Complete Financial Analysis of Axis Bank Ltd

1. SRI KRISHNA CONSULTING
COMPANY FINALYTICS
Axis Bank Ltd
Exclusive Financial Analysis of Indian Companies
Prepared and Edited By‐
Sri Krishna Consulting
Disclaimer
The information, opinions, estimates and forecasts contained in this document have been arrived at or obtained from public sources believed to be reliable
and in good faith which has not been independently verified and no warranty, express or implied, is made as to their accuracy, completeness or
correctness.
For more information about this sample and our other services, please write to info@srikrishnaconsulting.com
Wednesday, April 25, 2012

2. Description Page
Summary 3
Latest Result 3
Valuation Matrix 3
ROE Analysis 3
Income Statement 4
Balance Sheet 5
Cash flow Statement 6
Quarterly Result 6
Growth Analysis 7
Comparative Analysis 8
Income Statement 8
Balance Sheet 8
Index Analysis 9
Income Statement 9
Balance Sheet 9
Ratio Analysis 10
Annual 10
Quarterly 11
TTM Analysis 11
Technical Analysis 12
CONTENT
About Sri Krishna Consulting
We provide financial research and analytics services to our worldwide client. Our research is customized and proprietary to our
clients and often provided in client formats and templates. Our expert team of analyst add crucial values to client proprietary
methodology and add efficiencies.
We have four areas of practice:
‐‐Equity Research
‐‐Credit Research
‐‐Commodities Research
‐‐Consultancy and Strategy.
With a zeal to perform, we adopt best quality driven process and approaches. Our quality driven process and approaches have
already give us a place as a top‐tire provider of Financial Research and Analytics.
Financial Research Team
We have a robust investment research team with expertise in the financial domain. These professionals include CFAs, CAs and
MBAs specializing in finance, with expertise in investment and retail banking, equity research, financial and sectoral analysis,
etc. Our delivery teams are the core of our business, and we maintain their exceptional quality by selecting personnel on the
basis of educational and functional experience. Our HR teams are always searching for outstanding performers.
Contact Us: info@srikrishnaconsulting.com
© Sri Krishna Consulting. Please write us for more information: iinfo@srikrishnaconsulting.com |www.srikrishnaconsulting.com
Page 2

3. Summary
At a Glance
Latest Results Industry Finance ‐ Banks ‐ Private Sector
Annual Quarterly TTM Business Group Not Applicable
March ' 11 Growth December ' 11 Growth December ' 11 Growth Face Value 10
Latest Results
Number of Equity shares
5657.86 36.53 2059.20 15.97 7214.13 5.88
Gross Profit outstanding (in Lakhs) 4123.16
3388.48 34.76 1102.27 19.77 3985.05 5.59
Reported PAT
Adjusted PAT 3395.46 34.83 1102.27 19.77 3985.05 5.59
Price 1094.75
Market Cap(Rs. In Cr) 45138.29
Valuation Matrix Share Holding
Annual TTM Ratio General
Public Promoter
Particulars March ' 11 December ' 11 Others 6% 37%
10%
Reported P/E 13.32 11.33
Price/Sales Per Share 2.33 2.22
Price/ Book Value 2.38 NA
Dividend Yield(%) 1.49 NA BFI
9%
Earning Yield(%) 7.51 8.83 FII's
33% MF
Market Cap(Rs. In Cr) 45138.29 5%
ROE Analysis
ROE
