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Balance Sheet

Particulars

Liabilities
Share Capital
Reserves & Surplus
Net Worth
Secured Loans
Unsecured Loans
Total Debt
TOTAL LIABILITIES

Assets
Gross Block
(-) Acc. Depreciation
Net Block
Capital Work in Progress.
Investments.
Inventories
Sundry Debtors
Cash And Bank
Loans And Advances
Total Current Assets
Current Liabilities
Provisions
Total Current Liabilities
NET CURRENT ASSETS
Misc. Expenses
TOTAL ASSETS

Working Capital
Sales
Working Capital/Sales
Avg WC/Sales
Return on Working Capital
Average Return Working Cap
Depreciation
Average Depriciation

Gross Block
(-) Acc. Depreciation
Net Block
Capex

Mar'10

Mar'09

Mar'08

Mar'07

12 Months

12 Months

12 Months

12 Months

1,114.89
50,503.48
51,618.37
94,263.57
202,016.60
296,280.17
347,898.53

1,463.29
48,419.73
49,883.02
67,323.69
218,347.82
285,671.51
335,554.53

1,462.68
45,357.53
46,820.21
65,648.43
244,431.05
310,079.48
356,899.69

1,249.34
23,413.92
24,663.26
51,256.03
230,510.19
281,766.22
306,429.48

Mar'10

Mar'09

Mar'08

Mar'07

7,114.12
3,901.43
3,212.69
0
120,892.80
0
0
38,873.69
200,420.53
239,294.22
12,563.22
2,937.96
15,501.18
223,793.04
0
347,898.53

7,443.71
3,642.09
3,801.62
0
103,058.31
0
0
29,966.56
242,474.47
272,441.03
40,934.58
2,811.85
43,746.43
228,694.60
0
335,554.53

7,036.00
2,927.11
4,108.90
0
111,454.34
0
0
38,041.13
246,190.71
284,231.84
40,067.37
2,828.02
42,895.38
241,336.45
0
356,899.69

6,298.56
2,375.14
3,923.42
189.66
91,257.84
0
0
37,121.32
212,165.86
249,287.18
35,881.71
2,346.92
38,228.64
211,058.55
0
306,429.48

223,793.04

228,694.60

241,336.45

211,058.55

32,747.36

38,250.39

39,467.92

28,457.13

6.83
6.99
-0.02
0.12

5.98

6.11

7.42

-0.05

0.14

0.4

259.34
478.40

714.98

551.97

387.29

7,114.12
3,901.43
3,212.69
-588.93

7,443.71
3,642.09
3,801.62
-307.28

7,036.00
2,927.11
4,108.90
185.48

6,298.56
2,375.14
3,923.42
-57.29

Depreciation
Depreciation/Net Block
Avg Dep/Net Block
Net Block/Sales
Avg Net Block/Sales
Gross Block/Sales
Avg Gross/Sales
Debt to Equity

259.34
0.08
0.13
0.1
0.13
0.22
0.23
5.74

714.98
0.19

551.97
0.13

387.29
0.1

0.1

0.1

0.14

0.19

0.18

0.22

5.73

6.62

11.42

Mar'06
12 Months
1,239.83
21,316.16
22,555.99
38,521.91
165,083.17
203,605.08
226,161.08
Mar'06

CAGR

5,968.57
1,987.85
3,980.71
147.94
71,547.39
0
0
17,040.22
158,672.68
175,712.91
23,801.62
1,426.26
25,227.88
150,485.03
0
226,161.08

4.49%
18.36%
-5.22%
6.41%
14.01%

150,485.03
17,517.83

8.59

5,968.57
1,987.85
3,980.71

22.90%
6.01%
8.03%
-14.76%
19.80%
-11.46%
10.43%
11.37%

0.23
0.34
9.03

Profit & Loss - ICICI Bank Ltd.


