Profit & Loss - Dena Bank

INCOME:
Sales Turnover
Excise Duty
NET SALES
Other Income
TOTAL INCOME
EXPENDITURE:
Manufacturing Expenses
Material Consumed
Personal Expenses
Selling Expenses
Administrative Expenses
Expenses Capitalised
Provisions Made
TOTAL EXPENDITURE
Operating Profit
EBITDA
Depreciation
Other Write-offs
EBIT
Interest
EBT
Taxes
Profit and Loss for the Year
Non Recurring Items
Other Non Cash Adjustments
Other Adjustments
REPORTED PAT
KEY ITEMS
Preference Dividend
Equity Dividend
Equity Dividend (%)
Shares in Issue (Lakhs)
EPS - Annualised (Rs)

Rs (in Crores)
Mar'14
Mar'13
Mar'12
Mar'11
Mar'10
12Months 12Months 12Months 12Months 12Months
9978.48
0
9978.48
0
10895.2

8899.39
0
8899.39
0
9554.85

7001.99
0
7001.99
0
7272.39

5232.96
0
5232.96
0
5520.14

4316.89
0
4316.89
0
4573.37

0
0
1005.01
0
588.21
0
1516.34
3109.55
911.87
1828.59
54.56
0
1774.04
7473.4
257.7
-293.96
551.66
0
0
0
551.66

0
0
791.83
0
466.59
0
706.44
1964.86
1124.69
1780.15
41.28
0
1738.87
6516.29
1032.42
222.04
810.38
0
0
0
810.38

0
0
714.68
8.27
658.33
0
256.36
1637.63
927.59
1197.99
35.6
0
1162.39
4693.13
906.03
102.57
803.46
-0.32
0
0
803.14

0
0
688.2
16.35
619.57
0
-3.26
1320.85
638.68
925.86
30.55
0
895.31
3270.16
898.57
286.56
612.01
-0.38
0
0
611.63

0
0
511.59
10.8
394.79
0
30.95
948.13
489.37
745.86
27.61
0
718.25
2910.33
687.29
175.54
511.75
-0.5
0
0
511.25

0
107.08
19.91
5378.16
10.26

0
136.57
39.01
3500.59
23.15

0
87.98
25.13
3500.59
22.94

0
61.16
18.34
3333.89
18.35

0
67.11
23.39
2868.23
17.82

Return on Equity

7.72%

14.06%

17.94%

16.73%

19.65%

DPS

1.991

3.901

2.513

1.834

2.340

Average DPS

2.516

Dividend Payout

19.41%

16.85%

10.96%

10.00%

13.13%

BalanceSheet - Dena Bank

Particulars
Liabilities
Share Capital
Reserves & Surplus
Net Worth
Secured Loan
Unsecured Loan
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(A+B+C+D+E)
Asset Base

Rs (in Crores)
Mar'14
Mar'13
Mar'12
Mar'11
Mar'10
12 Months 12 Months 12 Months 12 Months 12 Months
537.82
350.06
350.06
333.39
286.82
6604.67
5413.95
3941.45
3125.79
2106.23
7142.49
5764.01
4477.33
3655.92
2601.69
5160.93
8413.66
3880.95
1691.66
1561.92
110027.69 97207.15
77166.8
64209.62 51344.28
122331.11 111384.82 85525.08
69557.2
55507.88
1144.81
1112.12
0
0
1144.81
1112.12
0
0
36612.07
34343.1
0
0
0
0
6372.72
9821.41
80733.88
68163.8
87106.6
77985.21
2532.38
2055.61
0
0
2532.38
2055.61
84574.22
75929.6
0
0
122331.11 111384.82

924.45
519.29
219.34
1.48
23027.65
0
0
5551.2
58402.44
63953.63
1611.63
251.21
1862.84
62090.79
0
85525.08

888
484.4
206.85
0.15
18768.91
0
0
5408.81
46256.95
51665.76
1114.58
166.64
1281.22
50384.55
0
69557.2

828.95
421.89
198.42
0.22
15694.23
0
0
5114.52
36370.55
41485.07
2078.7
0
2078.7
39406.38
0
55507.88

