- The document provides a financial analysis of HDFC Bank including income statements, balance sheets, cash flow statements, ratio analysis, and growth trends over several years. - Key metrics analyzed include return on equity, earnings per share, net profit growth, and valuation ratios like price-to-earnings and price-to-book value. - The analysis finds that HDFC Bank has shown strong and consistent growth across most financial metrics over the past 5 years, with net profit growth of over 30% annually and return on equity of 13-15%.

1. SRI KRISHNA CONSULTING
COMPANY FINALYTICS
HDFC 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 HDFC Group
March ' 11 Growth March ' 12 Growth March ' 12 Growth Face Value 2
Latest Results
Number of Equity shares
7460.57 52.84 2413.21 1.48 8950.40 3.66
Gross Profit outstanding (in Lakhs) 23453.72
3923.74 33.11 1453.08 1.64 5167.07 7.01
Reported PAT
Adjusted PAT 3927.21 33.37 1453.08 1.64 5167.07 7.01
Price 541.85
Market Cap(Rs. In Cr) 127083.98
Valuation Matrix Share Holding
Annual TTM Ratio General
Public
Particulars March ' 11 March ' 12 9% Promoter
Others 40%
10%
Reported P/E 32.39 24.59
Price/Sales Per Share 5.21 4.66
Price/ Book Value 5.01 NA
Dividend Yield(%) 0.60 NA BFI
7%
Earning Yield(%) 3.09 4.07
FII's
Market Cap(Rs. In Cr) 127083.98 30%
MF
4%
ROE Analysis
ROE
Particulars March ' 07 March ' 08 March ' 09 March ' 10 March ' 11 20%
15%
Reported PAT / PBT 0.70 0.70 0.68 0.69 0.67
10%
Adjusted PAT / PBT 0.70 0.70 0.68 0.69 0.67 5%
PBT / Sales 0.20 0.18 0.17 0.21 0.24 0%
Sales / Banking Assets 0.10 0.10 0.11 0.09 0.09 March ' March ' March ' March ' March '
07 08 09 10 11
Banking Assets / Net Worth 13.47 11.10 11.64 9.96 10.27
Reported ROE 19% 14% 15% 13% 15% Reported ROE Adjusted ROE
Adjusted ROE 19% 14% 15% 13% 15%
ROE Factors
20% 16.00
18% 14.00
16%
12.00
14%
12% 10.00
10% 8.00
8% 6.00
6%
4.00
4%
2% 2.00
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 8303.34 12354.41 19770.72 19958.76 24393.60
Operating Expenses
Financial Expenses 3179.45 4887.12 8911.10 7786.30 9385.08
Personnel Expenses 776.86 1301.35 2238.20 2289.18 2836.04
Selling Expenses 74.88 114.73 108.68 83.12 158.95 Operating Income
Adminstrative Expenses 1519.32 2247.48 4583.86 4936.73 4552.96
30000.00
Expenses Capitalised 0.00 0.00 0.00 0.00 0.00
25000.00
Total Operating Expenses 5550.51 8550.68 15841.84 15095.33 16933.03
20000.00
Operating Profit 2752.83 3803.73 3928.88 4863.43 7460.57
Other Income 102.96 43.04 0.00 17.72 0.00 15000.00
Gross Profit 2855.79 3846.77 3928.88 4881.15 7460.57 10000.00
Provisions Made 754.90 1294.67 273.30 201.11 1143.09
5000.00
Depreciation 219.60 271.72 359.91 394.39 497.41
Other Write offs 241.09 0.00 0.00 0.00 0.00 0.00
EBT 1640.20 2280.38 3295.67 4285.65 5820.07 March ' March ' March ' March ' March '
07 08 09 10 11
Income Tax 497.70 690.90 1054.92 1340.99 1892.86
Adjusted PAT 1142.50 1589.48 2240.75 2944.66 3927.21 Operating Income Operating Profit Gross Profit
Non Recurring Items (1.05) 0.70 4.19 4.02 (0.82)
Other Non Cash adjustments (0.35) (0.06) (0.59) (0.93) (2.65)
Reported Net Profit 1141.10 1590.12 2244.35 2947.75 3923.74
