Sources of Funds

2007

2008

2009

2010

2011

281.63
8.90
3111.60
3402.13

357.71
2.10
8410.79
8770.60

359.01
1.20
9854.58
10214.79

405.17
0.17
15639.27
16044.61

410.55
0.00
18588.27
18998.82

159.66

319.05

456.14

611.33

816.85

5195.60

5624.04

10185.47

17169.55

26267.88

23430.19
11304.31
12125.88
39.86%
35355.41
58785.60

40026.98
20044.57
19982.41
45.68%
47599.23
87626.21

50643.73
24821.61
25822.12
43.15%
66730.38
117374.11

66029.53
32167.73
33861.80
46.73%
75270.68
141300.21

77767.40
36917.09
40850.31
41.10%
111470.39
189237.79

1309.52
177.27

2274.87
177.75

1936.77
238.58

2910.40
348.01

3584.32
414.33

c) Proposed dividend
d) Contingent provision

148.27
0.00

251.10
358.91

420.01
464.41

566.94
463.51

667.88
629.66

e) Others (including provisions)

737.32

1064.91

1553.48

1844.60

2912.66

f)Perpetual debt
g)Subordinated debt

1373.51
2127.90

1546.93
1882.40

1818.09
3516.30

0.00
0.00

0.00
0.00

Total CL

5873.79

7556.87

9947.64

6133.46

8208.86

73257.12

109577.72

I. Equity
Share Capital
Equity Application Money
Reserves and Surplus
Total Equity

II.Deferred tax liability

III.Debt
Debt
IV. Deposits
a)CASA(Demand+Savings Deposit)
I)Demand Deposits
II)Savings Deposit
(CASA As % of Deposit)
b)Term Deposits
Total Deposit

V.Current Asset
a)Bills Payable
b) Interest accrued

TOTAL LIABILITIES

147722.01 180647.83 242713.35

Managerial Balance Sheet(Consolidated)

CAGR

9.88%
56.34%
53.72%

50.40%

49.95%

34.98%
34.43%
35.48%
0.77%
33.25%
33.95%

28.62%
23.65%

Application of Funds

[Amount in crores]
2007

2008

2009

4661.03
7.93%
2257.27
6918.30

7305.66
8.34%
5198.58
12504.24

9419.21
8.02%
5597.68
15016.89

898.68
450.55
673.19
159.66
513.53

1098.93
577.88
922.85
319.05
603.80

1347.00
802.95
1072.88
456.14
616.74

24.81

128.47

57.48

IV. Investments
Investment

26897.16

33705.10

46330.35

V.Current Asset
a)Advances
b)Other Assets
Total CA

36876.46
1892.07
38768.53

59661.14
2784.51
62445.65

81556.77
3745.14
85301.91

TOTAL ASSETS

73257.18

109577.84

147722.03

I. Balances
With RBI (CRR)
(CRR as % of Deposit)
With Other Banks
Total Balances
II. Net Fixed Assets
Gross Block
Less:Accumlated Depriciation
Net Fixed Assets
Less: Deferred Tax Asset