117345.95

81430.09

65025.86

52064.78

102506.9

BSE

Date

Dena Close

11/28/2014

60.1

28693.99

11/27/2014

58.5

28438.91

11/26/2014

59

28386.19

11/25/2014

58.65

28338.05

11/24/2014

60.2

28499.54

11/21/2014

60.25

28334.63

11/20/2014

59.95

28067.56

11/19/2014

59.6

28032.85

11/18/2014

62.05

28163.29

11/17/2014

62.05

28177.88

11/14/2014

62.1

28046.66

11/13/2014

62

27940.64

11/12/2014

62.25

28008.9

11/11/2014

62.6

27910.06

11/10/2014

61.35

27874.73

11/7/2014

64.75

27868.63

11/5/2014

65.5

27915.88

11/3/2014

64.85

27860.38

10/31/2014

63.85

27865.83

10/30/2014

62.85

27346.33

10/29/2014

62.35

27098.17

10/28/2014

63

26880.82

10/27/2014

63.65

26752.9

10/23/2014

61.65

26851.05

10/22/2014

61.05

26787.23

10/21/2014

60.65

26575.65

10/20/2014

59.3

26429.85

10/17/2014

58.65

26108.53

10/16/2014

57.85

25999.34

10/14/2014

59.15

26349.33

10/13/2014

58.7

26384.07

10/10/2014

58.1

26297.38

10/9/2014

59.35

26637.28

10/8/2014

57.35

26246.79

10/7/2014

57.7

26271.97

10/1/2014

58.4

26567.99

9/30/2014

57.9

26630.51

9/29/2014

58.7

26597.11

9/26/2014

58.9

26626.32

9/25/2014

57.2

26468.36

9/24/2014

59.3

26744.69

9/23/2014

60.5

26775.69

Close

Returns
BSE
Dena
SUMMARY OUTPUT
0.89%
0.19%
0.17%
-0.57%
0.58%
0.95%
0.12%
-0.46%
-0.05%
0.47%
0.38%
-0.24%
0.35%
0.13%
0.02%
-0.17%
0.20%
-0.02%
1.88%
0.91%
0.81%
0.48%
-0.37%
0.24%
0.79%
0.55%
1.22%
0.42%
-1.34%
-0.13%
0.33%
-1.28%
1.48%
-0.10%
-1.12%
-0.24%
0.13%
-0.11%
0.60%
-1.04%
-0.12%

2.70%
-0.85%
0.59%
-2.61%
-0.08%
0.50%
0.59%
-4.03%
0.00%
-0.08%
0.16%
-0.40%
-0.56%
2.02%
-5.39%
-1.15%
1.00%
1.55%
1.58%
0.80%
-1.04%
-1.03%
3.19%
0.98%
0.66%
2.25%
1.10%
1.37%
-2.22%
0.76%
1.03%
-2.13%
3.43%
-0.61%
-1.21%
0.86%
-1.37%
-0.34%
2.93%
-3.61%
-2.00%

Regression Statistics
Multiple R
R Square
Adjusted R Square
Standard Error
Observations
ANOVA
Regression
Residual
Total

Intercept
Beta
WACC
Rf
Rp
Ke

9/22/2014

62.1

27206.74

9/19/2014

62.6

27090.42

9/18/2014

64.35

27112.21

9/17/2014

63.15

26631.29

9/16/2014

63.8

26492.51

9/15/2014

65.6

26816.56

9/12/2014

64.1

27061.04

9/11/2014

63.2

26995.87

9/10/2014

60.9

27057.41

9/9/2014

59.75

27265.32

9/8/2014

59.95

27319.85

9/5/2014

59.5

27026.7

9/4/2014

59.25

27085.93

9/3/2014

60.65

27139.94

9/2/2014

60.85

27019.39

9/1/2014

59.65

26867.55

8/28/2014

58.45

26638.11

8/27/2014

60.25

26560.15

8/26/2014

60.15

26442.81

8/25/2014

60.8

26437.02

8/22/2014

62.15

26419.55

8/21/2014

61.55

26360.11

8/20/2014

60.1

26314.29

8/19/2014

63.3

26420.67

8/18/2014

62.85

26390.96

8/14/2014

60.75

26103.23

8/13/2014

59.95

25918.95

8/12/2014

63.1

25880.77

8/11/2014

61.7

25519.24

8/8/2014

64.2

25329.14

8/7/2014

66.65

25589.01

8/6/2014

68.3

25665.27

8/5/2014

69.25

25908.01

8/4/2014

69.2

25723.16

8/1/2014

68.5

25480.84

7/31/2014

68.5

25894.97

7/30/2014

68.2

26087.42

7/28/2014

67.25

25991.23

7/25/2014

68.35

26126.75

7/24/2014

70.65

26271.85

7/23/2014

71.15

26147.33

7/22/2014

72.65

26025.8

7/21/2014

73.05

25715.17

7/18/2014

74.85

25641.56

-1.60%
0.43%
-0.08%
1.79%
0.52%
-1.22%
-0.91%
0.24%
-0.23%
-0.77%
-0.20%
1.08%
-0.22%
-0.20%
0.45%
0.56%
0.86%
0.29%
0.44%
0.02%
0.07%
0.23%
0.17%
-0.40%
0.11%
1.10%
0.71%
0.15%
1.41%
0.75%
-1.02%
-0.30%
-0.94%
0.72%
0.95%
-1.61%
-0.74%
0.37%
-0.52%
-0.55%
0.48%
0.47%
1.20%
0.29%