Mar'10
Mar'09
Mar'08
Mar'07
Mar'06
12 Months 12 Months 12 Months 12 Months 12 Months

INCOME
Sales Turnover
Excise Duty
NET SALES
Other Income
TOTAL INCOME

32,747.36
0
32,747.36
29446.06
62,193.42

38,250.39
0
38,250.39
28375.94
66,626.33

39,467.92
0
39,467.92
26436.88
65,904.80

28,457.13
0
28,457.13
17540.24
45,997.37

17,517.83
0
17,517.83
10332.39
27,850.22

0
1,725.79
228.28

0
1,971.70
669.21

0
2,078.90
1,750.60

0
1,616.75
1,741.63

0
1,082.29
840.98

7,238.90

7,475.63

6,447.32

4,946.69

2,727.18

29192.97

27480.11

26002.52

16722.68

9907.6

-253.09

-511.17

-509.77

-421.3

22.68

38,639.03

38,107.82

36,789.11

25,449.05

14,535.37

EBITDA
Depreciation
Other Write-offs
EBIT
Interest
EBT
Taxes
Profit and Loss for
the Year

23,554.39
619.5
0
22,934.89
17,592.57
5,342.32
1,451.86

28,518.51
678.6
0
27,839.91
22,725.93
5,113.98
1,373.44

29,115.69
578.35
0
28,537.34
23,484.24
5,053.10
960.98

20,548.32
544.78
0
20,003.54
16,358.50
3,645.04
650.04

13,314.85
623.79
0
12,691.06
9,597.45
3,093.61
560.66

3,890.46

3,740.54

4,092.12

2,995.00

2,532.95

Non Recurring Items

134.52

17.51

65.61

115.22

7.12

-0.5

0
4,024.98

0.58
3,758.13

0
4,157.73

0
3,110.22

0
2,540.07

Preference Dividend

Equity Dividend
Equity Dividend (%)
Shares in Issue
(Lakhs)
EPS - Annualised
(Rs)

1,337.95
120

1,224.58
109.99

1,227.70
110.33

901.17
100.2

759.33
85.33

11,148.45

11,132.51

11,126.87

8,992.67

8,898.24

34.63

32.4

36.03

32.88

27.35

EXPENDITURE
Manufacturing
Expenses
Material Consumed
Personal Expenses
Selling Expenses
Administrative
Expenses
Expenses
Capitalised
Miscellaneous
Expense
Provisions Made
TOTAL
EXPENDITURE

Other Non Cash


Adjustments
Other Adjustments
REPORTED PAT

KEY ITEMS

SGA
SGA/Sales
Avg SGA/Sales
Tax
Tax rate

9,192.97
0.28
0.27

###
0.26

1,451.86

1,373.44

960.98

650.04

560.66

27.18%

26.86%

19.02%

17.83%

18.12%

Sales Growth Rate 16.93%

### 8,305.07 4,650.45


0.26
0.29
0.27

SHARE PRICE - LATEST EQUITY


LATEST DATA AS ON 11-05-2011
###
44.73
23.88
23.88
493.21
2.17
1.12
1
10
42.25

Market Cap (Cr)


EPS
P/E ratio
P/C ratio
Book value
Price/Book
Div yield(%)
Market lot
Face Value
Industry P/E
BSE
Open price
Volume
High Price
Low Price
52 week high
52 week low
Previously closed
market price
no of outstanding shares

