634923128569929457

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634923128569929457

  1. 1. 28 December 2012 Update | Sector: Financials IndusInd Bank BSE SENSEX S&P CNX 19,324 5,870 CMP: INR416 TP: INR500 Buy Leveraging niche presence, fuelled with capital Upgrading FY14 EPS estimate by 8%; 20% upside  Bloomberg Equity Shares (m) 52-Week Range (INR) 1,6,12 Rel.Perf.(%) M.Cap. (INR b) M.Cap. (USD b) IIB IN 521.8 436/222 3/12/52 217.1 3.9    Valuation summary (INR b) Y/E March 2013E 2014E 2015E NII (INR b) 21.9 28.5 35.4 OP (INR b) 18.5 24.5 30.9 NP (INR b) 10.5 13.7 17.2 EPS (INR) 20.1 26.3 32.9 EPS Gr. (%) 17.4 30.5 25.2 BV/Sh. (INR) 142.2 164.7 192.8 ROE (%) 17.6 17.1 18.4 ROA (%) 1.7 1.8 1.8 P/E (x) 20.7 15.8 12.6 P/BV (x) 2.9 2.5 2.2  Business growth remains strong and asset quality stable. We model in FY12-15 loan CAGR of 25%+ and credit cost of ~70bp. Expect 2HFY13 margin to improve ~40bp+ over 1HFY13; FY14 margin to further improve 20bp YoY on the back of capital raising and higher CASA ratio. Addition of new products and deeper penetration of existing fee businesses led to strong growth in fee income. As a result fee income to average assets has improved from 1.3% in FY09 to 1.8% in FY12. Expect healthy growth to continue. Recent capital infusion of INR20b will improve Tier 1 capital to 15%+ (highest amongst private banks), sufficient to fuel growth for the next three years. We upgrade our FY14 EPS estimate by 8%+ to factor in higher margins. Maintain Buy with a revised target price of INR500 (3x FY14BV), 20% upside. Growth and asset quality remains strong IIB continues to enjoy strong growth (35%+ CAGR over last three years) and superior asset quality (GNPA of 0.8%) in CV loans (24% of total book), despite sector slowdown. The underlying success factors are: (1) strong credit appraisal, (2) high repeat business, and (3) focus on the lower-stress SRTO segment (small road transport operators). In corporate loans segment, IIB's asset quality is helped by (1) diversified loan book, and (2) low proportion of term/unsecured loans. Management is confident of maintaining healthy loan growth of 25-30% and superior asset quality (which would keep credit cost under control). Shareholding pattern % 5-Dec-12 Sep-12 Jun-12 Promoter 17.4 19.4 19.4 Foreign 36.6 34.3 34.2 9.3 8.8 8.7 36.7 37.6 37.7 Dom. Inst Others Stock performance (1 year) Expect margins to improve gradually We expect IIB to be a key beneficiary of likely reversal in interest rate cycle in 4QFY13 - high-cost deposits will be re-priced at a lower rate, whereas higher mix of fixed rate loans (~50% of overall) implies lower decline in yields. Further, improving CASA ratio and recent capital infusion of INR20b would help margin expansion. Expect 2HFY13 margin to improve ~40bp+ over 1HFY13; FY14 margin to further improve 20bp YoY on the back of capital raising and higher CASA ratio. Strong traction in new customers continues; positive for CASA, fees Rapid branch expansion (to 441 from 210 in FY10), product innovation and higher interest rate on savings deposits has led to 75%+ increase in new customers (average of 0.08m in FY11 v/s 1.45m in 2HFY13). This is positive for CASA and fee income generation through cross selling of third party products. FY14 EPS estimate up 8%, revised target price to INR500 Investors are advised to refer through disclosures made at the end of the Research Report. We upgrade IIB's FY14 EPS by 8% to factor in higher margins. Our comfort with IIB is based on: (1) Strong capitalization (15%+ Tier I post 10% equity dilution), (2) Healthy business growth (25%+), (3) Margin expansion, and (4) Healthy asset quality outlook. Maintain Buy with a revised target price of INR500 (3x FY14BVE), 20% upside. Alpesh Mehta (Alpesh.Mehta@MotilalOswal.com); + 91 22 3982 5415 Sohail Halai (Sohail.Halai@motilaloswal.com) +91 22 3982 5430