Particulars March ' 07 March ' 08 March ' 09 March ' 10 March ' 11 25%
20%
Reported PAT / PBT 0.58 0.59 0.65 0.63 0.66 15%
10%
Adjusted PAT / PBT 0.61 0.60 0.65 0.63 0.66 5%
PBT / Sales 0.20 0.21 0.21 0.26 0.27 0%
Sales / Banking Assets 0.08 0.08 0.09 0.09 0.08 March ' March ' March ' March ' March '
07 08 09 10 11
Banking Assets / Net Worth 20.78 12.07 13.99 10.94 12.41
Reported ROE 19% 12% 17% 16% 18% Reported ROE Adjusted ROE
Adjusted ROE 20% 12% 17% 16% 18%
ROE Factors
20% 25.00
18%
16% 20.00
14%
12% 15.00
10%
8% 10.00
6%
4% 5.00
2%
0% 0.00
March ' 07 March ' 08 March ' 09 March ' 10 March ' 11
Reported ROE Reported PAT / PBT PBT / Sales Sales / Banking Assets Banking Assets / Net Worth
© Sri Krishna Consulting. Please write us for more information: iinfo@srikrishnaconsulting.com |www.srikrishnaconsulting.com
Page 3

4. Income Statement
Particulars (Rs. In Cr) March ' 07 March ' 08 March ' 09 March ' 10 March ' 11
Operating Income 5461.60 8750.68 13550.95 15407.74 19343.63
Operating Expenses
Financial Expenses 2993.32 4419.96 7149.27 6633.53 8591.82
Personnel Expenses 381.35 670.25 997.66 1255.82 1613.90
Selling Expenses 29.62 74.41 46.32 47.27 79.02 Operating Income
Adminstrative Expenses 864.23 1551.27 2357.78 3529.35 3752.05
25000.00
Expenses Capitalised 0.00 0.00 0.00 0.00 0.00
20000.00
Total Operating Expenses 4268.52 6715.89 10551.03 11465.97 14036.79
Operating Profit 1193.08 2034.79 2999.92 3941.77 5306.84 15000.00
Other Income 21.24 13.86 81.81 202.17 351.02
10000.00
Gross Profit 1214.32 2048.65 3081.73 4143.94 5657.86
Provisions Made 21.70 69.48 99.39 (101.16) 224.89 5000.00
Depreciation 111.86 158.11 188.67 234.32 289.59
Other Write offs 0.00 0.00 0.00 0.00 0.00 0.00
EBT 1080.76 1821.06 2793.67 4010.78 5143.38 March ' March ' March ' March ' March '
07 08 09 10 11
Income Tax 418.82 734.86 970.12 1492.37 1747.92
Adjusted PAT 661.94 1086.20 1823.55 2518.41 3395.46 Operating Income Operating Profit Gross Profit
Non Recurring Items (2.91) (15.18) (8.20) (3.87) (6.98)
Other Non Cash adjustments (31.80) 0.00 0.00 0.00 0.00
Reported Net Profit 627.23 1071.02 1815.35 2514.54 3388.48
Equity Dividend 148.79 251.64 420.52 567.45 670.36
Preference Dividend 0.00 0.00 0.00 0.00 0.00
Dividend Tax 0.00 0.00 0.00 0.00 0.00
Retained Earnings 1209.47 1848.47 2948.71 4295.17 6145.57
Profit Levels Total Income Break‐up
6000.00 Total Operating Expenses Provisions Made
Depreciation Other Write offs
5000.00
Income Tax Adjusted PAT
4000.00
3000.00 17%
2000.00
9%
1000.00 0%
2%
1%
0.00 71%
March ' 07 March ' 08 March ' 09 March ' 10 March ' 11
Operating Profit Gross Profit EBT Adjusted PAT
© Sri Krishna Consulting. Please write us for more information: iinfo@srikrishnaconsulting.com |www.srikrishnaconsulting.com
Page 4

5. Balance Sheet
Particulars (Rs. In Cr) March ' 07 March ' 08 March ' 09 March ' 10 March ' 11
CAPITAL & LIABILITIES
Owners' Fund
Equity Share Capital 281.63 357.71 359.01 405.17 410.55
Share Application Money 0.00 2.19 1.21 0.17 0.00
Peference Share Capital 0.00 0.00 0.00 0.00 0.00
Reserves & Surplus 3120.58 8410.79 9854.58 15639.27 18588.28
Total Owners fund 3402.21 8770.69 10214.80 16044.61 18998.83
Loan Funds
Deposits 58785.60 87626.22 117374.11 141300.22 189237.80