Equity Dividend 223.57 301.27 425.38 549.29 767.62
Preference Dividend 0.00 0.00 0.00 0.00 0.00
Dividend Tax 38.00 51.20 72.29 91.23 124.53
Retained Earnings 2334.55 3169.68 4321.31 5762.81 7564.40
Profit Levels Total Income Break‐up
8000.00 Total Operating Expenses Provisions Made
Depreciation Other Write offs
7000.00
Income Tax Adjusted PAT
6000.00
5000.00
4000.00 16%
3000.00
8%
2000.00 0%
2%
1000.00 5%
69%
0.00
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 319.39 354.43 425.38 457.74 465.23
Share Application Money 0.00 0.00 400.92 0.00 0.00
Peference Share Capital 0.00 0.00 0.00 0.00 0.00
Reserves & Surplus 6113.76 11142.80 14226.43 21064.75 24914.04
Total Owners fund 6433.15 11497.23 15052.73 21522.49 25379.27
Loan Funds
Deposits 68297.94 100768.60 142811.58 167404.44 208586.41
Borrowings made by the bank
2815.39 4478.86 2685.84 12915.69 14394.06
Capital Structure
Other Liabilities & Provisions 13689.13 16431.91 22720.62 20615.94 28992.86
Total Loan Fund 84802.46 121679.37 168218.04 200936.07 251973.33
Total 91235.61 133176.60 183270.77 222458.56 277352.60
ASSETS
Cash & Balances with RBI 5182.48 12553.18 13527.21 15483.28 25100.82
Money at call and Short
Notice 3971.40 2225.16 3979.41 14459.11 4568.02
Investments 30564.80 49393.54 58817.55 58607.62 70929.37
Advances 46944.78 63426.90 98883.05 125830.59 159982.67
Fixed Assets
Gross Block
1917.56 2386.99 3956.63 4707.97 5244.21
Less: Revaluation Reserve
0.00 0.00 0.00 0.00 0.00
Less: Accumulated
Depreciation 1917.56 2386.99 3956.63 4707.97 5244.21
Net Block 966.67 1175.13 1706.73 2122.81 2170.65 March ' 07 March ' 08 March ' 09 March ' 10 March ' 11
Capital Work‐in‐progress 0.00 0.00 0.00 0.00 0.00
Total Owners fund Total Loan Fund
Other Assets 3605.48 4402.69 6356.83 5955.15 14601.08
Miscellaneous Expenses not
written off 0.00 0.00 0.00 0.00 0.00
Total 91235.61 133176.60 183270.78 222458.56 277352.61
Sources of Capital Application of capital
Total Owners
fund 2%
9% 6% 9%
25%
58%
Total Loan
Fund
91%
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 1638.75 2280.63 3299.25 4289.14 5818.66
Net CashFlow‐Operating
Net Cash Flow
Activity 666.63 3583.43 (1736.14) 9389.89 (375.83)
Net Cash Used In Investing
Activity (311.40) (619.82) (663.78) (551.51) (1122.74) 3598.91
3628.34
NetCash Used in Fin. Activity 1637.88
1637.88 3628.34 2964.66 3598.91 1227.99
Net Inc/Dec In Cash And 9389.89
3583.43 2964.66 1227.99
Equivlnt 1993.11 6591.95 564.74 12435.78 (273.56) 666.63
Cash And Equivalnt Begin of (619.82) (551.51)
(311.40) (375.83)
Year 6188.66 8074.54 14778.34 17506.62 29942.40 (1736.14)
Cash And Equivalnt End Of (1122.74)
(663.78)
Year 8181.77 14666.49 15343.08 29942.40 29668.83
Net CashFlow‐Operating Activity
Net Cash Used In Investing Activity
NetCash Used in Fin. Activity
Quarterly Result
September '
Particulars (Rs. In Cr) March ' 11 June ' 11 11 December ' 11 March ' 12
Interest / Discount on
Advance/Bills 4,150.93 4,514.19 4,994.79 5,417.49 5,610.13
Income on Investment 1,296.58 1,410.70 1,618.19 1,747.57 1,728.13
Profit Levels
Interest on Balance with RBI
18.64 24.84 32.94 34.59 44.77
Others 2.40 28.24 71.78 2.99 5.01