III.Capital Work in progress

45.68%
40.98%
-100.00%
-100.00%
8.73%

34.92%

2010

2011

CAGR

9482.05
6.71%
5721.86
15203.91

13886.16
7.34%
7522.49
21408.65

31.38%

2107.98
942.79
1222.41
611.33
611.08

3426.49
1176.03
2250.46
816.85
1433.61

39.74%
27.11%
35.22%
50.40%
29.26%

57.23

22.68

-2.22%

55974.81

71991.62

27.91%

104340.90
3905.76
108246.66

142407.83
4632.12
147039.95

40.18%
25.09%
39.55%

180647.79

242690.68

34.91%

35.11%
32.63%

Common size Managerial BS

LIABILITIES
Equity
Deposits
Borrowings

2006

2007

2008

2009

2010

62.14%

99.48%

73.95%

102.96%

96.02%

1073.77%

993.93%

849.73%

906.71%

956.38%

94.90%

63.79%

73.74%

110.18%

132.75%

ASSETS

2006

2007

2008

2009

2010

Balance with RBI

85.14%

82.87%

68.19%

60.85%

70.18%

Balance with other banks

41.23%

58.97%

40.52%

36.72%

38.02%

Investments

491.30%

382.31%

335.41%

359.19%

363.83%

Advances

673.58%

676.73%

590.43%

669.55%

719.71%

Net Fixed Assets

12.30%

10.47%

7.77%

7.84%

11.37%

Other Assets

34.56%

31.58%

27.11%

25.06%

23.41%

107.29%

85.72%

72.02%

39.36%

41.49%

Liabilities and Provisions

CONSOLIDATED PNL(amount in crores)

Particulars

2007

2008

2009

2010

2011

INCOME
Interest Earned
Feebased Income
Other Income
Total Income

4461.65
903.81
109.01
5474.47

7005.08 10829.11 11639.05 15154.86

1528.42 2545.37 3030.45 3960.33
282.79
451.37
933.76
711.12
8816.29 13825.85 15603.26 19826.31

Expenditure
Provisions for Employees
Operating & Administrative Expenses
Provisions & Contingencies
Interest expended
Depreciation

391.18
488.58
498.11
2993.18
112.01

752.1
766.12
1084.12
4419.84
159.3

Total Expenditure

4483.06

7181.48 11043.21 11784.21 14729.11

1067.76
1002.47
1633.84
7148.92
190.22

1359.79
1276.76
2277.16
6632.63
237.87

1745.8
1674.58
2426.43
8588.61
293.69

PBT

991.41

1634.81

2782.64

3819.05

5097.2

Less:Tax

337.16

575.67

969.71

1340.91

1752.52

PAT

654.25

1059.14

1812.93

2478.14

3344.68

Add:profit/(Loss )of associate comp

Add:Other Adjustment

0
-31.81

0
0

0
0

0
0

-4.77

Add:profit brought forward from prev yr

731.04

1024.29

1537.2

2328.95

3371.63

1353.48

2083.43

3350.13

4807.09

6716.31

164.76
0
15.64
148.79

267.75
0
26.84
251.64

453.84
0.04
146.78
420.52

628.63
0.56
238.8
567.47

847.12
339.66
-10.17
670.48

1024.29

1537.2

2328.95

3371.63

4869.22

Amount available for appropriation

Approprition
Transfer to Statutory Reserve
Appropriation to General Reserve
Appropriation to Other Reserves
Trans. to Government /Proposed Dividend

Retained Earnings

COMMON SIZE STMT

CAGR

35.76%
44.68%
59.82%
37.95%

Particulars
INCOME
Interest Earned
Other Income
Total Income

2007

2008

2009

2010

81.50%
16.51%
100.00%

79.46%
17.34%
100.00%

78.33%
18.41%
100.00%

74.59%
19.42%
100.00%

45.35%
36.06%
48.56%
30.15%
27.25%

Expenditure
Provisions for Employees
Operating & Administrative Expenses
Provisions & Contingencies
Interest expended
Depreciation

7.15%
8.92%
9.10%
54.68%
2.05%

8.53%
8.69%
12.30%
50.13%
1.81%

7.72%
7.25%
11.82%
51.71%
1.38%

8.71%
8.18%
14.59%
487.77%
18.63%

34.63%

Total Expenditure

81.89%

81.46%

79.87%

537.89%

18.11%

18.54%

20.13% -437.89%

6.16%

6.53%

7.01%

8.59%

50.58%

PBT

50.99%

Less:Tax

50.37%

PAT

11.95%

12.01%

13.11%

15.88%

Add:profit/(Loss )of associate comp

Add:Other Adjustment

0.00%
-0.58%

0.00%
0.00%

0.00%
0.00%

0.00%
0.00%

46.55%

Add:profit brought forward from prev yr 13.35%

11.62%

11.12%

14.93%

49.25%

Amount available for appropriation

24.72%

23.63%

24.23%

30.81%

45.70%

Approprition
Transfer to Statutory Reserve
3.01%
Appropriation to General Reserve
0.00%
Appropriation to Other Reserves
0.29%
Trans. to Government /Proposed Dividend
2.72%