Borrowings made by the bank
5195.60 5624.04 10185.48 17169.55 26267.88
Capital Structure
Other Liabilities & Provisions 5873.80 7556.90 9947.67 6133.46 8208.86
Total Loan Fund 69855.00 100807.16 137507.26 164603.23 223714.54
Total 73257.21 109577.85 147722.06 180647.84 242713.37
ASSETS
Cash & Balances with RBI 4661.03 7305.66 9419.21 9473.88 13886.16
Money at call and Short
Notice 2257.27 5198.58 5597.69 5732.56 7522.49
Investments 26897.16 33705.10 46330.35 55974.82 71991.62
Advances 36876.48 59661.14 81556.77 104343.12 142407.83
Fixed Assets
Gross Block
1098.93 1384.70 1741.86 2107.98 3426.49
Less: Revaluation Reserve
0.00 0.00 0.00 0.00 0.00
Less: Accumulated
Depreciation 1098.93 1384.70 1741.86 2107.98 3426.49
Net Block 648.38 794.37 1015.40 1165.18 2250.46 March ' 07 March ' 08 March ' 09 March ' 10 March ' 11
Capital Work‐in‐progress 24.82 128.48 57.48 57.24 22.69
Total Owners fund Total Loan Fund
Other Assets 1892.07 2784.51 3745.15 3901.06 4632.12
Miscellaneous Expenses not
written off 0.00 0.00 0.00 0.00 0.00
Total 73257.21 109577.84 147722.05 180647.86 242713.37
Sources of Capital Total Owners Application of capital
fund
8% 3% 3%
6%
29%
59%
Total Loan
Fund
92%
Cash & Balances with RBI Money at call and Short Notice
Investments Advances
Fixed Assets
© Sri Krishna Consulting. Please write us for more information: iinfo@srikrishnaconsulting.com |www.srikrishnaconsulting.com
Page 5

6. Cash Flow Statement
Particulars (Rs. In Cr) March ' 07 March ' 08 March ' 09 March ' 10 March ' 11
Profit Before Tax 996.24 1646.27 2785.19 3851.36 5135.66
Net CashFlow‐Operating
Net Cash Flow
Activity 5295.53 5960.45 10551.63 28.87 11425.07
Net Cash Used In Investing
Activity (3655.58) (4702.52) (9741.96) (5122.98) (13985.33)
1637.01 4325.79 1692.32
NetCash Used in Fin. Activity 8769.69
1637.01 4325.79 1692.32 5304.07 8769.69
5295.53 5304.07
Net Inc/Dec In Cash And 5960.45 10551.63 11425.07
Equivlnt 3276.46 5585.94 2512.66 189.54 6204.75
28.87
Cash And Equivalnt Begin of
(3655.58) (4702.52) (9741.96) (13985.33
Year 3641.84 6918.31 12504.24 15016.90 15203.91 (5122.98) )
Cash And Equivalnt End Of
Year 6918.31 12504.24 15016.90 15206.44 21408.66
Net CashFlow‐Operating Activity
Net Cash Used In Investing Activity
NetCash Used in Fin. Activity
Quarterly Result
September '
Particulars (Rs. In Cr) December ' 10 March ' 11 June ' 11 11 December ' 11
Interest / Discount on
Advance/Bills 2,600.55 3,062.64 3,470.10 3,687.82 3,963.56
Income on Investment 1,166.83 1,213.06 1,332.84 1,548.64 1,775.23
Profit Levels
Interest on Balance with RBI
48.18 63.59 47.91 11.17 15.47
Others 22.75 27.37 30.55 28.34 22.70
Total Interest Earned 3,838.31 4,366.66 4,881.40 5,275.97 5,776.96
Operating Expenditure
Interest expenses 2,105.19 2,665.66 3,157.30 3,268.71 3,636.66
Employees Cost 396.16 396.02 509.96 498.62 542.04
Other expenses 826.19 934.57 823.53 967.92 968.87
Total Operating Expenses 3,327.54 3,996.25 4,490.79 4,735.25 5,147.57
Operating Profit 510.77 370.41 390.61 540.72 629.39
Other Income 1,147.71 1,450.40 1,167.87 1,234.92 1,429.81
Profit Before Provision and
Tax 1,658.48 1,820.81 1,558.48 1,775.64 2,059.20
Depreciation 0.00 0.00 0.00 0.00 0.00