  2. 2. IndusInd Bank Growth continues to be strong; Retail traction holding on well Management expects medium-term loan growth to be 25-30% IIB continues to demonstrate strong growth in both its segments - consumer finance (39% CAGR over FY09-12) and corporate finance (24% CAGR). Strong growth in consumer finance segment in last two years has led to its share rising to 52% of loan book as compared to 40.4% in FY10. Management expects medium-term loan growth to be 25-30% (more skewed towards lower end in challenging macro-environment) with share of consumer finance expected to be in the range of 48-52% in near term. Loan growth continues to be above industry average Share of consumer financing on the rise (%) While corporate finance book grew at a CAGR of 24% in last three years consumer finance reported a CAGR of 39% resulting in higher incremental share of consumer financing in overall loans Source: Company, MOSL Asset quality healthy; Factoring higher credit cost, positive surprise likely Earnings impact is likely to be limited as expansion of NIM would support return ratios. Factoring higher credit cost... IIB's robust loan growth is coupled with healthy asset quality performance (GNPA of 1%/1.1% and NNPA of 0.3% in both corporate finance and consumer finance division). Management is confident of maintaining healthy asset quality which would help contain credit cost (even post accounting for one large stress account of INR1b in media sector). We model slippage ratio to rise to average of 1.7% over FY13-15 (1.1% in FY12) and credit costs to increase to 0.7% (0.47% in FY12). However, earnings impact is likely to be limited as expansion of NIM would support return ratios. … however higher margins would provide cushion Even as we factor in credit cost to rise from 45bp in FY12 to average of 70bp over FY13/15, risk adjusted margin would improve, led by sharp improvement in NIMs Source: Company, MOSL 28 December 2012 2
  3. 3. IndusInd Bank CVs: A key driver for consumer finance; asset quality holding up well CV loans make up ~24% of IIB's overall portfolio and ~50% of its consumer finance portfolio. Despite slowdown in the CV sector, IIB continues to report strong loan growth (CAGR 35%+ over last three years) with good asset quality (GNPA of ~0.8% v/s ~1.5% in FY10). Management attributes this success to (1) its domain expertise, (2) strong credit appraisal, (3) higher amount of repeat business, (4) lower exposure to mining segment, and (5) presence in SRTO segment (small road transport operators). Our interactions with various participants also suggests that while stress has increased for large fleet operators and first-time users, SRTOs are still better off due to their higher flexibility in deploying vehicles. Performance in CV segment continues to be healthy (%) Healthy loan growth is coupled with continuous decline in NPA - an all round improvement Source: Company, MOSL Rising focus on