-2.61%
-0.80%
-2.76%
1.88%
-1.02%
-2.78%
2.31%
1.41%
3.71%
1.91%
-0.33%
0.75%
0.42%
-2.34%
-0.33%
1.99%
2.03%
-3.03%
0.17%
-1.07%
-2.20%
0.97%
2.38%
-5.19%
0.71%
3.40%
1.33%
-5.12%
2.24%
-3.97%
-3.75%
-2.45%
-1.38%
0.07%
1.02%
0.00%
0.44%
1.40%
-1.62%
-3.31%
-0.71%
-2.09%
-0.55%
-2.43%

7/17/2014

75.95

25561.16

7/16/2014

75.9

25549.72

7/15/2014

73

25228.65

7/14/2014

72

25006.98

7/11/2014

73.35

25024.35

7/10/2014

76.65

25372.75

7/9/2014

74.75

25444.81

7/8/2014

78.5

25582.11

7/7/2014

83.7

26100.08

7/4/2014

84.25

25962.06

7/3/2014

84.45

25823.75

7/2/2014

83.95

25841.21

7/1/2014

83.4

25516.35

6/30/2014

85.2

25413.78

6/27/2014

80.65

25099.92

6/26/2014

82.05

25062.67

6/25/2014

83.15

25313.74

6/24/2014

83.55

25368.9

6/23/2014

83.2

25031.32

6/20/2014

82.95

25105.51

6/19/2014

84.95

25201.8

6/18/2014

84.05

25246.25

6/17/2014

84.6

25521.19

6/16/2014

81.1

25190.48

6/13/2014

83.6

25228.17

6/12/2014

87.65

25576.21

6/11/2014

89.5

25473.89

6/10/2014

91.35

25583.69

6/9/2014

92.4

25580.21

6/6/2014

92.65

25396.46

6/5/2014

90.2

25019.51

6/4/2014

88.9

24805.83

6/3/2014

84.95

24858.59

6/2/2014

86.05

24684.85

5/30/2014

82.1

24217.34

5/29/2014

82.9

24234.15

5/28/2014

83.95

24556.09

5/27/2014

84.35

24549.51

5/26/2014

85.4

24716.88

5/23/2014

83.7

24693.35

5/22/2014

79.7

24374.4

5/21/2014

79.9

24298.02

5/20/2014

80.05

24376.88

5/19/2014

78.55

24363.05

0.31%
0.04%
1.26%
0.88%
-0.07%
-1.38%
-0.28%
-0.54%
-2.00%
0.53%
0.53%
-0.07%
1.27%
0.40%
1.24%
0.15%
-1.00%
-0.22%
1.34%
-0.30%
-0.38%
-0.18%
-1.08%
1.30%
-0.15%
-1.37%
0.40%
-0.43%
0.01%
0.72%
1.50%
0.86%
-0.21%
0.70%
1.91%
-0.07%
-1.32%
0.03%
-0.68%
0.10%
1.30%
0.31%
-0.32%
0.06%

-1.46%
0.07%
3.90%
1.38%
-1.86%
-4.40%
2.51%
-4.89%
-6.41%
-0.65%
-0.24%
0.59%
0.66%
-2.14%
5.49%
-1.72%
-1.33%
-0.48%
0.42%
0.30%
-2.38%
1.07%
-0.65%
4.23%
-3.04%
-4.73%
-2.09%
-2.05%
-1.14%
-0.27%
2.68%
1.45%
4.54%
-1.29%
4.70%
-0.97%
-1.26%
-0.48%
-1.24%
2.01%
4.90%
-0.25%
-0.19%
1.89%