1080
141863
1081
1061
1277
826
1074.95

1067.25
114.91

NSE
1078
1251570
1080.2
1061
1279
712
1076.2

Month
Open Price High Price Low Price Close Price No.of Shares No. of Trades
Mar-06
619
628.8
557.15
589.25
5224096
66282
Apr-06
592
626.9
525
590.25
4357315
61230
May-06
605
671
495
536.05
6774705
103385
Jun-06
545
557
440
487.4
5722759
106690
Jul-06
488.05
567.9
465
554.05
15848769
100237
Aug-06
551
606
541.55
596.5
8710907
97296
Sep-06
585.1
713
585.1
699.05
5950912
89653
Oct-06
700
794.7
672.5
776.85
5126460
68923
Nov-06
777
925
758.3
871.45
7833157
127891
Dec-06
875
910
776.2
890.4
4714620
90973
Jan-07
889
999
871.15
940.5
6725351
87262
Feb-07
957
1006.9
801.15
831.9
5815463
101410
Mar-07
841
917.9
795.1
853.1
7484055
158242
Apr-07
823
994.3
791.15
865.9
5918780
142657
May-07
871.5
964
822
918.9
6362826
130042
Jun-07
924
967
887
955.3
6102036
112568
Jul-07
955
1009.9
900
927.05
15778582
233263
Aug-07
923.85
923.85
806
884.65
17763584
274731
Sep-07
901
1070.8
881.5
1063.15
13045167
203147
Oct-07
1063.15
1293
983
1257
21577524
223806
Nov-07
1276
1348
1078.3
1184.65
8926110
156925
Dec-07
1180
1326
1131
1232.4
7474505
114666
Jan-08
1235
1465
1005.55
1145.65
22083411
349205
Feb-08
1170
1245.2
996
1090.95
13258521
264548
Mar-08
1061.1
1065
720
770.1
27312288
561075
Apr-08
775
947
732
879.4
22412180
481572
May-08
899
960.9
778.1
788.3
18754930
324470
Jun-08
784
826
611.5
630.2
19500271
373896
Jul-08
630
779.7
515.1
634.85
42806178
786047
Aug-08
610
779.7
610
671.5
38456520
796395
Sep-08
658.75
739
458
534.85
68920294
1237773
Oct-08
540.1
565
282.15
399.35
97185030
1491922
Nov-08
415
491
308.1
351.4
66408135
1033355
Dec-08
356.1
480.9
305
448.35
62192763
1038890
Jan-09
455
537.95
358.1
416.3
50818763
858422
Feb-09
409
441.95
311.25
328.1
57949372
954382
Mar-09
321.65
387.4
252.75
332.6
130687147
1659242
Apr-09
338
482.5
324
477.75
84911081
1138191
May-09
489.9
797
487.1
740.7
70405767
1128102
Jun-09
755
779.5
651.25
722
44228102
769898
Jul-09
740
807
606.7
759.05
53591636
948722
Aug-09
762
803.8
690.6
749.5
34211554
616658
Sep-09
755
908.4
724
904.8
22562772
424133
Oct-09
905
983.7
756.25
789.6
22843983
457014
Nov-09
780
939
773.1
864.3
20726216
445813

Dec-09
Jan-10
Feb-10
Mar-10
Apr-10
May-10
Jun-10
Jul-10
Aug-10
Sep-10
Oct-10
Nov-10
Dec-10
Jan-11
Feb-11
Mar-11
Apr-11
May-11

868
888
822
885.1
952
945
865
854
917.95
984
1120
1186.25
1149
1153
1021
983
1110
1116.45

916.5
907.3
886.5
969.9
1009.5
957.4
908.8
936.7
1023
1135
1174
1277
1199.6
1158
1072
1126
1137.9
1118.7

800.5
773
787
885.1
903.9
803.3
805
829.8
909.45
962.35
1075
1093.4
1041.2
993.5
940.15
980
1073.2
1020

875.7
830.4
871.85
952.7
950.5
867.05
862
904.45
977.3
1110.35
1161.65
1143.65
1144.65
1020
971
1112.75
1114.25
1044.25

19905457
16984890
13205909
13748062
12535994
15992523
14254026
9682699
12027278
10715288
9763021
9667547
9879510
15682632
11038536
10776829
8239747
5743954

401380
315609
289422
271731
281372
350533
342585
240728
275715
229486
190346
224962
247953
424962
352275
329682
218979
172721

Total Turnover (Rs.)