0.00%
3.04%
0.00%
0.30%
2.85%

0.00%
3.28%
0.00%
1.06%
3.04%

0.00%
4.03%
0.00%
1.53%
3.64%

47.66%

Retained Earnings

17.44%

16.84%

21.61%

-100.00%

50.58%

18.71%

2011 CAGR

76.44%
19.98%
100.00%

-1.59%
4.88%
0.00%

8.81%
8.45%
12.24%
491.96%
17.54%

5.36%
-1.37%
7.69%
73.19%
71.11%

538.99%

60.17%

-438.99%
8.84%

9.45%

16.87%

9.00%

-0.02%
0.00% -100.00%
17.01%

6.23%

33.88%

8.19%

0.00%
4.27%
1.71%
-0.05%
3.38%

24.56%

9.16%

5.62%

7.04%

AXIS BANK LTD

Standalone PNL
[Amount in Crores]
Particulars
INCOME
Interest Earned
Other Income
Total Income

2007

2008

2009

2010

4461.66
1013.02
5474.68

7005.32 10835.49 11638.02

1810.78 2977.69 3945.78
8816.1 13813.18 15583.8

Expenditure
Payments to/Provisions for Employees
Operating Expenses & Administrative Expenses
Other Expenses, Provisions & Contingencies
Less:Deprication
Less:Interest

381.35
487.53
504.38
111.86
2993.32

670.25
755.4
1166.1
158.11
4419.96

Total Expenditure

4478.44

7169.82 11027.98 11732.44

997.66
991.58
1700.79
188.67
7149.28

1255.82
1261.81
2346.96
234.32
6633.53

PBT

996.24

1646.28

2785.2

3851.36

Less:Tax

337.21

575.25

969.84

1336.83

PAT

659.03

1071.03

1815.36

2514.53

Add:Profit brought forward From prev Year

731.04

1029.07

1553.87

2348.09

1390.07

2100.1

3369.23

4862.62

164.76
15.64
148.79

267.76
26.84
251.63

453.84
146.78
420.52

628.64
239.1
567.45

1060.88

1553.87

2348.09

3427.43

Amount available for appropriation

Appropriations
Less:Transfer to Statutory Reserve
Less:Transfer to Other Reserves
Less:Trans. to Government /Proposed Dividend
Retined Earnings

2011

CAGR

COMMON SIZE STMT

Particulars

15154.81
4632.13
19786.94

35.76%
46.23%
37.88%

1613.9
1650.54
2505.43
289.59
8591.82

43.43%
35.65%
49.29%
26.85%
30.16%

14651.28

2007

Income
Interest Income
Other Income

81.50%
18.50%

34.49%

Expenses
Payments to Employees
Operating Expenses & Administrative Expenses
Other Exps & Prov
Less: Depriciation
Less:Interest Expanded
Total Expenditure

6.97%
8.91%
9.21%
2.04%
54.68%
81.80%

5135.66

50.68%

PBT

18.20%

1747.17

50.87%

Taxes

3388.49

50.58%

PAT

3427.43

47.15%

6815.92

48.81%

Appropriations
Transfer to Statutory Reserve
Transfer to Other Reserves
Trans. to Government /Proposed Dividend

847.12
328.67
670.36

50.58%
114.11%
45.69%

4969.77

47.12%

Retined Earnings

6.16%
12.04%

3.01%
0.29%
2.72%
19.38%

2008

2009

2010

2011

79.46%
20.54%

78.44%
21.56%

74.68%
25.32%

76.59%
23.41%

7.60%
8.57%
13.23%
1.79%
50.14%
81.33%

7.22%
7.18%
12.31%
1.37%
51.76%
79.84%

8.06%
8.10%
15.06%
1.50%
42.57%
75.29%

8.16%
8.34%
12.66%
1.46%
43.42%
74.05%

18.67%

20.16%

24.71%

25.95%

6.52%

7.02%

8.58%

8.83%

12.15%

13.14%

16.14%

17.12%

3.04%
0.30%
2.85%

3.29%
1.06%
3.04%

4.03%
1.53%
3.64%

4.28%
1.66%
3.39%

17.63%

17.00%

21.99%

25.12%

DUPONT(Consolidated)
2007
11.95%

2008
12.01%

2009
13.11%

Asset Turnover Ratio

Interest Income/Net Total Assets
Feebased Income/Net Total Assets

7.32%
6.09%
1.23%

7.79%
6.39%
1.39%

9.05%
7.33%
1.72%

Equity Ratio=Net Total Assets/Equity

21.53

12.49

14.46

ROA(%)