Total Interest Earned 5,468.55 5,977.97 6,717.70 7,202.64 7,388.04
Operating Expenditure
Interest expenses 2,629.08 3,130.01 3,773.19 4,086.65 3,999.73
Employees Cost 733.35 780.99 823.10 867.42 928.40
Other expenses 1,265.02 1,153.64 1,207.29 1,290.54 1,538.68
Total Operating Expenses 4,627.45 5,064.64 5,803.58 6,244.61 6,466.81
Operating Profit 841.10 913.33 914.12 958.03 921.23
Other Income 1,255.76 1,120.03 1,211.68 1,420.00 1,491.98
Profit Before Provision and
Tax 2,096.86 2,033.36 2,125.80 2,378.03 2,413.21
Depreciation 0.00 0.00 0.00 0.00 0.00
Provision and Contingencies Operating Profit PBT PAT
431.34 443.66 366.05 329.24 298.30
PBT 1,665.52 1,589.70 1,759.75 2,048.79 2,114.91
Tax 550.81 504.72 560.40 619.13 661.83
PAT 1,114.71 1,084.98 1,199.35 1,429.66 1,453.08
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 1,114.71 1,084.98 1,199.35 1,429.66 1,453.08
© 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 48.79 60.03 0.95 22.22 26.06 24.05
Operating Expenses
Financial Expenses 53.71 82.34 (12.62) 20.53 26.27 24.17
Personnel Expenses 67.51 71.99 2.28 23.89 31.39 29.56
Selling Expenses 53.22 (5.27) (23.52) 91.23 33.70 16.25
Adminstrative Expenses 47.93 103.96 7.70 (7.77) 24.79 24.55
Expenses Capitalised 0.00 0.00 0.00 0.00 0.00 0.00
Total Operating Expenses 54.05 85.27 (4.71) 12.17 25.91 24.99
Operating Profit 38.18 3.29 23.79 53.40 32.97 22.07
Other Income (58.20) (100.00) 0.00 (100.00) (65.82) (100.00)
Gross Profit 34.70 2.13 24.24 52.84 32.30 21.17
Provisions Made 71.50 (78.89) (26.41) 468.39 170.81 8.65
Depreciation 23.73 32.46 9.58 26.12 22.19 17.77
Other Write offs (100.00) 0.00 0.00 0.00 (10.00) (100.00)
EBT 39.03 44.52 30.04 35.80 36.14 28.83
Income Tax 38.82 52.69 27.12 41.15 39.02 30.63
Adjusted PAT 39.12 40.97 31.41 33.37 34.88 28.01
Non Recurring Items 166.67 498.57 (4.06) (120.40) 67.00 (4.82)
Other Non Cash
adjustments 82.86 (883.33) (57.63) (184.95) (259.65) 49.91
Reported Net Profit 39.35 41.14 31.34 33.11 34.81 28.02
Equity Dividend 34.75 41.20 29.13 39.75 36.35 27.98
Preference Dividend 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Tax 34.74 41.19 26.20 36.50 34.17 26.79
Retained Earnings 35.77 36.33 33.36 31.26 33.36 26.51
Growth Factors 5 Year CAGR
90.00
80.00
28.83
28.01
70.00
24.99
60.00 24.05
50.00 21.17
40.00
30.00
20.00
10.00
0.00
March ' 08 March ' 09 March ' 10 March ' 11
(10.00)
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 38.29 39.56 45.07 39.01 38.47 Comparative Profit
Personnel Expenses 9.36 10.53 11.32 11.47 11.63
Selling Expenses 0.90 0.93 0.55 0.42 0.65
Adminstrative Expenses 18.30 18.19 23.19 24.73 18.66
Expenses Capitalised 0.00 0.00 0.00 0.00 0.00
Total Operating Expenses 66.85 69.21 80.13 75.63 69.42
Operating Profit 33.15 30.79 19.87 24.37 30.58
Other Income 1.24 0.35 0.00 0.09 0.00
Gross Profit 34.39 31.14 19.87 24.46 30.58
Provisions Made 9.09 10.48 1.38 1.01 4.69
Depreciation 2.64 2.20 1.82 1.98 2.04
Other Write offs 2.90 0.00 0.00 0.00 0.00
EBT 19.75 18.46 16.67 21.47 23.86 March ' 07 March ' 08 March ' 09 March ' 10 March ' 11
Income Tax 5.99 5.59 5.34 6.72 7.76
Operating Profit Gross Profit Adjusted PAT EBT