Spread High-Low Spread Close-Open
Avg price
ICICI Returns
3160602398
71.65
-29.75
604.13
-0.02
2574005221
101.9
-1.75
591.13
-0.03
4130724215
176
-68.95
570.53
-0.1
2871023804
117
-57.6
516.2
0.01
8016271595
102.9
66
521.05
0.1
5121414325
64.45
45.5
573.75
0.12
3829775073
127.9
113.95
642.08
0.15
3713105802
122.2
76.85
738.43
0.12
6697933796
166.7
94.45
824.23
0.07
4063573493
133.8
15.4
882.7
0.04
6285497347
127.85
51.5
914.75
-0.02
5393938653
205.75
-125.1
894.45
-0.05
6394524940
122.8
12.1
847.05
0
5209079964
203.15
42.9
844.45
0.06
5654620383
142
47.4
895.2
0.05
5714412694
80
31.3
939.65
0
15308808608
109.9
-27.95
941.03
-0.04
15390117808
117.85
-39.2
904.25
0.09
12499077283
189.3
162.15
982.08
0.18
23511564032
310
193.85
1160.08
0.06
10706828538
269.7
-91.35
1230.33
-0.02
9058005619
195
52.4
1206.2
-0.01
27859866106
459.45
-89.35
1190.33
-0.05
14845277804
249.2
-79.05
1130.48
-0.19
23417049624
345
-291
915.6
-0.1
18765909579
215
104.4
827.2
0.02
16510036616
182.8
-110.7
843.65
-0.16
14312958035
214.5
-153.8
707.1
-0.11
26432455693
264.6
4.85
632.43
0.01
26328272573
169.7
61.5
640.75
-0.07
41661668043
281
-123.9
596.8
-0.21
40264941921
282.85
-140.75
469.73
-0.18
25647117761
182.9
-63.6
383.2
0.05
24959830058
175.9
92.25
402.23
0.08
21755242461
179.85
-38.7
435.65
-0.15
21525929863
130.7
-80.9
368.55
-0.11
41194589744
134.65
10.95
327.13
0.25
34818568277
158.5
139.75
407.88
0.51
43242025183
309.9
250.8
615.3
0.2
32179875936
128.25
-33
738.5
0.01
38644758739
200.3
19.05
749.53
0.01
25526949437
113.2
-12.5
755.75
0.1
18421391289
184.4
149.8
829.9
0.02
20209939949
227.45
-115.4
847.3
-0.03
17996831401
165.9
84.3
822.15
0.06

17038403678
14266368374
10979502350
12785039897
11968996954
13997195250
12276051294
8587900311
11722020512
11625028185
11050790435
11516192946
11071488155
16412623760
11046668497
11174946522
9140867620
6113136097

116
134.3
99.5
84.8
105.6
154.1
103.8
106.9
113.55
172.65
99
183.6
158.4
164.5
131.85
146
64.7
98.7

7.7
-57.6
49.85
67.6
-1.5
-77.95
-3
50.45
59.35
126.35
41.65
-42.6
-4.35
-133
-50
129.75
4.25
-72.2
Average Price

871.85
859.2
846.93
918.9
951.25
906.03
863.5
879.23
947.63
1047.18
1140.83
1164.95
1146.83
1086.5
996
1047.88
1112.13
1080.35
821.08

-0.01
-0.01
0.08
0.04
-0.05
-0.05
0.02
0.08
0.11
0.09
0.02
-0.02
-0.05
-0.08
0.05
0.06
-0.03
-0.24

Month
Open
High
Low
Close
Mar-06 10368.75 11356.95 10344.26 11279.96
Apr-06 11342.96
12102 11008.43 12042.56
May-06 12103.78 12671.11 9826.91 10398.61
Jun-06 10472.46 10626.84 8799.01 10609.25
Jul-06 10616.97 10940.45 9875.35 10743.88
Aug-06 10737.5 11794.43 10645.99 11699.05
Sep-06 11699.57 12485.17 11444.18 12454.42
Oct-06 12473.79 13075.85 12178.83 12961.9
Nov-06 12992.62 13799.08 12937.3 13696.31
Dec-06 13729.67 14035.3 12801.65 13786.91
Jan-07 13827.77 14325.92 13303.22 14090.92
Feb-07 14124.36 14723.88 12800.91 12938.09
Mar-07 13013.74 13386.95 12316.1 13072.1
Apr-07 12811.93 14383.72 12425.52 13872.37
May-07 13987.77 14576.37 13554.34 14544.46
Jun-07 14610.28 14683.36 13946.99 14650.51
Jul-07 14685.16 15868.85 14638.88 15550.99
Aug-07 15344.02 15542.4 13779.88 15318.6
Sep-07 15401.99 17361.47 15323.05 17291.1
Oct-07 17356.99 20238.16 17144.58 19837.99
Nov-07 20130.23 20204.21 18182.83 19363.19
Dec-07 19547.09 20498.11 18886.4 20286.99
Jan-08 20325.27 21206.77 15332.42 17648.71
Feb-08 17820.67 18895.34 16457.74 17578.72
Mar-08 17227.56 17227.56 14677.24 15644.44
Apr-08 15771.72 17480.74 15297.96 17287.31
May-08 17560.15 17735.7 16196.02 16415.57
Jun-08 16591.46 16632.72 13405.54 13461.6
Jul-08 13480.02 15130.09 12514.02 14355.75
Aug-08 14064.26 15579.78 14002.43 14564.53
Sep-08 14412.99 15107.01 12153.55 12860.43
Oct-08 13006.72 13203.86 7697.39 9788.06
Nov-08 10209.37 10945.41 8316.39 9092.72
Dec-08 9162.94 10188.54 8467.43 9647.31
Jan-09 9720.55 10469.72
8631.6 9424.24
Feb-09 9340.37 9724.87 8619.22 8891.61
Mar-09 8762.88 10127.09 8047.17
9708.5
Apr-09 9745.77 11492.1 9546.29 11403.25
May-09 11635.24 14930.54 11621.3 14625.25
Jun-09 14746.51 15600.3 14016.95 14493.84
Jul-09 14506.43 15732.81 13219.99 15670.31
Aug-09 15694.78 16002.46 14684.45 15666.64
Sep-09 15691.27 17142.52 15356.72 17126.84
Oct-09 17186.2 17493.17 15805.2 15896.28
Nov-09 15838.63 17290.48 15330.56 16926.22

