio is comfortable at 13.85%.
Basic EPS stands at Rs.17.2
on a FV of Rs.10 – up from Rs.13.16 in FY 11; Rs.9.01 in FY 10; Rs.4.28 in FY
09. EPS has grown over 400% over last 3 preceding years. The forward EPS for FY
13 will exceed Rs.20 easily (Q$ EPS of Rs.4.8 x 4 = Rs.19.2).
% of Gross/Net NPA stands at 0.27% - and it has been coming down
progressively (0.28% in FY 11; 0.5% in FY 10; 1.14% in FY 09)
Return on Assets has increased to 1.57% in FY 12; from 1.46% from FY
11;from 1.14% from FY 10; and 0.58% from FY 09.
Face Value of its share is Rs.10 and its Paid-up Equity is Rs.467.70 Cr.
Current Market price
is around Rs.343.50. The 52 week high price is
Rs.351.90 and the 52 week low price is Rs.200.
On a Face value of
Rs.10, and annual EPS of Rs.17.2, the PE Ratio works out to 19.97.
Looking at the
Bank’s prospective performance in FY 13, IndusInd Bank has tremendous
potential. The Management is not only ambitious but is proving itself at every
step. Profitability is being enhanced – while Keeping the NPAs at very LOW
levels and the Return on Assets at high
levels.
OTHER DETAILS
Ø Deposits
have grown to Rs.42362 cr at FY 12 end – compared to Rs.34365 cr at FY 11 end.
Ø Borrowings
have grown to Rs.8682 cr from Rs.5525 cr during this period.
Ø Investments
have grown to Rs.14572 cr from Rs.13551 cr.
Ø Advances
have grown to Rs.35064 cr from Rs.26166 cr. The Growth of Advances is quite
impressive.
*
* * E
N D *
* *
No comments:
Post a Comment