0.88%

0.94%

1.19%

ROE(%)

18.85%

11.69%

17.17%

Net Profit Margin=PAT/Income

2010
15.88%

2011
16.87%

8.12%
6.44%
1.68%

7.88%
6.24%
1.63%

11.26

12.77

1.29%

1.33%

14.52%

16.97%

FCFE
Particulars
PAT
Adj for operating Asset
Change in RBI balance
Change in Balance with other banks
Change in Investment
Change in NFA
Change in Advances
Change in other Assets
Change in Liab/provisions

2007

2008

2009

2010

2011

654.25

1059.14

1812.93

2478.14

3344.68

-----------------

2644.63 2113.55
62.84 4404.11
2941.31
399.10
124.18 1800.63
6807.94 12625.25 9644.46 16016.81
249.66
150.03
149.53 1028.05
22784.68 21895.63 22784.13 38066.93
892.44
960.63
160.62
726.36
1683.08 2390.77 -3814.18 2075.40
34637.58 35753.42 36739.94 59967.49

-------

428.44 4561.43 6984.08 9098.33

28840.61 29747.90 23926.10 47937.58
29269.05 34309.33 30910.18 57035.91

FCFE

---

(4309.39)

368.84

(3351.62)

413.10

Change in Equity

---

4309.33

(368.74)

3351.68

(390.47)

FCFF

---

(2579.32)

2794.16

1122.33

4384.60

Adj for Op.Liabilities

Change in Borrowings
Change in Deposit

Beta Calculation
Date
4/3/2006
5/1/2006
6/1/2006
7/3/2006
8/1/2006
9/1/2006
10/2/2006
11/1/2006
12/1/2006
1/1/2007
2/1/2007
3/1/2007
4/2/2007
5/1/2007
6/1/2007
7/2/2007
8/1/2007
9/3/2007
10/1/2007
11/1/2007
12/3/2007
1/1/2008
2/1/2008
3/3/2008
4/1/2008
5/2/2008
6/2/2008
7/1/2008
8/1/2008
9/1/2008
10/1/2008
11/3/2008
12/1/2008
1/1/2009
2/2/2009
3/2/2009
4/1/2009
5/4/2009
6/1/2009
7/1/2009
8/3/2009

Avg Price
249.13
218.30
193.75
215.23
246.79
274.20
315.20
342.96
339.56
386.56
333.13
354.60
338.55
419.22
441.50
456.37
463.01
557.07
673.00
681.02
705.81
807.16
749.56
557.07
670.38
580.02
443.20
477.41
531.41
531.01
420.33
300.10
370.84
317.76
255.50
304.14
411.15
763.52
810.46
895.67
885.20

Nifty
3,508.10
3,185.30
3,128.20
3,143.20
3,413.90
3,588.40
3,744.10
3,954.50
3,966.40
4,082.70
3,745.30
3,821.55
4,087.90
4,295.80
4,318.30
4,528.85
4,464.00
5,021.35
5,900.65
5,762.75
6,138.60
5,137.45
5,223.50
4,734.50
5,165.90
4,870.10
4,040.55
4,332.95
4,360.00
3,921.20
2,885.60
2,755.10
2,959.15
2,874.80
2,763.65
3,020.95
3,473.95
4,448.95
4,291.10
4,636.45
4,662.10