5/16/2014

69.35

24121.74

5/15/2014

66.7

23905.6

5/14/2014

66.55

23815.12

5/13/2014

63.9

23871.23

5/12/2014

63.05

23551

5/9/2014

62.95

22994.23

5/8/2014

61.45

22344.04

5/7/2014

61.95

22323.9

5/6/2014

62.65

22508.42

5/5/2014

63.8

22445.12

5/2/2014

63.5

22403.89

4/30/2014

63.5

22417.8

4/29/2014

63.1

22466.19

4/28/2014

63.95

22631.61

4/25/2014

63.2

22688.07

4/23/2014

61.8

22876.54

4/22/2014

61.65

22758.37

4/21/2014

62.5

22764.83

4/17/2014

60.1

22628.84

4/16/2014

58.6

22277.23

4/15/2014

61.35

22484.93

4/11/2014

62.95

22628.96

4/10/2014

62.8

22715.33

4/9/2014

61.8

22702.34

4/7/2014

60.25

22343.45

4/4/2014

60.9

22359.5

4/3/2014

60

22509.07

4/2/2014

61.5

22551.49

4/1/2014

59.4

22446.44

3/31/2014

60.55

22386.27

3/28/2014

60.1

22339.97

3/27/2014

58.1

22214.37

3/26/2014

57.35

22095.3

3/25/2014

56.15

22055.21

3/24/2014

55.9

22055.48

3/22/2014

56.55

21755.32

3/21/2014

56.45

21753.75

3/20/2014

55.2

21740.09

3/19/2014

55.85

21832.86

3/18/2014

55.95

21832.61

3/14/2014

54.45

21809.8

3/13/2014

55.25

21774.61

3/12/2014

55.2

21856.22

3/11/2014

55.9

21826.42

1.00%
0.90%
0.38%
-0.24%
1.35%
2.39%
2.87%
0.09%
-0.82%
0.28%
0.18%
-0.06%
-0.22%
-0.73%
-0.25%
-0.83%
0.52%
-0.03%
0.60%
1.57%
-0.93%
-0.64%
-0.38%
0.06%
1.59%
-0.07%
-0.67%
-0.19%
0.47%
0.27%
0.21%
0.56%
0.54%
0.18%
0.00%
1.37%
0.01%
0.06%
-0.43%
0.00%
0.10%
0.16%
-0.37%
0.14%

12.46%
3.90%
0.23%
4.06%
1.34%
0.16%
2.41%
-0.81%
-1.12%
-1.82%
0.47%
0.00%
0.63%
-1.34%
1.18%
2.24%
0.24%
-1.37%
3.92%
2.53%
-4.59%
-2.57%
0.24%
1.61%
2.54%
-1.07%
1.49%
-2.47%
3.47%
-1.92%
0.75%
3.38%
1.30%
2.11%
0.45%
-1.16%
0.18%
2.24%
-1.17%
-0.18%
2.72%
-1.46%
0.09%
-1.26%

3/10/2014

56.45

21934.83

3/7/2014

56.15

21919.79

3/6/2014

55.05

21513.87

3/5/2014

54.15

21276.86

3/4/2014

53

21209.73

3/3/2014

52

20946.65

2/28/2014

51.65

21120.12

2/26/2014

51.4

20986.99

2/25/2014

51.7

20852.47

2/24/2014

51.7

20811.44

2/21/2014

51.7

20700.75

2/20/2014

51.9

20536.64

2/19/2014

52.5

20722.97

2/18/2014

52.5

20634.21

2/17/2014

52.05

20464.06

2/14/2014

51.7

20366.82

2/13/2014

52.2

20193.35

2/12/2014

53.1

20448.49

2/11/2014

53

20363.37

2/10/2014

52.95

20334.27

2/7/2014

54.4

20376.56

2/6/2014

53.5

20310.74

2/5/2014

53.45

20261.03

2/4/2014

53.35

20211.93

2/3/2014

52.8

20209.26

1/31/2014

53.85

20513.85

1/30/2014

53.25

20498.25

1/29/2014

54.7

20647.3

1/28/2014

55.1

20683.51

1/27/2014

55.25

20707.45

1/24/2014

57.9

21133.56

1/23/2014

59.3

21373.66

1/22/2014

59.85

21337.67

1/21/2014

60.15

21251.12

1/20/2014

59.4

21205.05

1/17/2014

59.3

21063.62

1/16/2014

60.3

21265.18

1/15/2014

60.45

21289.49

1/14/2014

60.35

21032.88

1/13/2014

60.6

21134.21

1/10/2014

61.45

20758.49

1/9/2014

61.5

20713.37

1/8/2014

61.9

20729.38

1/7/2014

61.4

20693.24

-0.50%
0.07%
1.87%
1.11%
0.32%
1.25%
-0.82%
0.63%
0.64%
0.20%
0.53%
0.80%
-0.90%
0.43%
0.83%
0.48%
0.86%
-1.26%
0.42%
0.14%
-0.21%
0.32%
0.25%
0.24%
0.01%
-1.50%
0.08%
-0.72%
-0.18%
-0.12%
-2.04%
-1.13%
0.17%
0.41%
0.22%
0.67%
-0.95%
-0.11%
1.21%
-0.48%
1.79%
0.22%
-0.08%
0.17%