Avg IndexIndex Returns


10824.36
0.08
11692.76
-0.04
11251.2
-0.06
10540.86
0.01
10680.43
0.05
11218.28
0.08
12077
0.05
12717.85
0.05
13344.47
0.03
13758.29
0.01
13959.35
-0.03
13531.23
-0.04
13042.92
0.02
13342.15
0.07
14266.12
0.03
14630.4
0.03
15118.08
0.01
15331.31
0.07
16346.55
0.14
18597.49
0.06
19746.71
0.01
19917.04
-0.05
18986.99
-0.07
17699.7
-0.07
16436
0.01
16529.52
0.03
16987.86
-0.12
15026.53
-0.07
13917.89
0.03
14314.4
-0.05
13636.71
-0.16
11397.39
-0.15
9651.05
-0.03
9405.13
0.02
9572.4
-0.05
9115.99
0.01
9235.69
0.14
10574.51
0.24
13130.25
0.11
14620.18
0.03
15088.37
0.04
15680.71
0.05
16409.06
0.01
16541.24
-0.01
16382.43
0.05

Dec-09 16947.46 17530.94 16577.78 17464.81


Jan-10 17473.45 17790.33 15982.08 16357.96
Feb-10 16339.32 16669.25 15651.99 16429.55
Mar-10 16438.45 17793.01 16438.45 17527.77
Apr-10 17555.04 18047.86 17276.8 17558.71
May-10 17536.86 17536.86 15960.15 16944.63
Jun-10 16942.82 17919.62 16318.39 17700.9
Jul-10 17679.34 18237.56 17395.58 17868.29
Aug-10 17911.31 18475.27 17819.99 17971.12
Sep-10 18027.12 20267.98 18027.12 20069.12
Oct-10 20094.1 20854.55 19768.96 20032.34
Nov-10 20272.49 21108.64 18954.82 19521.25
Dec-10 19529.99 20552.03 19074.57 20509.09
Jan-11 20621.61 20664.8 18038.48 18327.76
Feb-11 18425.18 18690.97 17295.62 17823.4
Mar-11 17982.28 19575.16 17792.17 19445.22
Apr-11 19463.11 19811.14 18976.19 19135.96
May-11 19224.05 19253.87 18020.79 18326.09

17206.14
16915.71
16384.44
16983.11
17556.88
17240.75
17321.86
17773.82
17941.22
19048.12
20063.22
19896.87
20019.54
19474.69
18124.29
18713.75
19299.54
18775.07

-0.02
-0.03
0.04
0.03
-0.02
0
0.03
0.01
0.06
0.05
-0.01
0.01
-0.03
-0.07
0.03
0.03
-0.03

ICICI Returns
-0.02
-0.03
-0.1
0.01
0.1
0.12
0.15
0.12
0.07
0.04
-0.02
-0.05
0
0.06
0.05
0
-0.04
0.09
0.18
0.06
-0.02
-0.01
-0.05
-0.19
-0.1
0.02
-0.16
-0.11
0.01
-0.07
-0.21
-0.18
0.05
0.08
-0.15
-0.11
0.25
0.51
0.2
0.01
0.01
0.1
0.02
-0.03
0.06