used vehicles segment: IIB has also increased focus on used vehicle segment which now forms less than 25% of CV portfolio i.e. 5%+ of overall loans. Incrementally, used CV forms about 13% of overall disbursement, which would also be beneficial for margins (yields on used CVs is 16-17% v/s 14% for new CVs). IIB focuses on existing customers with strong track record to grow its used CV portfolio, thereby lowering asset quality risk and raising risk-adjusted margins. Leveraging on its franchise: New product addition showing better than expected growth IIB has increased its focus on loan against property (LAP) where yields are in the range of 12-13%. Management would be targeting professionals and businessmen in this segment, and intends to grow its portfolio from INR10b in 2HFY13 to INR45-50b by FY14. It also disburses home loan products for HDFC, wherein it earns commission of 90bp and cross selling fees of 30-50bp. Further, led by differentiated strategy credit card business is also yielding strong earnings. 28 December 2012 3
  4. 4. IndusInd Bank Consumer finance portfolio continues to be strong CV portfolio dominating consumer finance segment (%) Consumer financing growth continues to remain strong, focus to increase on used CV vehicle and LAP Source: Company, MOSL Slippages on consumer finance book contained On back of healthy asset quality performance IIB continue to increase its PCR on its consumer finance portfolio despite high percentage of book being backed by security Source: Company, MOSL Consumer finance segment: Asset quality exhibiting an improving trend across segments 3QFY10 GNPA (%) CV Utility CE 3W 2W Cars NNPA (%) CV Utility CE 3W 2W Cars 4QFY10 1QFY11 2QFY11 3QFY11 4QFY11 1QFY12 2QFY12 3QFY12 4QFY12 1QFY13 2QFY13 1.89 1.18 1.92 0.37 5.24 4.76 1.49 1.10 1.62 0.37 5.19 3.17 1.38 1.17 1.50 1.14 5.34 3.36 1.39 0.95 1.67 0.61 5.62 2.74 1.45 1.05 1.60 0.53 4.51 2.16 1.17 1.08 1.37 0.62 3.77 1.58 1.06 1.54 1.44 1.08 3.73 1.41 1.06 1.58 1.51 0.97 3.77 1.24 1.07 1.43 1.31 1.08 3.74 1.17 1.00 1.31 1.22 0.95 3.32 0.99 0.71 0.92 0.99 0.81 3.47 0.76 0.75 0.86 0.84 0.90 3.36 0.71 1.40 0.77 1.61 0.29 4.08 3.59 0.84 0.64 1.23 0.29 3.85 2.69 0.64 0.77 0.78 0.94 2.39 1.58 0.67 0.56 0.84 0.45 2.62 1.19 0.69 0.62 0.73 0.36 1.94 0.81 0.43 0.48 0.48 0.43 1.38 0.55 0.31 0.80 0.60 0.79 1.55 0.79 0.33 0.85 0.66 0.72 1.69 0.38 0.40 0.35 0.58 0.66 1.77 0.37 0.36 0.34 0.46 0.56 1.45 0.29 Source: 0.20 0.17 0.15 0.14 0.31 0.09 0.45 0.56 1.44 1.43 0.19 0.19 Company, MOSL 28 December 2012 4
  5. 5. IndusInd Bank Corporate finance: Growth strong; higher proportion of working capital finance In the corporate finance segment, IIB continues to be a working capital financier, with low share of project loans (especially in infrastructure segment) vis-à-vis some of its peers. The growth in corporate portfolio is on two counts: (1) continued acquisition of new clients, and (2) increased working capital demand. IIB's corporate portfolio at the end of 2QFY13 stood at INR190b, post adjustment for sell-downs of INR25-30b which it resorts to every quarter for better management of yields and margins. The bank is confident that its current strategy would lead to healthy business growth in the near term. Growth in corporate finance book remains healthy Diversified corporate finance portfolio (%) Diversified loan portfolio; Corporate loan growth moderates but should be seen in