RFR

Rm

Rp

Rm-RFR

Rp-RFR

0.67% -----0.67% -12.38%

-9.20% -13.05%
-9.87%
0.67% -11.25%
-1.79% -11.92%
-2.46%
0.67%
11.09%
0.48%
10.42%
-0.19%
0.67%
14.66%
8.61%
13.99%
7.94%
0.67%
11.11%
5.11%
10.44%
4.44%
0.67%
14.95%
4.34%
14.28%
3.67%
0.67%
8.81%
5.62%
8.14%
4.95%
0.67%
-0.99%
0.30%
-1.66%
-0.37%
0.67%
13.84%
2.93%
13.17%
2.26%
0.67% -13.82%
-8.26% -14.49%
-8.93%
0.67%
6.44%
2.04%
5.77%
1.37%
0.67%
-4.53%
6.97%
-5.20%
6.30%
0.67%
23.83%
5.09%
23.16%
4.42%
0.67%
5.31%
0.52%
4.64%
-0.15%
0.67%
3.37%
4.88%
2.70%
4.21%
0.67%
1.45%
-1.43%
0.78%
-2.10%
0.67%
20.31%
12.49%
19.64%
11.82%
0.67%
20.81%
17.51%
20.14%
16.84%
0.67%
1.19%
-2.34%
0.52%
-3.01%
0.67%
3.64%
6.52%
2.97%
5.85%
0.67%
14.36% -16.31%
13.69% -16.98%
0.67%
-7.14%
1.67%
-7.81%
1.00%
0.67% -25.68%
-9.36% -26.35% -10.03%
0.67%
20.34%
9.11%
19.67%
8.44%
0.67% -13.48%
-5.73% -14.15%
-6.40%
0.67% -23.59% -17.03% -24.26% -17.70%
0.67%
7.72%
7.24%
7.05%
6.57%
0.67%
11.31%
0.62%
10.64%
-0.05%
0.67%
-0.08% -10.06%
-0.75% -10.73%
0.67% -20.84% -26.41% -21.51% -27.08%
0.67% -28.60%
-4.52% -29.27%
-5.19%
0.67%
23.57%
7.41%
22.90%
6.74%
0.67% -14.31%
-2.85% -14.98%
-3.52%
0.67% -19.59%
-3.87% -20.26%
-4.54%
0.67%
19.04%
9.31%
18.37%
8.64%
0.67%
35.18%
15.00%
34.51%
14.33%
0.67%
85.70%
28.07%
85.03%
27.40%
0.67%
6.15%
-3.55%
5.48%
-4.22%
0.67%
10.51%
8.05%
9.84%
7.38%
0.67%
-1.17%
0.55%
-1.84%
-0.12%

9/1/2009
10/1/2009
11/3/2009
12/1/2009
1/4/2010
2/1/2010
3/2/2010
4/1/2010
5/3/2010
6/1/2010
7/1/2010
8/2/2010
9/1/2010
10/1/2010
11/1/2010
12/1/2010
1/3/2011
2/1/2011
3/1/2011
4/1/2011
5/2/2011
6/1/2011
7/1/2011
8/1/2011
9/2/2011
10/3/2011
11/1/2011
12/1/2011
1/2/2012
2/1/2012
3/1/2012

956.76
885.59
977.95
967.38
1,083.87
1,099.39
1,146.82
1,239.87
1,221.81
1,225.18
1,330.87
1,314.07
1,514.44
1,453.48
1,352.58
1,332.55
1,227.05
1,198.38
1,390.20
1286
1278.6
1289
1338.15
1075
1021.45
1159.7
947.5
806.75
1074.2
1178.05
1167.85

5,083.95
4,711.70
5,032.70
5,201.05
4,882.05
4,922.30
5,249.10
5,278.00
5,086.30
5,312.50
5,367.60
5,402.40
6,029.50
6,017.70
5,862.70
6,134.50
5,505.90
5,333.25
5,333.75
5749.5
5560.15
5647.4
5482
5001
4943.25
5326.6
4832.05
4624.3
5199.25
5385.2
5359.35

0.67%
0.67%
0.67%
0.67%
0.67%
0.67%
0.67%
0.67%
0.67%
0.67%
0.67%
0.67%
0.67%
0.67%
0.67%
0.67%
0.67%
0.67%
0.67%
0.67%
0.67%
0.67%
0.67%
0.67%
0.67%
0.67%
0.67%
0.67%
0.67%
0.67%
0.67%