-0.98%
0.53%
1.98%
1.65%
2.15%
1.90%
0.68%
0.49%
-0.58%
0.00%
0.00%
-0.39%
-1.15%
0.00%
0.86%
0.67%
-0.96%
-1.71%
0.19%
0.09%
-2.70%
1.67%
0.09%
0.19%
1.04%
-1.97%
1.12%
-2.69%
-0.73%
-0.27%
-4.68%
-2.39%
-0.92%
-0.50%
1.25%
0.17%
-1.67%
-0.25%
0.17%
-0.41%
-1.39%
-0.08%
-0.65%
0.81%

1/6/2014

62.7

20787.3

1/3/2014

62.05

20851.33

1/2/2014

61.15

20888.33

1/1/2014

61.85

21140.48

12/31/2013

60.75

21170.68

12/30/2013

62

21143.01

12/27/2013

63.25

21193.58

12/26/2013

61.6

21074.59

12/24/2013

59

21032.71

12/23/2013

57.65

21101.03

12/20/2013

56.8

21079.72

12/19/2013

56.15

20708.62

12/18/2013

56.75

20859.86

12/17/2013

56.05

20594.99

12/16/2013

56.2

20659.52

12/13/2013

56.05

20715.58

12/12/2013

56.05

20925.61

12/11/2013

55.6

21171.41

12/10/2013

55.1

21255.26

12/9/2013

56.3

21326.42

12/6/2013

55.85

20996.53

12/5/2013

55.4

20957.81

12/4/2013

54.65

20708.71

12/3/2013

55.7

20854.92

12/2/2013

55.4

20898.01

11/29/2013

54.05

20791.93

11/28/2013

53.25

20534.91

11/27/2013

53.25

20420.26

11/26/2013

54.3

20425.02

11/25/2013

55.2

20605.08

11/22/2013

54.3

20217.39

11/21/2013

55.75

20229.05

11/20/2013

56.55

20635.13

11/19/2013

56.75

20890.82

11/18/2013

56.6

20850.74

11/14/2013

55.15

20399.42

11/13/2013

54.1

20194.4

11/12/2013

54.55

20281.91

11/11/2013

55.6

20490.96

11/8/2013

59.55

20666.15

11/7/2013

58.95

20822.77

11/6/2013

62.3

20894.94

11/5/2013

62.75

20974.79

11/3/2013

60.25

21239.36

-0.45%
-0.31%
-0.18%
-1.20%
-0.14%
0.13%
-0.24%
0.56%
0.20%
-0.32%
0.10%
1.78%
-0.73%
1.28%
-0.31%
-0.27%
-1.01%
-1.17%
-0.40%
-0.33%
1.56%
0.18%
1.20%
-0.70%
-0.21%
0.51%
1.24%
0.56%
-0.02%
-0.88%
1.90%
-0.06%
-1.99%
-1.23%
0.19%
2.19%
1.01%
-0.43%
-1.03%
-0.85%
-0.76%
-0.35%
-0.38%
-1.25%

-2.10%
1.04%
1.46%
-1.14%
1.79%
-2.04%
-2.00%
2.64%
4.31%
2.31%
1.49%
1.15%
-1.06%
1.24%
-0.27%
0.27%
0.00%
0.81%
0.90%
-2.15%
0.80%
0.81%
1.36%
-1.90%
0.54%
2.47%
1.49%
0.00%
-1.95%
-1.64%
1.64%
-2.64%
-1.42%
-0.35%
0.26%
2.60%
1.92%
-0.83%
-1.91%
-6.86%
1.01%
-5.53%
-0.72%
4.07%