the context of bank resorting to sell-down of INR25-30b per quarter to manage yields Source: Company, MOSL Healthy asset quality performance in challenging times In terms of asset quality IIB has been able to deliver strong asset quality performance with average slippage ratio being contained at 0.8% and credit cost at 0.4%. Diversified loan book (major sectors <4% of overall e.g. power just 2.4%), exposure to high-rated companies, and lower proportion of unsecured loan have combined to help IIB maintain its asset quality even during the downturn. The management believes its strong and improving core operations will enable it to absorb corporate-specific risks. Asset quality in CCB though volatile remains manageable (%) Corporate specific risk to remain but overall asset quality will remain manageable Source: Company, MOSL 28 December 2012 5
  6. 6. IndusInd Bank Improvement in margins on the cards Reversal of intrest rate, higher share of fixed rate loans and recent capital infusion would boost margins Since 3QFY11, IIB's margins declined over 35bp+ to 3.25% led by increase in cost of funds (+200bp). While yields on corporate loan portfolio increased 235bp+, higher share of fixed rate loans restricted overall yield improvement to just 160bp and thus impacted margins negatively. The above scenario is likely to reverse in the expected falling interest rate regime (wherein wholesale deposit rates cool off), and we expect IIB to be a key beneficiary. Margins are expected to improve as almost 50% of the loan book is fixed in nature with duration of more than one year. Even though on the corporate side, loans yields are expected to decline, overall loan yields will likely fall to a lesser extent. Further, improving liability profile and recently raised equity of INR20b (positive impact of 40bp) would boost NIM. We factor in margin improvement of ~40bp in 2HFY13 over 1HFY13 and further 20bp+ YoY for FY14. Spread in consumer finance portfolio largely stable (%) As a result margin continued to decline With reversal in interest rate cost of deposits is likely to ease whereas yields on consumer finance portfolio is expected to be sticking and help margin up-tick Source: Company, MOSL Strong traction in new customers continues; positive for CASA, fee income Differentiated product offerings, high interest rate on saving deposit rate, and rapid branch expansion have led to strong traction in new customers for IIB. In 1HFY13, average quarterly run-rate of new customers was 0.14m v/s 0.08m in FY11. This has helped IIB's high growth in savings deposits (61% post savings rate deregulation); savings deposits share has increased to 11.1% of overall from 8.6% in FY11. (In 2QFY13, savings deposit growth however moderated led by withdrawal by some high value deposit customers.) Management mentioned that the traction in new customer addition remains robust and savings deposit growth is also likely to improve. On the other hand, traction in current account (CA) deposit remains strong (+32% CAGR over FY09-12; share of CA deposit in overall deposits is highest among peers). We expect CASA ratio to improve to 31% by FY15 v/s 27% in FY12. 28 December 2012 6