Adjusted PAT 13.76 12.87 11.33 14.75 16.10
Non Recurring Items (0.01) 0.01 0.02 0.02 0.00
Other Non Cash adjustments 0.00 0.00 0.00 0.00 (0.01)
Reported Net Profit 13.74 12.87 11.35 14.77 16.09
Balance Sheet
Particulars (%) March ' 07 March ' 08 March ' 09 March ' 10 March ' 11
CAPITAL & LIABILITIES
Owners' Fund
Comparative Analysis‐Sources of
Equity Share Capital 0.35 0.27 0.23 0.21 0.17 Fund
Share Application Money 0.00 0.00 0.22 0.00 0.00 75.21
Peference Share Capital 0.00 0.00 0.00 0.00 0.00
Reserves & Surplus 6.70 8.37 7.76 9.47 8.98
Total Owners fund 7.05 8.63 8.21 9.67 9.15
9.15 5.19 10.45
Loan Funds
Deposits 74.86 75.67 77.92 75.25 75.21
Borrowings made by the 3.09 3.36 1.47 5.81 5.19
Other Liabilities & 15.00 12.34 12.40 9.27 10.45
Total Loan Fund 92.95 91.37 91.79 90.33 90.85 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 5.68 9.43 7.38 6.96 9.05
Other Liabilities & Provisions
Money at call and Short 4.35 1.67 2.17 6.50 1.65
Investments 33.50 37.09 32.09 26.35 25.57
Advances 51.45 47.63 53.95 56.56 57.68
Fixed Assets
Gross Block 2.10 1.79 2.16 2.12 1.89
Less: Revaluation Reserve 0.00 0.00 0.00 0.00 0.00
Less: Accumulated 2.10 1.79 2.16 2.12 1.89
Net Block 1.06 0.88 0.93 0.95 0.78
Capital Work‐in‐progress 0.00 0.00 0.00 0.00 0.00
Other Assets 3.95 3.31 3.47 2.68 5.26
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 100.00 148.79 238.11 240.37 293.78
Operating Expenses
Financial Expenses 100.00 153.71 280.27 244.89 295.18
Personnel Expenses 100.00 167.51 288.11 294.67 365.06 Profit Index
Selling Expenses 100.00 153.22 145.14 111.00 212.27
Adminstrative Expenses 100.00 147.93 301.70 324.93 299.67
Expenses Capitalised
Total Operating Expenses 100.00 154.05 285.41 271.96 305.07
Operating Profit 100.00 138.18 142.72 176.67 271.01
Other Income 100.00 41.80 0.00 0.00 0.00
Gross Profit 100.00 134.70 137.58 170.92 261.24
March ' 07 March ' 08 March ' 09 March ' 10 March ' 11
Provisions Made 100.00 171.50 36.20 26.64 151.42
Depreciation 100.00 123.73 163.89 179.59 226.51
Other Write offs 100.00 0.00 0.00 0.00 0.00 Gross Profit
EBT 100.00 139.03 200.93 261.29 354.84
Adjusted PAT
Income Tax 100.00 138.82 211.96 269.44 380.32 Reported Net Profit
Adjusted PAT 100.00 139.12 196.13 257.74 343.74 Operating Income
Non Recurring Items 100.00 (66.67) (399.05) (382.86) 78.10
Other Non Cash adjustments 100.00 17.14 168.57 265.71 757.14
Reported Net Profit 100.00 139.35 196.68 258.33 343.86
Balance Sheet
Particulars March ' 07 March ' 08 March ' 09 March ' 10 March ' 11
CAPITAL & LIABILITIES
Owners' Fund
Equity Share Capital 100.00 110.97 133.19 143.32 145.66 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 100.00 182.26 232.70 344.55 407.51
Total Owners fund 100.00 178.72 233.99 334.56 394.51
Loan Funds
Deposits 100.00 147.54 209.10 245.11 305.41
Borrowings made by the 100.00 159.08 95.40 458.75 511.26
Other Liabilities & 100.00 120.04 165.98 150.60 211.79
Total Loan Fund 100.00 143.49 198.36 236.95 297.13
Total 100.00 145.97 200.88 243.83 304.00 March ' 07 March ' 08 March ' 09 March ' 10 March ' 11
ASSETS
Total Owners fund Total Loan Fund
Cash & Balances with RBI 100.00 242.22 261.02 298.76 484.34