Provision and Contingencies Operating Profit PBT PAT
313.88 254.39 175.84 405.58 422.33
PBT 1,344.60 1,566.42 1,382.64 1,370.06 1,636.87
Tax 453.24 546.31 440.29 449.74 534.60
PAT 891.36 1,020.11 942.35 920.32 1,102.27
Prior Year Adjustment 0.00 0.00 0.00 0.00 0.00
Extra Ordinary Item 0.00 0.00 0.00 0.00 0.00
Reported Profit 891.36 1,020.11 942.35 920.32 1,102.27
© Sri Krishna Consulting. Please write us for more information: iinfo@srikrishnaconsulting.com |www.srikrishnaconsulting.com
Page 6

7. Growth Analysis
Average
Particulars (%) March ' 08 March ' 09 March ' 10 March ' 11 Growth 5 year CAGR
Operating Income 60.22 54.86 13.70 25.54 31.32 28.78
Operating Expenses
Financial Expenses 47.66 61.75 (7.21) 29.52 26.76 23.48
Personnel Expenses 75.76 48.85 25.88 28.51 36.51 33.45
Selling Expenses 151.22 (37.75) 2.05 67.17 35.06 21.68
Adminstrative Expenses 79.50 51.99 49.69 6.31 35.78 34.13
Expenses Capitalised 0.00 0.00 0.00 0.00 0.00 0.00
Total Operating Expenses 57.34 57.11 8.67 22.42 28.73 26.88
Operating Profit 70.55 47.43 31.40 34.63 39.81 34.78
Other Income (34.75) 490.26 147.12 73.63 168.17 75.24
Gross Profit 68.71 50.43 34.47 36.53 41.91 36.04
Provisions Made 220.18 43.05 (201.78) 322.31 99.02 59.63
Depreciation 41.35 19.33 24.20 23.59 24.70 20.95
Other Write offs 0.00 0.00 0.00 0.00 0.00 0.00
EBT 68.50 53.41 43.57 28.24 41.90 36.62
Income Tax 75.46 32.01 53.83 17.12 36.95 33.08
Adjusted PAT 64.09 67.88 38.10 34.83 45.35 38.68
Non Recurring Items (421.65) 45.98 52.80 (80.36) (49.27) 19.12
Other Non Cash
adjustments 100.00 0.00 0.00 0.00 10.00 (100.00)
Reported Net Profit 70.75 69.50 38.52 34.76 46.44 40.12
Equity Dividend 69.12 67.11 34.94 18.14 38.07 35.13
Preference Dividend 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Tax 0.00 0.00 0.00 0.00 0.00 0.00
Retained Earnings 52.83 59.52 45.66 43.08 48.12 38.42
Growth Factors 5 Year CAGR
80.00
70.00 38.68
36.04 36.62
60.00
50.00 28.78
26.88
40.00
30.00
20.00
10.00
0.00
March ' 08 March ' 09 March ' 10 March ' 11
Operating Income Total Operating Expenses
Operating Total Gross Profit EBT Adjusted PAT
Gross Profit Income Tax Income Operating
Adjusted PAT Expenses
© Sri Krishna Consulting. Please write us for more information: iinfo@srikrishnaconsulting.com |www.srikrishnaconsulting.com
Page 7

8. Comparative Analysis
Income Statement
Particulars (%) March ' 07 March ' 08 March ' 09 March ' 10 March ' 11
Operating Income 100.00 100.00 100.00 100.00 100.00
Operating Expenses
Financial Expenses 54.81 50.51 52.76 43.05 44.42 Comparative Profit
Personnel Expenses 6.98 7.66 7.36 8.15 8.34
Selling Expenses 0.54 0.85 0.34 0.31 0.41
Adminstrative Expenses 15.82 17.73 17.40 22.91 19.40
Expenses Capitalised 0.00 0.00 0.00 0.00 0.00
Total Operating Expenses 78.16 76.75 77.86 74.42 72.57
Operating Profit 21.84 23.25 22.14 25.58 27.43
Other Income 0.39 0.16 0.60 1.31 1.81
Gross Profit 22.23 23.41 22.74 26.90 29.25
Provisions Made 0.40 0.79 0.73 (0.66) 1.16
Depreciation 2.05 1.81 1.39 1.52 1.50
Other Write offs 0.00 0.00 0.00 0.00 0.00
EBT 19.79 20.81 20.62 26.03 26.59 March ' 07 March ' 08 March ' 09 March ' 10 March ' 11
Income Tax 7.67 8.40 7.16 9.69 9.04
Operating Profit Gross Profit Adjusted PAT EBT