  7. 7. IndusInd Bank Traction in new customer addition remains strong Branch network continues to increase at a rapid pace SA deposit has grown by 60%+ post de-regulation of SA deposit rates; new to bank customers to ensure strong growth in future CASA ratio improves led by SA deposits (%) CASA per branch low as compared to peers (INR m) CA per branch is next best to AXSB, and with maturing branch network and strong customer addition expect SA per branch to improve as well providing boost to CASA deposits Fee income growing strongly Even as new customer acquisition is showing good traction, retaining and higher cross-sell is a key focus area of the bank. Addition of new products and deeper penetration of existing fee businesses led to strong growth in fee income. Fee income to average assets increased to 1.8% in FY12 v/s 1.3% in FY09. While challenging environment (e.g. slowdown in corporate fees) would moderate overall fee income, opportunities to cross-sell and rapid addition of new customers would provide some cushion. Management continues to guide for fee income growth to be faster than balance sheet growth. We model in fee income CAGR of 27% through FY15 with fee income to average assets of ~2%. Fee income growth expected to remain healthy Fee income to average assets one of the best in the industry Source: Company, MOSL 28 December 2012 7
  8. 8. IndusInd Bank Strong capitalization sufficient for next three years' growth IIB has recently raised fresh equity capital to the tune of INR20b (at 2.8x post issue BV). Following this capital infusion, promoters' holding has fallen to ~17% (which needs to be reduced to 10% as per RBI's existing guidelines; how this will be done is unclear for now). A combination of ESOP dilution (~7% of pre-dilution equity) and possibility of RBI to keep promoter ownership in line with the banking amendment bill should however is positive. Tier I ratio has improved to 15%+ which would suffice for next three years of growth. Our calculations suggest that post-capital raising, FY13 BV is up ~24%, and FY14E BV up 19%. While RoAs will remain strong at 1.7%+, RoE would fall to 17% from the current level of 20%+, before gradually picking up on back of increasing leverage. Strong capitalization - armed for strong growth (%) Source: Company, MOSL Valuation and view: Upgrading FY14 EPS 8%, Buy We upgrade our FY14 EPS estimate by 8% to factor in higher margins (+20bp). Superior margins, focused fee income strategy and control over C/I ratio will keep core operating profitability strong.  Improving liability franchise, structural improvement in RoA, and 25%+ asset growth should help IIB to post one of the highest PAT CAGR (28%) among the banks under our coverage.  While asset quality remains strong, we model higher credit cost of 70bp over FY13-15 v/s 45bp in FY12, to factor in possible rise in delinquency. However, levers for margin improvement and strong fee income growth will keep RoAs strong at 1.7%+ over FY13-15.  Maintain Buy with a revised target price of INR500 (3x FY14E BV).  28 December 2012 8
  9. 9. IndusInd Bank We upgrade our earnings estimates to factor positive impact of capital raising (INR b) Net Interest Income Other Income Total Income Operating Expenses Operating Profits Provisions PBT Tax PAT Margins (%) Credit Cost (%) RoA (%) RoE (%) BV EPS Old Estimates FY13 FY14 21.4 27.1 13.7 17.2 35.1 44.3 17.0 21.3 18.1 22.9 2.8 4.2 15.3 18.7 5.0 6.1 10.3 12.7 3.7 3.8 0.6 0.8 1.6 1.6 20.8 21.3 115.1 138.1 22.0 26.9 New Estimates FY13 FY14 21.9 28.5 13.7 17.7 35.6 46.2 17.0 21.7 18.5 24.5 3.0 4.2 15.6 20.3 5.1 6.6 10.5 13.7 3.8 4.0 0.7 