Money at call and Short 100.00 56.03 100.20 364.08 115.02
Investments 100.00 161.60 192.44 191.75 232.06
Advances 100.00 135.11 210.64 268.04 340.79
Fixed Assets
Gross Block 100.00 124.48 206.34 245.52 273.48
Less: Revaluation Reserve 0.00 0.00 0.00 0.00 0.00
Less: Accumulated 100.00 124.48 206.34 245.52 273.48
Net Block 100.00 121.56 176.56 219.60 224.55
Capital Work‐in‐progress 0.00 0.00 0.00 0.00 0.00
Other Assets 100.00 122.11 176.31 165.17 404.97
Miscellaneous Expenses not 0.00 0.00 0.00 0.00 0.00
Total 100.00 145.97 200.88 243.83 304.00
© 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 13.08 13.60 15.69 17.44 16.22
EARNINGS RATIOS
Income from Fund 52.19 56.39 61.38 60.61 61.84 Per Share Ratio
Advances as a % of Op
Income
Operating Income as a % of 17.68 19.47 19.99 15.86 15.24
Working Funds
Fund based income as a % 84.05 85.70 87.20 85.37 84.65
of Op Income
Fee based income as a % of 15.94 14.29 12.79 14.62 15.34
Op Income
PROFITABLITY RATIOS
Yield on Fund Advances 9.23 10.98 12.27 9.61 9.42
Break‐Even Yield Ratio 6.77 7.70 9.01 6.18 5.86
Cost of Funds Ratio 4.47 4.64 6.12 4.31 4.20 March ' 07 March ' 08 March ' 09 March ' 10 March ' 11
Net Profit Margin 13.57 12.82 11.35 14.76 16.09
Adjusted Return On Net 17.75 13.82 15.29 13.68 15.47 Yield on Fund Advances
Worth
Break‐Even Yield Ratio
Reported Return On Net 17.74 13.83 15.32 13.70 15.47
Worth Cost of Funds Ratio
BORROWING RATIOS Net Profit Margin
Borrowings from RBI as % 0.00 0.00 0.00 0.00 0.83
to Total Borrowings
Borrowings from other 32.87 19.79 24.41 14.77 4.89
banks as a % to Total
Borrowings from others as a 5.52 0.00 2.33 58.27 54.70 Deposit Ratio
% to Total Borrowings
Borrowings within India as 38.40 19.80 26.74 73.04 60.43
a % to Total Borrowings
Borrowings from outside 61.59 80.19 73.25 26.95 39.56
India as a % to Total
DEPOSIT RATIOS
Demand Deposit of Total 29.00 28.54 19.91 22.23 22.27
Deposits
Saving Deposit of Total 28.67 25.95 24.44 29.79 30.41
Deposits
Time Deposit of Total 42.31 45.50 55.63 47.96 47.30
Deposits
Deposits within India as % 100.00 100.00 99.96 99.96 99.87
to Total Deposits March ' 07 March ' 08 March ' 09 March ' 10 March ' 11
Deposits Outside India as % 0.00 0.00 0.03 0.03 0.12
to Total Deposits Demand Deposit of Total Deposits
PER BRANCH RATIOS Saving Deposit of Total Deposits
Operating Income Per 12.14 16.23 14.00 11.57 12.28
Branch Time Deposit of Total Deposits
Operating Profit Per Branch 4.02 5.00 2.78 2.82 3.76
Net Profit Per Branch 1.67 2.09 1.59 1.71 1.98
Personnel Expenses Per 1.14 1.71 1.59 1.33 1.43
Branch
Administrative Expenses 2.22 2.95 3.25 2.86 2.29 Per Branch Ratio
Per Branch
Financial Expenses Per 4.65 6.42 6.31 4.51 4.73
Branch
Borrowings Per Branch 4.12 5.89 1.90 7.49 7.25
Deposits Per Branch 99.85 132.42 101.14 97.05 105.03
PER EMPLOYEE RATIOS
Operating Income Per 3866154.49 3265252.67 3752485.07 3846508.75 4375376.35
March ' March ' March ' March ' March '
Employee 07 08 09 10 11
Operating Profit Per 1281757.23 1005320.33 745700.87 937296.64 1338170.45 Operating Income Per Branch
Employee Net Profit Per Branch