11/1/2013

57.35

21196.81

10/31/2013

53.8

21164.52

10/30/2013

50.4

21033.97

10/29/2013

51.15

20929.01

10/28/2013

48.65

20570.28

10/25/2013

50.45

20683.52

10/24/2013

51.7

20725.43

10/23/2013

51.9

20767.88

10/22/2013

51.55

20864.97

10/21/2013

51.05

20893.89

10/18/2013

50.25

20882.89

10/17/2013

49

20415.51

10/15/2013

49.15

20547.62

10/14/2013

50.95

20607.54

10/11/2013

49.8

20528.59

10/10/2013

49.05

20272.91

10/9/2013

48.75

20249.26

10/8/2013

48.55

19983.61

10/7/2013

48.6

19895.1

10/4/2013

48

19915.95

10/3/2013

48.05

19902.07

10/1/2013

46.7

19517.15

9/30/2013

45.6

19379.77

9/27/2013

47.25

19727.27

9/26/2013

47

19893.85

9/25/2013

47.6

19856.24

9/24/2013

47.95

19920.21

9/23/2013

47.8

19900.96

9/20/2013

49.9

20263.71

9/19/2013

54

20646.64

9/18/2013

49.8

19962.16

9/17/2013

49.5

19804.03

9/16/2013

50.75

19742.47

9/13/2013

51.5

19732.76

9/12/2013

51.05

19781.88

9/11/2013

51.7

19997.45

9/10/2013

48.05

19997.1

9/6/2013

47.4

19270.06

9/5/2013

47.65

18979.76

9/4/2013

44.05

18567.55

9/3/2013

42.9

18234.66

9/2/2013

45.05

18886.13

8/30/2013

43.75

18619.72

8/29/2013

43.1

18401.04

0.20%
0.15%
0.62%
0.50%
1.73%
-0.55%
-0.20%
-0.20%
-0.47%
-0.14%
0.05%
2.26%
-0.65%
-0.29%
0.38%
1.25%
0.12%
1.32%
0.44%
-0.10%
0.07%
1.95%
0.71%
-1.78%
-0.84%
0.19%
-0.32%
0.10%
-1.81%
-1.87%
3.37%
0.80%
0.31%
0.05%
-0.25%
-1.08%
0.00%
3.70%
1.52%
2.20%
1.81%
-3.51%
1.42%
1.18%

4.93%
6.39%
6.53%
-1.48%
5.01%
-3.63%
-2.45%
-0.39%
0.68%
0.97%
1.58%
2.52%
-0.31%
-3.60%
2.28%
1.52%
0.61%
0.41%
-0.10%
1.24%
-0.10%
2.85%
2.38%
-3.55%
0.53%
-1.27%
-0.73%
0.31%
-4.30%
-7.90%
8.10%
0.60%
-2.49%
-1.47%
0.88%
-1.27%
7.32%
1.36%
-0.53%
7.86%
2.65%
-4.89%
2.93%
1.50%

8/28/2013

43.3

17996.15

8/27/2013

44.3

17968.08

8/26/2013

46.9

18558.13

8/23/2013

46.35

18519.44

8/22/2013

45.95

18312.94

8/21/2013

45.2

17905.91

8/20/2013

45.6

18246.04

8/19/2013

44.6

18307.52

8/16/2013

46

18598.18

8/14/2013

49.35

19367.59

8/13/2013

47.75

19229.84

8/12/2013

46.85

18946.98

8/8/2013

46.3

18789.34

8/7/2013

47.15

18664.88

8/6/2013

45.25

18733.04

8/5/2013

47.65

19182.26

8/2/2013

46.65

19164.02

8/1/2013

49.45

19317.19

7/31/2013

53.5

19345.7

7/30/2013

55.55

19328.54

7/29/2013

57.9

19593.28

7/26/2013

59.45

19748.19

7/25/2013

61.2

19804.76

7/24/2013

63.8

20090.68

7/23/2013

67.65

20302.13

7/22/2013

67.35

20159.12

7/19/2013

67.6

20149.85

7/18/2013

68.8

20128.41

7/17/2013

66.25

19948.73

7/16/2013

67.15

19851.23

7/15/2013

71.4

20034.48

7/12/2013

69.05

19958.47

7/11/2013

69.6

19676.06

7/10/2013

68.75

19294.12

7/9/2013

70.6

19439.48

7/8/2013

67.7

19324.77

7/5/2013

68.3

19495.82

7/4/2013

68.6

19410.84

7/3/2013

67.55

19177.76

7/2/2013

70.8

19463.82

7/1/2013

72.4

19577.39

6/28/2013

69.75

19395.81

6/27/2013

66.3

18875.95

6/26/2013

68.55

18552.12

2.22%
0.16%
-3.23%
0.21%
1.12%
2.25%
-1.88%
-0.34%
-1.58%
-4.05%
0.71%
1.48%
0.84%
0.66%
-0.36%
-2.37%
0.10%
-0.80%
-0.15%
0.09%
-1.36%
-0.79%
-0.29%
-1.43%
-1.05%
0.71%
0.05%
0.11%
0.90%
0.49%
-0.92%
0.38%
1.43%
1.96%
-0.75%
0.59%
-0.88%
0.44%
1.21%
-1.48%
-0.58%
0.93%
2.72%
1.73%

-0.46%
-2.28%
-5.70%
1.18%
0.87%
1.65%
-0.88%
2.22%
-3.09%
-7.03%
3.30%
1.90%
1.18%
-1.82%
4.11%
-5.17%
2.12%
-5.83%
-7.87%
-3.76%
-4.14%
-2.64%
-2.90%
-4.16%
-5.86%
0.44%
-0.37%
-1.76%
3.78%
-1.35%
-6.14%
3.35%
-0.79%
1.23%
-2.66%
4.19%
-0.88%
-0.44%
1.54%
-4.70%
-2.23%
3.73%
5.07%
-3.34%