Adjusted PAT 12.12 12.41 13.46 16.35 17.55
Non Recurring Items (0.05) (0.17) (0.06) (0.03) (0.04)
Other Non Cash adjustments (0.58) 0.00 0.00 0.00 0.00
Reported Net Profit 11.48 12.24 13.40 16.32 17.52
Balance Sheet
Particulars (%) March ' 07 March ' 08 March ' 09 March ' 10 March ' 11
CAPITAL & LIABILITIES
Owners' Fund
Comparative Analysis‐Sources of
Equity Share Capital 0.38 0.33 0.24 0.22 0.17 Fund
Share Application Money 0.00 0.00 0.00 0.00 0.00
Peference Share Capital 0.00 0.00 0.00 0.00 0.00 77.97
Reserves & Surplus 4.26 7.68 6.67 8.66 7.66
Total Owners fund 4.64 8.00 6.91 8.88 7.83
Loan Funds 7.83 10.82 3.38
Deposits 80.25 79.97 79.46 78.22 77.97
Borrowings made by the 7.09 5.13 6.90 9.50 10.82
Other Liabilities & 8.02 6.90 6.73 3.40 3.38
Total Loan Fund 95.36 92.00 93.09 91.12 92.17 Total Owners fund
Total 100.00 100.00 100.00 100.00 100.00
Deposits
ASSETS
Borrowings made by the bank
Cash & Balances with RBI 6.36 6.67 6.38 5.24 5.72
Other Liabilities & Provisions
Money at call and Short 3.08 4.74 3.79 3.17 3.10
Investments 36.72 30.76 31.36 30.99 29.66
Advances 50.34 54.45 55.21 57.76 58.67
Fixed Assets
Gross Block 1.50 1.26 1.18 1.17 1.41
Less: Revaluation Reserve 0.00 0.00 0.00 0.00 0.00
Less: Accumulated 1.50 1.26 1.18 1.17 1.41
Net Block 0.89 0.72 0.69 0.65 0.93
Capital Work‐in‐progress 0.03 0.12 0.04 0.03 0.01
Other Assets 2.58 2.54 2.54 2.16 1.91
Miscellaneous Expenses not 0.00 0.00 0.00 0.00 0.00
Total 100.00 100.00 100.00 100.00 100.00
© Sri Krishna Consulting. Please write us for more information: iinfo@srikrishnaconsulting.com |www.srikrishnaconsulting.com
Page 8

9. Index Analysis
Income Statement
Particulars March ' 07 March ' 08 March ' 09 March ' 10 March ' 11
Operating Income 100.00 160.22 248.11 282.11 354.18
Operating Expenses
Financial Expenses 100.00 147.66 238.84 221.61 287.03
Personnel Expenses 100.00 175.76 261.61 329.31 423.21 Profit Index
Selling Expenses 100.00 251.22 156.38 159.59 266.78
Adminstrative Expenses 100.00 179.50 272.82 408.38 434.15
Expenses Capitalised
Total Operating Expenses 100.00 157.34 247.18 268.62 328.84
Operating Profit 100.00 170.55 251.44 330.39 444.80
Other Income 100.00 65.25 385.17 951.84 1652.64
Gross Profit 100.00 168.71 253.78 341.26 465.93
March ' 07 March ' 08 March ' 09 March ' 10 March ' 11
Provisions Made 100.00 320.18 458.02 (466.18) 1036.36
Depreciation 100.00 141.35 168.67 209.48 258.89
Other Write offs 0.00 0.00 0.00 0.00 0.00 Gross Profit
EBT 100.00 168.50 258.49 371.11 475.90
Adjusted PAT
Income Tax 100.00 175.46 231.63 356.33 417.34 Reported Net Profit
Adjusted PAT 100.00 164.09 275.49 380.46 512.96 Operating Income
Non Recurring Items 100.00 521.65 281.79 132.99 239.86
Other Non Cash adjustments 100.00 0.00 0.00 0.00 0.00
Reported Net Profit 100.00 170.75 289.42 400.90 540.23
Balance Sheet
Particulars March ' 07 March ' 08 March ' 09 March ' 10 March ' 11
CAPITAL & LIABILITIES
Owners' Fund
Equity Share Capital 100.00 127.01 127.48 143.87 145.78 Liability Index
Share Application Money 0.00 0.00 0.00 0.00 0.00
Peference Share Capital 0.00 0.00 0.00 0.00 0.00
Reserves & Surplus 100.00 269.53 315.79 501.17 595.67
Total Owners fund 100.00 257.79 300.24 471.59 558.43
Loan Funds