-0.01
-0.01
0.08
0.04
-0.05
-0.05
0.02
0.08
0.11
0.09
0.02
-0.02
-0.05
-0.08
0.05
0.06
-0.03

SUMMARY OUTPUT
Regression Statistics
Multiple R
R Square
Adjusted R Square
Standard Error
Observations

0.9
0.81
0.81
0.05
62

ANOVA
df
Regression
Residual
Total

SS
1
60
61

Coefficients
Intercept
Index Returns

MS
0.62
0.15
0.77

0.62
0

Standard Error
0
0.01
1.53
0.1

t Stat
-0.27
15.93

RESIDUAL OUTPUT
Observation

Predicted ICICI Returns


1
0.12
2
-0.06
3
-0.1
4
0.02
5
0.08
6
0.12
7
0.08
8
0.07
9
0.05
10
0.02
11
-0.05
12
-0.06
13
0.03
14
0.1
15
0.04
16
0.05
17
0.02
18
0.1
19
0.21
20
0.09
21
0.01
22
-0.07
23
-0.11

Residuals
-0.14
0.02
0
-0.01
0.03
0
0.07
0.04
0.03
0.02
0.03
0
-0.04
-0.04
0.01
-0.05
-0.06
-0.01
-0.03
-0.03
-0.03
0.06
0.06

F
253.8

P-value
0.79
0

24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62

-0.11
0.01
0.04
-0.18
-0.11
0.04
-0.07
-0.25
-0.24
-0.04
0.03
-0.07
0.02
0.22
0.37
0.17
0.05
0.06
0.07
0.01
-0.02
0.08
-0.03
-0.05
0.05
0.05
-0.03
0.01
0.04
0.01
0.09
0.08
-0.01
0.01
-0.04
-0.11
0.05
0.05
-0.04

-0.08
-0.1
-0.02
0.02
0.01
-0.03
0.01
0.04
0.05
0.09
0.06
-0.08
-0.13
0.03
0.14
0.03
-0.03
-0.05
0.03
0.01
-0.01
-0.01
0.01
0.04
0.03
-0.01
-0.02
-0.05
-0.02
0.07
0.01
0.01
0.04
-0.02
-0.01
0.02
0
0.02
0.01

Significance F
0

Lower 95% Upper 95% Lower 95.0%Upper 95.0%


-0.01
0.01
-0.01
0.01
1.34
1.72
1.34
1.72

ICICI
1

ICICI
Linear

ICICI
Linear Regression for ICICI

Capital Structure of the Company


114.91 Crores

No of Outstanding Shares
Bank Loan

296,280.17 Crores

Market Price
Tax rate
Beta
Risk Free Rate of Interest
Market Risk Premium
Interest For Year
Loan at the Start of the Year

821.08 Rupees
27.18%
1.53
0.08
0.05
17,592.57 Crores
285,671.51 Crores

Market Rate
Risk premium

Type of Finance

Market value
94347.99 crores

Cost
15.46%

Debt (Secured and Unsecured)

296280.17 crores

4.40%

Share Capital

390628.16

Average Debt
Pre Tax Interest Rate
Post Tax Interest Rate

COC = Rf + beta ( Market rate - Rf)


COC = Cost of Capital
Rf = Risk Free Rate (T - bills)

After Tax WACC

290975.84
6.046%
4.40%

0.13
0.05

Weightage
0.2415

WC
3.73%

0.7585

3.34%

After Tax WACC

7.07%

Valuation
2009 Sales
2010 Sales
Tax Rate
Cost of Capital
Growth Rate in Sales
Avg Working Capital/Sales