6/25/2013

69.75

18629.15

6/24/2013

70.65

18540.89

6/21/2013

74.25

18774.24

6/20/2013

78.7

18719.29

6/19/2013

86.4

19245.7

6/18/2013

85.7

19223.28

6/17/2013

85.5

19325.87

6/14/2013

84.35

19177.93

6/13/2013

82.65

18827.16

6/12/2013

83.55

19041.13

6/11/2013

82.1

19143

6/10/2013

83.1

19441.07

6/7/2013

84.1

19429.23

6/6/2013

85.5

19519.49

6/5/2013

84.3

19568.22

6/4/2013

82.85

19545.78

6/3/2013

84.4

19610.48

5/31/2013

84.5

19760.3

5/30/2013

86.75

20215.4

5/29/2013

87

20147.64

5/28/2013

89.15

20160.82

5/27/2013

88.55

20030.77

5/24/2013

87.65

19704.33

5/23/2013

87.15

19674.33

5/22/2013

90.3

20062.24

5/21/2013

93.35

20111.61

5/20/2013

95.35

20223.98

5/17/2013

94.95

20286.12

5/16/2013

95.1

20247.33

5/15/2013

94.9

20212.96

5/14/2013

91

19722.29

5/13/2013

90.55

19691.67

5/11/2013

93.9

20122.32

5/10/2013

93.05

20082.62

5/9/2013

91.85

19939.04

5/8/2013

91.1

19990.18

5/7/2013

91.8

19888.95

5/6/2013

91.8

19673.64

5/3/2013

91

19575.64

5/2/2013

93.15

19735.77

4/30/2013

91

19504.18

4/29/2013

92.9

19387.5

4/26/2013

92.8

19286.72

4/25/2013

95.6

19406.85

-0.41%
0.47%
-1.25%
0.29%
-2.77%
0.12%
-0.53%
0.77%
1.85%
-1.13%
-0.53%
-1.55%
0.06%
-0.46%
-0.25%
0.11%
-0.33%
-0.76%
-2.28%
0.34%
-0.07%
0.65%
1.64%
0.15%
-1.95%
-0.25%
-0.56%
-0.31%
0.19%
0.17%
2.46%
0.16%
-2.16%
0.20%
0.72%
-0.26%
0.51%
1.09%
0.50%
-0.81%
1.18%
0.60%
0.52%
-0.62%

-1.74%
-1.28%
-4.97%
-5.82%
-9.33%
0.81%
0.23%
1.35%
2.04%
-1.08%
1.75%
-1.21%
-1.20%
-1.65%
1.41%
1.74%
-1.85%
-0.12%
-2.63%
-0.29%
-2.44%
0.68%
1.02%
0.57%
-3.55%
-3.32%
-2.12%
0.42%
-0.16%
0.21%
4.20%
0.50%
-3.63%
0.91%
1.30%
0.82%
-0.77%
0.00%
0.88%
-2.34%
2.34%
-2.07%
0.11%
-2.97%

4/23/2013

95.05

19179.36

4/22/2013

96.05

19169.83

4/18/2013

94.75

19016.46

4/17/2013

93.25

18731.16

4/16/2013

93.45

18744.93

4/15/2013

90.6

18357.8

4/12/2013

88.5

18242.56

4/11/2013

86.6

18542.2

4/10/2013

87.6

18414.45

4/9/2013

86.75

18226.48

4/8/2013

89.25

18437.78

4/5/2013

89.95

18450.23

4/4/2013

90.8

18509.7

4/3/2013

92.75

18801.64

4/2/2013

94.35

19040.95

4/1/2013

91.85

18864.75

3/28/2013

89.4

18835.77

3/26/2013

89.25

18704.53

3/25/2013

90.85

18681.42

3/22/2013

91.4

18735.6

3/21/2013

89.85

18792.87

3/20/2013

89.5

18884.19

3/19/2013

91.75

19008.1

3/18/2013

94.6

19293.2

3/15/2013

94.05

19427.56

3/14/2013

95.75

19570.44

3/13/2013

93.1

19362.55

3/12/2013

96.1

19564.92

3/11/2013

97.05

19646.21

3/8/2013

95.85

19683.23

3/7/2013

94.1

19413.54

3/6/2013

93.8

19252.61

3/5/2013

92.5

19143.17

3/4/2013

88.55

18877.96

3/1/2013

90

18918.52

2/28/2013

89

18861.54

2/27/2013

95.65

19152.41

2/26/2013

95.1

19015.14

2/25/2013

98

19331.69

2/22/2013

99.3

19317.01

2/21/2013

99.5

19325.36

2/20/2013

103.05

19642.75

2/19/2013

104

19635.72

2/18/2013

102.25

19501.08

1.18%
0.05%
0.80%
1.51%
-0.07%
2.09%
0.63%
-1.63%
0.69%
1.03%
-1.15%
-0.07%
-0.32%
-1.56%
-1.26%
0.93%
0.15%
0.70%
0.12%
-0.29%
-0.31%
-0.48%
-0.65%
-1.49%
-0.69%
-0.73%
1.07%
-1.04%
-0.41%
-0.19%
1.38%
0.83%
0.57%
1.40%
-0.21%
0.30%
-1.53%
0.72%
-1.65%
0.08%
-0.04%
-1.63%
0.04%
0.69%