Deposits 100.00 149.06 199.66 240.37 321.91
Borrowings made by the 100.00 108.25 196.04 330.46 505.58
Other Liabilities & 100.00 128.65 169.36 104.42 139.75
Total Loan Fund 100.00 144.31 196.85 235.64 320.26
Total 100.00 149.58 201.65 246.59 331.32 March ' 07 March ' 08 March ' 09 March ' 10 March ' 11
ASSETS
Total Owners fund Total Loan Fund
Cash & Balances with RBI 100.00 156.74 202.08 203.26 297.92
Money at call and Short 100.00 230.30 247.98 253.96 333.26
Investments 100.00 125.31 172.25 208.11 267.66
Advances 100.00 161.79 221.16 282.95 386.18
Fixed Assets
Gross Block 100.00 126.00 158.51 191.82 311.80
Less: Revaluation Reserve 0.00 0.00 0.00 0.00 0.00
Less: Accumulated 100.00 126.00 158.51 191.82 311.80
Net Block 100.00 122.52 156.61 179.71 347.09
Capital Work‐in‐progress 100.00 517.65 231.59 230.62 91.42
Other Assets 100.00 147.17 197.94 206.18 244.82
Miscellaneous Expenses not 0.00 0.00 0.00 0.00 0.00
Total 100.00 149.58 201.65 246.59 331.32
© Sri Krishna Consulting. Please write us for more information: iinfo@srikrishnaconsulting.com |www.srikrishnaconsulting.com
Page 9

10. Ratio Analysis
Particulars(Annual) March ' 07 March ' 08 March ' 09 March ' 10 March ' 11
Capital Adequacy Ratio 11.57 13.73 13.69 15.80 12.65
EARNINGS RATIOS
Income from Fund 49.48 54.23 55.09 51.83 53.78 Per Share Ratio
Advances as a % of Op
Income
Operating Income as a % of 14.81 14.66 16.61 14.76 13.58
Working Funds
Fund based income as a % 85.58 84.55 83.65 82.80 82.21
of Op Income
Fee based income as a % of 14.41 15.44 16.34 17.19 17.78
Op Income
PROFITABLITY RATIOS
Yield on Fund Advances 7.32 7.95 9.15 7.65 7.30
Break‐Even Yield Ratio 8.11 7.40 8.76 6.35 6.03
Cost of Funds Ratio 4.67 4.73 5.60 4.18 3.98 March ' 07 March ' 08 March ' 09 March ' 10 March ' 11
Net Profit Margin 12.01 12.22 13.31 16.10 17.20
Adjusted Return On Net 19.45 12.38 17.85 15.69 17.87 Yield on Fund Advances
Worth
Break‐Even Yield Ratio
Reported Return On Net 19.37 12.21 17.77 15.67 17.83
Worth Cost of Funds Ratio
BORROWING RATIOS Net Profit Margin
Borrowings from RBI as % 0.00 0.00 10.59 0.00 0.00
to Total Borrowings
Borrowings from other 11.54 0.00 2.94 2.64 5.41
banks as a % to Total
Borrowings from others as a 23.17 9.72 16.02 40.37 24.39 Deposit Ratio
% to Total Borrowings
Borrowings within India as 34.71 9.72 29.56 43.01 29.81
a % to Total Borrowings
Borrowings from outside 65.28 90.27 70.43 56.98 70.18
India as a % to Total
DEPOSIT RATIOS
Demand Deposit of Total 19.22 22.87 21.14 22.76 19.50
Deposits
Saving Deposit of Total 20.62 22.80 21.99 23.96 21.58
Deposits
Time Deposit of Total 60.14 54.32 56.85 53.27 58.90
Deposits
Deposits within India as % 99.63 98.59 97.93 97.08 96.53
to Total Deposits March ' 07 March ' 08 March ' 09 March ' 10 March ' 11
Deposits Outside India as % 0.36 1.40 2.06 2.91 3.46
to Total Deposits Demand Deposit of Total Deposits
PER BRANCH RATIOS Saving Deposit of Total Deposits
Operating Income Per 9.74 13.04 16.23 14.89 13.92
Branch Time Deposit of Total Deposits
Operating Profit Per Branch 2.13 3.03 3.59 3.81 3.82
Net Profit Per Branch 1.18 1.62 2.18 2.43 2.44
Personnel Expenses Per 0.68 1.00 1.19 1.21 1.16
Branch
Administrative Expenses 1.54 2.31 2.82 3.41 2.70 Per Branch Ratio