0.8 1.7 1.8 17.6 17.1 142.2 164.7 20.1 26.3 % Change FY13 FY14 2.2 5.1 0.0 2.9 1.4 4.3 0.0 1.5 2.6 6.8 7.2 0.0 1.8 8.4 1.8 8.4 1.8 8.4 Introducing FY15 est. 35.4 21.9 57.3 26.4 30.9 5.3 25.6 8.5 17.2 4.0 0.8 1.8 18.4 23.6 19.3 192.8 -8.4 -2.5 32.9 Source: Company, MOSL DuPont Analysis Y/E MARCH Net Interest Income Fee income Fee to core Income (%) Core Revenue Operating Expenses Cost to Core Income Employee cost Employee to total exp (%) Other operating expenses Core Operating Profits Trading and others Operating Profits Provisions PBT Tax Tax Rate (%) RoA Leverage RoE One year forward P/E FY06 1.90 0.96 33.67 2.86 1.90 66.66 0.51 26.78 1.39 0.95 0.17 1.13 0.77 0.36 0.13 37.79 0.22 19.61 4.34 FY07 1.41 1.21 46.21 2.62 1.78 68.17 0.50 27.99 1.28 0.83 0.06 0.89 0.33 0.56 0.20 36.47 0.35 20.05 7.10 FY08 1.36 1.17 46.25 2.53 1.82 71.87 0.55 30.31 1.27 0.71 0.18 0.89 0.37 0.52 0.18 34.33 0.34 20.39 6.93 FY09 1.80 1.33 42.39 3.13 2.15 68.66 0.74 34.21 1.41 0.98 0.47 1.45 0.55 0.89 0.31 34.79 0.58 20.04 11.69 FY10 2.81 1.37 32.78 4.19 2.34 55.81 0.92 39.48 1.41 1.85 0.38 2.24 0.54 1.69 0.58 34.28 1.11 17.52 19.49 FY11 3.40 1.55 31.38 4.95 2.49 50.28 0.94 37.94 1.55 2.46 0.21 2.67 0.50 2.17 0.75 34.38 1.43 13.52 19.27 FY12 3.30 1.77 34.89 5.07 2.60 51.31 0.94 36.15 1.66 2.47 0.19 2.66 0.35 2.31 0.76 32.70 1.55 12.37 19.23 FY13E FY14E FY15E 3.45 3.68 3.73 1.91 1.96 1.98 35.64 34.72 34.63 5.36 5.64 5.71 2.68 2.80 2.78 50.13 49.68 48.73 1.02 1.09 1.10 38.18 39.06 39.70 1.66 1.71 1.68 2.67 2.84 2.93 0.25 0.33 0.32 2.92 3.17 3.25 0.47 0.54 0.55 2.45 2.63 2.70 0.80 0.85 0.89 32.50 32.50 33.00 1.66 1.77 1.81 10.63 9.65 10.19 17.60 17.12 18.41 Source: Company, MOSL One year forward P/BV Source: Company, MOSL 28 December 2012 9
  10. 10. IndusInd Bank Financials and Valuation Income Statement (INR Million) Y/E March 2010 Interest Income 27,070 Interest Expense 18,206 Net Interest Income 8,864 Change (%) 93.1 Non Interest Income 5,534 Net Income 14,399 Change (%) 57.3 Operating Expenses 7,360 Pre Provision Profits 7,039 Change (%) 91.1 Provisions (excl tax) 1,709 PBT 5,330 Tax 1,827 Tax Rate (%) 34.3 PAT 3,503 Change (%) 136.1 Equity Dividend (Incl tax) 865 Core PPP* 5,827 Change (%) 129.9 *Core PPP is (NII+Fee income-Opex) 2011 35,894 22,129 13,765 55.3 7,137 20,902 45.2 10,085 10,817 53.7 2,019 8,798 3,025 34.4 5,773 64.8 932 9,764 67.6 2012 53,592 36,549 17,042 23.8 10,118 27,160 29.9 13,430 13,730 26.9 1,804 11,927 3,900 32.7 8,026 39.0 1,196 12,680 29.9 2013E 69,690 47,812 21,878 28.4 13,695 35,574 31.0 17,040 18,534 35.0 2,966 15,569 5,060 32.5 10,509 30.9 1,537 16,954 33.7 Balance Sheet 2015E 102,289 66,855 35,434 24.5 21,851 57,285 24.1 26,412 30,873 25.9 5,253 25,619 8,454 33.0 17,165 25.2 2,510 27,793 26.7 (INR Million) Y/E March Equity Share Capital Reserves & Surplus Net Worth Deposits Change (%) of which CASA Dep Change (%) Borrowings Other Liabilities & Prov. Total Liabilities Current Assets Investments Change (%) Loans Change (%) Fixed Assets Other Assets Total Assets 2010 4,107 19,866 23,972 267,102 20.8 63,217 48.6 49,343 13,278 353,695 26,032 104,018 28.7 205,506 30.3 6,448 11,691 353,695 2011 4,660 35,842 40,502 343,654 28.7 93,309 47.6 55,254 16,948 456,358 40,246 135,508 30.3 261,656 27.3 5,965 12,983 456,358 2012 4,677 42,740 47,417 423,615 23.3 115,631 23.9 86,820 18,108 575,961 55,396 145,719 7.5 350,640 34.0 6,568 17,638 575,961 2013E 5,218 