8.08%
-7.44%
10.43%
-1.08%
12.04%
1.43%
4.31%
8.11%
-1.46%
0.28%
8.63%
-1.26%
15.25%
-4.03%
-6.94%
-1.48%
-7.92%
-2.34%
16.01%
-7.50%
-0.58%
0.81%
3.81%
-19.67%
-4.98%
13.53%
-18.30%
-14.85%
33.15%
9.67%
-0.87%

9.05%
-7.32%
6.81%
3.35%
-6.13%
0.82%
6.64%
0.55%
-3.63%
4.45%
1.04%
0.65%
11.61%
-0.20%
-2.58%
4.64%
-10.25%
-3.14%
0.01%
7.79%
-3.29%
1.57%
-2.93%
-8.77%
-1.15%
7.76%
-9.28%
-4.30%
12.43%
3.58%
-0.48%

7.41%
-8.11%
9.76%
-1.75%
11.37%
0.76%
3.64%
7.44%
-2.13%
-0.39%
7.96%
-1.93%
14.58%
-4.70%
-7.61%
-2.15%
-8.59%
-3.01%
15.34%
-8.17%
-1.25%
0.14%
3.14%
-20.34%
-5.65%
12.86%
-18.97%
-15.52%
32.48%
9.00%
-1.54%

8.38%
-7.99%
6.14%
2.68%
-6.80%
0.15%
5.97%
-0.12%
-4.30%
3.78%
0.37%
-0.02%
10.94%
-0.87%
-3.25%
3.97%
-10.92%
-3.81%
-0.66%
7.12%
-3.96%
0.90%
-3.60%
-9.44%
-1.82%
7.09%
-9.95%
-4.97%
11.76%
2.91%
-1.15%
0.27%

RFR=8%

Cov
var
Beta

0.010327607
0.006912
1.49

Bloomberg Adjusted Beta

1.329437

Increases in Equity
Cumulative PAT
Retentation Ratio

Particulars
No of EquityShare Holders
EPS

15596.69
9349.14
1.668249

2007

Book Value

2009

2010

2011

28.16308 35.77097 35.9005118 40.51741 41.05458

23.23077 29.60893 50.498723 61.16235 81.4691

Growth(Year-on-Year)

Market Price(Avg of Year)

Market Price(Close of year)

2008

37.91%

36.23%

11.39%

21.30%

484.15
705.81

536.54
370.84

702.59
967.38

1276.24
1332.55

1140
806.75

120.5

245.14

284.5

395.99

462.77

P/E Ratio(Avg)
P/E Ratio(Closing Price)

20.84089 18.12089 13.9130251 20.86643 13.99304

30.38255 12.5246 19.156524 21.7871 9.902528

PEG Ratio
P/B Ratio

47.80598 38.3984617 183.1791 65.69429

4.017842 2.188708 2.46956063 3.22291 2.463427

Ke=RFR+RiskPremium*Beta
Divinded Payout Ratio(DVD/PAT)

WACC Calculation
Particulars
INTEREST EXPENSE
TOTAL DEBT
AVG DEBT

2008
4419.84

2009
7148.92

5195.60

5624.04

10185.47

5409.82

Kd
Kd(1-Tax)

7904.76 13677.51

55.33%
55.91%
52.27%
0.370701909 0.374622 0.350194

RFR
BETA
RISK PREMIUM

8%
1.32
7.50%

Ke=RFR+(RISK PREMIUM)*BETA
Market Price
No of shares
Maket value of Equity
Avg Debt
Average Enterprice Value(In crores)

2007
2993.18

18.10%
1167
41.05
47905.35
12888.51
60793.86

2010
6632.63

2011
8588.61

17169.55

26267.88

21718.72 26267.88
30.54%
32.70%
0.20461 0.219065

45.35%

EQUITY
DEBT
MKT VALUE 47905.35 26267.8
COST
18.10%
45.35%
WTS
28.53%
71.47%
WACC

37.58%