Per Branch
Financial Expenses Per 5.34 6.59 8.56 6.41 6.18
Branch
Borrowings Per Branch 9.26 8.38 12.20 16.59 18.90
Deposits Per Branch 104.79 130.59 140.57 136.52 136.14
PER EMPLOYEE RATIOS
Operating Income Per 5472542.38 5937094.24 6570475.71 7120025.42 7317430.49
March ' March ' March ' March ' March '
Employee 07 08 09 10 11
Operating Profit Per 1195476.65 1380554.04 1454576.46 1821519.59 2007506.56 Operating Income Per Branch
Employee Net Profit Per Branch
Net Profit Per Employee 663264.93 736959.83 884192.35 1163772.64 1284458.79 Borrowings Per Branch
Personnel Expenses Per 382110.32 454745.30 483738.61 580324.35 610516.40
Employee Deposits Per Branch
Deposits Per Employee 58903407.92 59451944.23 56911416.41 65295849.12 71586079.44
Fund Advances Per 36950383.97 40478420.92 39544591.64 48217707.39 53870939.51
Employee
© Sri Krishna Consulting. Please write us for more information: iinfo@srikrishnaconsulting.com |www.srikrishnaconsulting.com
Page 10

11. Ratio Analysis
September '
Particulars(Quarterly) December ' 10 March ' 11 June ' 11 11 December ' 11
PER SHARE RATIOS Quarterly Profit Margin
Operating Income Per
Share(Rs.) 93.09 105.91 118.39 127.96 140.11
Operating Profit Per
Share(Rs.) 12.39 8.98 9.47 13.11 15.26
Adjusted EPS(Rs.) 21.62 24.74 22.86 22.32 26.73
PROFITABILITY RATIOS
Operating Profit Margin(%) 13.31 8.48 8.00 10.25 10.89
Gross Profit Margin(%) 33.26 31.30 25.76 27.27 28.57
Net Profit Margin(%) 17.88 17.54 15.58 14.14 15.29
OTHERS RATIO
CAR 12.46 12.65 12.53 11.35 11.78
Gross NPA (%) 1.09 1.01 1.06 1.08 1.10
Net NPA (%) 0.29 0.26 0.31 0.34 0.39
Operating Profit Margin(%)
Gross Profit Margin(%)
TTM Analysis Net Profit Margin(%)
Particulars (Rs. In Cr) September ' 11 % of Sales December ' 11 % of Sales Growth(%)
Interest / Discount on
Advance/Bills 12821.11 69.82 14184.12 69.87 10.63 TTM Growth (%)
Income on Investment 5261.37 28.65 5869.77 28.91 11.56
Interest on Balance with RBI
170.85 0.93 138.14 0.68 (19.15)
Others 109.01 0.59 108.96 0.54 (0.05) 10.56 11.00
Total Interest Earned 18362.34 100.00 20300.99 100.00 10.56 6.54 5.59
Operating Expenditure 0.00 0.00 0.00 0.00 NA
Interest expenses 11196.86 60.98 12728.33 62.70 13.68
Employees Cost 1800.76 9.81 1946.64 9.59 8.10 Total Total Operating PAT
Interest Operating Profit
Other expenses 3552.21 19.35 3694.89 18.20 4.02 Earned Expenses
Total Operating Expenses 16549.83 90.13 18369.86 90.49 11.00
Operating Profit 1812.51 9.87 1931.13 9.51 6.54
Other Income 5000.90 27.23 5283.00 26.02 5.64
Profit Before Provision and
Tax 6813.41 37.11 7214.13 35.54 5.88
Depreciation 0.00 0.00 0.00 0.00 NA
TTM EPS & SPS
Provision and Contingencies
1149.69 6.26 1258.14 6.20 9.43
PBT 5663.72 30.84 5955.99 29.34 5.16
Tax 1889.58 10.29 1970.94 9.71 4.31
PAT 3774.14 20.55 3985.05 19.63 5.59
Prior Year Adjustment 0.00 0.00 0.00 0.00 NA
Extra Ordinary Item 0.00 0.00 0.00 0.00 NA
Reported Profit 3774.14 20.55 3985.05 19.63 5.59
TTM EPS 91.54 96.65 5.58
TTM SPS 445.35 492.36 10.56 September ' 11 December ' 11
© Sri Krishna Consulting. Please write us for more information: iinfo@srikrishnaconsulting.com |www.srikrishnaconsulting.com
Page 11

12. Technical Analysis
Price Chart
1400 8000000
1200 7000000