Net Profit Per Employee 531964.43 420097.26 425294.70 567506.30 704408.13 Borrowings Per Branch
Personnel Expenses Per 361717.19 343944.92 424810.37 441176.28 508689.28
Employee Deposits Per Branch
Deposits Per Employee 31800502.86 26632995.03 27105657.94 32262650.21 37413259.69
Fund Advances Per 21858164.55 16763637.81 18768016.27 24250422.81 28695412.79
Employee
© Sri Krishna Consulting. Please write us for more information: iinfo@srikrishnaconsulting.com |www.srikrishnaconsulting.com
Page 10

11. Ratio Analysis
September '
Particulars(Quarterly) March ' 11 June ' 11 11 December ' 11 March ' 12
PER SHARE RATIOS Quarterly Profit Margin
Operating Income Per
Share(Rs.) 23.32 25.49 28.64 30.71 31.50
Operating Profit Per
Share(Rs.) 3.59 3.89 3.90 4.08 3.93
Adjusted EPS(Rs.) 4.75 4.63 5.11 6.10 6.20
PROFITABILITY RATIOS
Operating Profit Margin(%) 15.38 15.28 13.61 13.30 12.47
Gross Profit Margin(%) 31.18 28.65 26.81 27.58 27.18
Net Profit Margin(%) 16.58 15.29 15.13 16.58 16.36
OTHERS RATIO
CAR 16.20 16.90 16.50 16.30 16.50
Gross NPA (%) 1.05 1.04 1.00 1.03 1.02
Net NPA (%) 0.20 0.20 0.20 0.20 0.20
Operating Profit Margin(%)
Gross Profit Margin(%)
TTM Analysis Net Profit Margin(%)
Particulars (Rs. In Cr) December ' 11 % of Sales March ' 12 % of Sales Growth(%)
Interest / Discount on
Advance/Bills 19077.40 75.21 20536.60 75.26 7.65 TTM Growth (%)
Income on Investment 6073.04 23.94 6504.59 23.84 7.11
Interest on Balance with RBI
111.01 0.44 137.14 0.50 23.54
Others 105.41 0.42 108.02 0.40 2.48 8.46
7.57 7.01
Total Interest Earned 25366.86 100.00 27286.35 100.00 7.57
Operating Expenditure 0.00 0.00 0.00 0.00 NA 2.21
Interest expenses 13618.93 53.69 14989.58 54.93 10.06
Employees Cost 3204.86 12.63 3399.91 12.46 6.09 Total Total Operating PAT
Interest Operating Profit
Other expenses 4916.49 19.38 5190.15 19.02 5.57 Earned Expenses
Total Operating Expenses 21740.28 85.70 23579.64 86.42 8.46
Operating Profit 3626.58 14.30 3706.71 13.58 2.21
Other Income 5007.47 19.74 5243.69 19.22 4.72
Profit Before Provision and
Tax 8634.05 34.04 8950.40 32.80 3.66
Depreciation 0.00 0.00 0.00 0.00 NA
TTM EPS & SPS
Provision and Contingencies
1570.29 6.19 1437.25 5.27 (8.47)
PBT 7063.76 27.85 7513.15 27.53 6.36
Tax 2235.06 8.81 2346.08 8.60 4.97
PAT 4828.70 19.04 5167.07 18.94 7.01
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 4828.70 19.04 5167.07 18.94 7.01
TTM EPS 20.59 22.03 6.99
TTM SPS 108.16 116.34 7.56 December ' 11 March ' 12
© Sri Krishna Consulting. Please write us for more information: iinfo@srikrishnaconsulting.com |www.srikrishnaconsulting.com
Page 11

12. Technical Analysis
Price Chart
600 9000000
8000000
500
7000000
400 6000000
5000000
300
4000000
200 3000000
2000000
100
1000000
0 0
21‐Nov 31‐Jan 13‐Apr
Total Traded Quantity Close Price EMA(200) EMA(50)
30.00
20.00
10.00
0.00
‐10.00
‐20.00
MACD Signal line
100
80
60
40
20
0
RSI(14)
Technical Indicators
Price 541.85 AS On: 24/04/2012
EMA(13) 531.40 ADX 18
EMA(26) 519.52 DX 33
EMA(50) 504.45 +DI 24
EMA(200) 471.93 ‐DI 12
RSI(14) 60.58 %K(Fast) 62.23
MACD 11.88 %K(Slow) 65.84
William(%R) ‐37.77 %d(Slow) 76.52
© 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