71,137 76,355 512,575 21.0 152,115 31.6 80,362 24,339 693,631 52,935 167,577 15.0 445,312 27.0 6,642 21,165 693,631 Asset Quality GNPA (INR M) NNPA (INR M) GNPA Ratio NNPA Ratio PCR (Excl Tech. write off) E: MOSL Estimates 28 December 2012 2014E 82,671 54,218 28,452 30.0 17,712 46,164 29.8 21,651 24,513 32.3 4,203 20,310 6,601 32.5 13,709 30.5 2,005 21,933 29.4 2,555 1,018 1.2 0.5 60.1 2,659 728 1.0 0.3 72.6 3,471 947 1.0 0.3 72.7 5,124 1,103 1.1 0.2 78.5 2014E 2015E 5,218 5,218 82,782 97,376 88,000 102,594 645,844 813,764 26.0 26.0 195,919 251,070 28.8 28.1 88,232 97,039 29,299 35,273 851,374 1,048,669 64,782 82,289 197,741 233,335 18.0 18.0 556,640 695,800 25.0 25.0 6,812 6,767 25,398 30,478 851,374 1,048,669 8,386 1,610 1.5 0.3 80.8 (%) 12,668 2,348 1.8 0.3 81.5 10
  11. 11. IndusInd Bank Financials and Valuation Ratios Y/E March Spreads Analysis (%) Avg. Yield-Earning Assets Avg. Yield on loans Avg. Yield on Investments Avg. Cost-Int. Bear. Liab. Avg. Cost of Deposits Interest Spread Net Interest Margin 2010 2011 2012 2013E 2014E 2015E 9.7 11.6 6.0 6.4 6.4 3.2 3.2 9.9 12.1 6.1 6.2 6.0 3.7 3.8 11.5 13.8 7.7 8.0 8.0 3.4 3.6 12.0 14.0 8.2 8.7 8.6 3.3 3.8 11.6 13.5 7.8 8.2 7.9 3.4 4.0 11.6 13.5 7.8 8.1 7.9 3.5 4.0 19.5 1.1 67.3 30.0 38.4 19.3 1.4 61.7 30.1 34.1 19.2 1.6 68.2 33.6 37.3 17.6 1.7 68.6 34.1 38.5 17.1 1.8 65.6 32.8 38.4 18.4 1.8 65.4 32.8 38.1 Efficiency Ratios (%) Cost/Income* 55.8 50.3 51.3 Empl. Cost/Op. Exps. 39.5 37.9 36.1 Busi. per Empl. (INR m) 88.4 87.0 84.2 NP per Empl. (INR lac) 0.7 0.9 1.0 * ex treasury and Recoveries from written off accounts 50.1 38.2 85.0 1.0 49.7 39.1 87.3 1.1 48.7 39.7 89.7 1.1 Profitability Ratios (%) RoE RoA Int. Expense/Int.Income Fee Income/Net Income Non Int. Inc./Net Income Asset-Liability Profile (%) Loans/Deposit Ratio CASA Ratio Investment/Deposit Ratio G-Sec/Investment Ratio CAR Tier 1 Valuation Book Value (INR) Change (%) Price-BV (x) Adjusted BV (INR) Price-ABV (x) EPS (INR) Change (%) Price-Earnings (x) Dividend Per Share (INR) Dividend Yield (%) E: MOSL Estimates 28 December 2012 76.9 23.7 38.9 82.0 15.3 9.7 76.1 27.2 39.4 74.0 15.9 12.3 82.8 27.3 34.4 81.7 13.9 11.4 86.9 29.7 32.7 79.5 16.9 14.9 86.2 30.3 30.6 81.7 15.0 13.5 85.5 30.9 28.7 87.2 13.7 12.5 52.7 31.1 82.1 55.7 51.1 81.1 8.5 104.2 12.4 45.3 1.8 2.0 96.7 17.8 4.3 95.4 4.4 17.2 38.5 24.2 2.2 0.5 142.2 47.1 2.9 140.9 3.0 20.1 17.4 20.7 2.5 0.6 164.7 15.8 2.5 162.7 2.6 26.3 30.5 15.8 3.3 0.8 192.8 17.1 2.2 189.8 2.2 32.9 25.2 12.6 4.1 1.0 11
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MOSt or any of its affiliates or employees shall not be in any way responsible and liable for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report . MOSt or any of its affiliates or employees do not provide, at any time, any express or implied warranty of any kind, regarding any matter pertaining to this report, including without limitation the implied warranties of merchantability, fitness for a particular purpose, and non-infringement. The recipients of this report should rely on their own investigations. This report is intended for distribution to institutional investors. Recipients who are not institutional investors should seek advice of their independent financial advisor prior to taking any investment decision based on this report or for any necessary explanation of its contents. 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