6000000
1000
5000000
800
4000000
600
3000000
400
2000000
200 1000000
0 0
21‐Nov 31‐Jan 13‐Apr
Total Traded Quantity Close Price EMA(200) EMA(50)
100.00
50.00
0.00
‐50.00
‐100.00
MACD Signal line
100
80
60
40
20
0
RSI(14)
Technical Indicators
Price 1094.75 AS On: 25/04/2012
EMA(13) 1161.56 ADX 11
EMA(26) 1147.61 DX 23
EMA(50) 1119.98 +DI 15
EMA(200) 1178.53 ‐DI 24
RSI(14) 38.19 %K(Fast) 0
MACD 13.95 %K(Slow) 0
William(%R) ‐100.00 %d(Slow) 19.67
© Sri Krishna Consulting. Please write us for more information: iinfo@srikrishnaconsulting.com |www.srikrishnaconsulting.com
Page 12

13. Service Description
We provide financial research and analytics services to our worldwide client. Our research is customized and
proprietary to our clients and often provided in client formats and templates. Our expert team of analyst add crucial
values to client proprietary methodology and add efficiencies.
Equity Research
SKC Provides a broad range of services in this segment. We serve both buy side and sell side clients like, bulge bracket
equity research departments, hedge funds, investment advisers and independent research houses. Our analytical
capabilities includes: bottom‐up earnings forecasts, discounted cash flow valuation models, thematic sector
research, and research summaries etc.
Financial Modeling & Analytics
SKC provides all investment research and Financial Modeling solution to the clients. Our Quantitative team comprises of
highly qualified professionals with vast experience in Financial Modeling. Our Expert team of statisticians provides
financial modeling design suggestion to clients.
Fixed Income & Credit Research
We serve bulge bracket banks as well as credit hedge funds in Fixed Income and Credit research segments. Our
investment analysis involves forecasting of interest rate structure, Risk analysis and E‐I‐C research.
Technical Analysis
We are leading provider of technical analysis strategies and methodology. Our technical strategies cover
equity, index, Forex, commodities and fixed‐income markets. Our chartists and mathematical approaches match
requirements of various investment styles, from intraday trading to swing trading and long term investments.
Commodity Research and Analysis
We are focused on fundamental and technical analysis of global commodities market. Our unique commodity research
and market insights will enable our customers to grasp the present scenario of the market and what will it be in the
future. Our commodity research team provides a complete solution from price discovery to analysis.
Forex Research and Analysis
Our Forex Research expert team can delivers Forex‐related insight, tools, and information that you need to make great
decisions about your Forex trading. We are at industry forefront in terms of Forex research service quality with
extensive market experience and effective qualified specialist expertise.
Our goal and focus is to provide the intelligence, opinion, and analysis of the currency that will meet your needs and
foster your trading success.
We Are Always Open For A Free Trial
© Sri Krishna Consulting. Please write us for more information: iinfo@srikrishnaconsulting.com |www.srikrishnaconsulting.com
Page 13