38,250.39
32,747.36
27.18%
7.07%
16.93%
11.80%

SGA As a Percentage of
Sales

27.26%

Capex as a Percentage of
Sales

13.33%

Depreciation as a
Percentage of Net Fixed
Assets
Value of Debt
No of Shares

14.00%

12.00%

12.55%
296,280.17
114.91

Year
Sales
SGA

2009
38,250.39
-10,116.54

2010
32747.36
-9192.97

2011E
38291.32
-10437.48

2012E
44773.83
-12204.49

2013E
51042.17
-13913.12

Depreciation
Taxable Income
Tax
NOPAT
Operating CF
Working Capital

-714.98
27418.87
-7451.51
19967.36
20682.34
228,694.60

-259.34
23295.05
-6330.80
16964.25
17223.59
223793.04

-640.58
27213.25
-7395.63
19817.62
20458.20
4519.94

-749.03
31820.31
-8647.67
23172.64
23921.67
5285.15

-853.89
36275.15
-9858.35
26416.81
27270.70
6025.07

20682.34

4901.56
-588.93
21536.22

219273.10
2533.73
242265.03

-765.20
1613.42
24769.89

-739.92
1689.73
28220.51

2010
3212.69
0.00
120892.80
0.00
-588.93

2011E
5746.42
640.58
5105.83
640.58
2533.73

2012E
7359.84
1389.61
5970.23
749.03
1613.42

2013E
9049.56
2243.51
6806.06
853.89
1689.73

Change in Working Capital


Capex
Free Cash Flows
Continuing Value
Present Value of Cash
Flows
PV of Continuing Value
Total Value
Less Debt
Value of Shares
Per Share Value(DCF)

Year
Gross Fixed Assets
Accumulated Depreciation
Net Fixed Assets
Depreciation
Capex

270463.30
Rs.157,910.19
428373.49
296280.17
132093.32
1149.56

2009
3,801.62
0.00
103,058.31
0.00

2014E
58188.08
-15860.96

2015E
65170.64
-17764.27

2016E
72991.12
-19895.99

-973.44
41353.68
-11238.52
30115.16
31088.60
6868.58

-1090.25
46316.12
-12587.14
33728.98
34819.23
7692.80

-1221.08
51874.05
-14097.59
37776.46
43062.80
8615.94

-843.51
1926.29
32171.38

-824.23
2021.32
36016.32

-923.14
4047.48
46187.14
272820.90

2014E
10975.85
3216.95
7758.91
973.44
1926.29

2015E
12997.17
4307.20
8689.97
1090.25
2021.32

2016E
15261.05
5528.28
9732.77
1221.08
2263.88

VALUATION RATIOS - ICICI Bank Ltd


Ratios
EPS
Market Price
Price Earning (P/E)
Price to Book Value ( P/BV)
Market Cap/Sales
Pay-out Ratio
Credit-Deposit(%)
Investment / Deposit (%)
Cash / Deposit (%)
Interest Expended / Interest Earned (%)
Other Income / Total Income (%)
Operating Expenses / Total Income (%)
Interest Income / Total Funds (%)
Interest Expended / Total Funds (%)
Net Interest Income / Total Funds (%)
Non Interest Income / Total Funds (%)
Operating Expenses / Total Funds (%)
Profit before Provisions / Total Funds (%)
Net Profit / Total funds (%)
RONW (%)

2010

2009

2008

2007

34.63 32.4
1067.25 737.71

36.03
580.76

32.88
1014.36

30.82 22.77
2.16 3.93
3.74 3.4
33.24 32.58
95.04 95.93
53.28 46.35
10.72 10.14
68.44 73.09
22.54 20.82
17.66 19.25
6.91 7.97
4.73 5.83
2.18 2.14
2.01 2.1
1.58 1.94
2.62 2.3
1.08 0.96
7.96 7.83

16.12
4.56
4.18
29.44
88.74
42.68
10.12
76.28
22.38
20.73
8.26
6.3
1.96
2.38
2.21
2.14
1.12
11.75

30.85
5.68
5.19
28.91
86.46
41.15
6.99
74.37
24.04
23.23
7.36
5.48
1.89
2.33
2.25
1.97
1.04
13.37

2006
27.35
701.57

25.65
10.06
6.57
26.73
89.68
46.07
5.77
67.09
26.14
30.24
6.8
4.56
2.24
2.41
2.79
1.86
1.21
14.62

ROE Calculation
EBIT
(less) Int. Expense
(less)Taxes

22,934.89
17,592.57

Net Profits

3,890.5

1,451.86
Net Profits
0.73

EBIT
(less) Int. Expense
Pretax profits

22,934.9
17,592.6
5,342.3

divided by

Tax Burden

Pretax Profits

0.23

Sales
(less)COGS
(less) Deprec.
(less) SG&A
EBIT

32,747.36

0.0
619.5
9,192.97
22,934.9

divided by

Interest Burden

EBIT

0.70

7.5%

divided by

OperatingProfit Margin

ROE

Sales

0.09
divided by

Total Assets

347,898.53 Total Assets

Total Asset Turnover


X

6.74
divided by

Total Liabilities

296,280.17

Equity

51,618.4
-

Equity

Leverage

Cash Flow of ICICI Bank

Mar '06

Mar '07

Mar '08

Mar '09

Mar '10

in ` Cr

12 mths

12 mths

12 mths

12 mths

12 mths

Net Profit Before Tax

3096.61

3648.04

5056.1

5116.97

5345.32

Net Cash From Operating Activities


Net Cash (used in)/from Investing
Activities
Net Cash (used in)/from Financing
Activities

4652.93

23061.95

-11631.15

-14188.49

1869.21

-7893.98

-18362.67

-17561.11

3857.88

6150.73

7350.9

15414.58

29964.82

1625.36

1382.62

Net (decrease)/increase In Cash


and Cash Equivalents

4110.25

20081.1

683.55

-8074.57

8907.13

Opening Cash & Cash Equivalents

12929.97

17040.22

37357.58

38041.13

29966.56

Closing Cash & Cash Equivalents

17040.22

37121.32

38041.13

29966.56

38873.69

Balance
Sheet

in Rs. Cr.
ICICI Bank HDFC Bank

Axis Bank

Kotak
Mahindra

IndusInd
Bank

Mar '10

Mar '10

Mar '10

Mar '10

Mar '10

Capital and Liabilities:


Total Share
Capital
1,114.89

457.74

410.55

348.14

410.65

Equity Share
Capital

1,114.89

457.74

410.55

348.14

410.65

Share
Application
Money

2.2

Preference
Share
Capital

Reserves
Revaluation
Reserves

50,503.48

21,064.75

18,588.28

4,191.78

1,752.75

231.63

Net Worth

51,618.37

21,522.49

18,998.83

4,539.92

2,397.23

202,016.60

167,404.44

189,237.80

23,886.47

26,710.17

Deposits
Borrowings

94,263.57

12,915.69

26,267.88

6,140.51

4,934.29

Total Debt

296,280.17

180,320.13

215,505.68

30,026.98

31,644.46

Other
Liabilities &
Provisions
Total
Liabilities

15,501.18

20,615.94

8,208.86

2,869.42

1,327.83

363,399.72

222,458.56

242,713.37

37,436.32

35,369.52

ICICI Bank HDFC Bank

Axis Bank

Kotak
Mahindra

IndusInd
Bank

Mar '10

Mar '10

Mar '11

Mar '10

Mar '10

27,514.29

15,483.28

13,886.16

2,085.67

2,099.18

Assets
Cash &
Balances
with RBI
Balance with
Banks,
Money at
Call

11,359.40

14,459.11

7,522.49

214.59

504

Advances

181,205.60

125,830.59

142,407.83

20,775.05

20,550.59

Investments

120,892.80

58,607.62

71,991.62

12,512.66

10,401.84

Gross Block

7,114.12

4,707.97

3,426.49

745.34

1,054.02

Accumulated
Depreciation

3,901.43

2,585.16

1,176.03

317.69

427.02

Net Block

3,212.69

2,122.81

2,250.46

427.65

627

22.69

17.83

Capital Work
In Progress

Other Assets

19,214.93

5,955.15

4,632.12

1,420.69

1,169.08

Total Assets

363,399.71

222,458.56

242,713.37

37,436.31

35,369.52

694,948.84

466,236.24

429,069.63

4,156.15

45,317.82

38,597.36

20,940.13

57,400.80

3,063.64

5,895.67

463.01

470.19

462.77

130.4

52.71

Contingent
Liabilities
Bills for
collection
Book Value
(Rs)

BANKS

Last Price Market Cap Net Interest Income

ICICI Bank
1067.25 122635.74
HDFC Bank
2387 111049.37
Axis Bank
1247
51260.96
Kotak Mahindra Bank
447.5
32975
Induslnd Bank
266.3
12408.78

Net Profit Total Assets

25974.05 4024.98
19928.21 3926.39
15154.81 3388.49
4303.56
818.18
3589.36
577.32

347,898.5
3
222458.56
242713.37
37436.31
35369.52