0.58%
-1.05%
1.36%
1.60%
-0.21%
3.10%
2.35%
2.17%
-1.15%
0.98%
-2.84%
-0.78%
-0.94%
-2.12%
-1.71%
2.69%
2.70%
0.17%
-1.78%
-0.60%
1.71%
0.39%
-2.48%
-3.06%
0.58%
-1.79%
2.81%
-3.17%
-0.98%
1.24%
1.84%
0.32%
1.40%
4.36%
-1.62%
1.12%
-7.21%
0.58%
-3.00%
-1.32%
-0.20%
-3.51%
-0.92%
1.70%

2/15/2013

101

19468.15

2/14/2013

100.15

19497.18

2/13/2013

100.55

19608.08

2/12/2013

103.2

19561.04

2/11/2013

104.45

19460.57

2/8/2013

103.3

19484.77

2/7/2013

104.5

19580.32

2/6/2013

105.4

19639.72

2/5/2013

106.25

19659.82

2/4/2013

104.25

19751.19

2/1/2013

107.5

19781.19

1/31/2013

111

19894.98

1/30/2013

110.45

20005

1/29/2013

112.45

19990.9

1/28/2013

113.9

20103.35

1/25/2013

115

20103.53

1/24/2013

111.05

19923.78

1/23/2013

114.5

20026.61

1/22/2013

117.3

19981.57

1/21/2013

119.7

20101.82

1/18/2013

119.25

20039.04

1/17/2013

118.75

19964.03

1/16/2013

118.45

19817.63

1/15/2013

122.35

19986.82

1/14/2013

123.35

19906.41

1/11/2013

120.15

19663.64

1/10/2013

123.7

19663.55

1/9/2013

124.45

19666.59

1/8/2013

125.8

19742.52

1/7/2013

125.1

19691.42

1/4/2013

126.75

19784.08

1/3/2013

122.85

19764.78

1/2/2013

120.75

19714.24

1/1/2013

120.05

19580.81

0.17%
-0.15%
-0.57%
0.24%
0.51%
-0.12%
-0.49%
-0.30%
-0.10%
-0.46%
-0.15%
-0.57%
-0.55%
0.07%
-0.56%
0.00%
0.90%
-0.51%
0.23%
-0.60%
0.31%
0.38%
0.74%
-0.85%
0.40%
1.23%
0.00%
-0.02%
-0.39%
0.26%
-0.47%
0.10%
0.26%
0.68%

1.23%
0.85%
-0.40%
-2.60%
-1.20%
1.11%
-1.15%
-0.86%
-0.80%
1.90%
-3.07%
-3.20%
0.50%
-1.79%
-1.28%
-0.96%
3.50%
-3.06%
-2.42%
-2.03%
0.38%
0.42%
0.25%
-3.24%
-0.81%
2.63%
-2.91%
-0.60%
-1.08%
0.56%
-1.31%
3.13%
1.72%
0.58%

Regression Statistics
0.5906
0.3488
0.3474
0.0204
471.0000

df

SS
1.0000
469.0000
470.0000

0.1042
0.1945
0.2987

Coefficients
Standard Error
-0.0027
0.0009
1.5468
0.0976
WACC
8.00%
7.50%
19.60%

MS
F
Significance F
0.1042 251.1993
0.0000
0.0004

t Stat
P-value
-2.8923
0.0040
15.8493
0.0000

Lower 95% Upper 95%Lower 95.0%

-0.0046
-0.0009
-0.0046
1.3550
1.7386
1.3550

Upper 95.0%
-0.0009
1.7386

Stable Growth
ROE

12.50%
17.09%

Expected payout in 2020

26.86%
Current Average Payout
14.07%

Based on payout = 1
- G/b

S.No
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37

Company
Kotak Mahindra
ING Vysya Bank
IndusInd Bank
HDFC Bank
ICICI Bank
Axis Bank
Yes Bank
Lakshmi Vilas
Karur Vysya
City Union Bank
Federal Bank
South Ind Bk
JK Bank
Karnataka Bank
State Bk Travan
Central Bank
IOB
SBI
IDBI Bank
Andhra Bank
Bank of Mah
PNB
Corporation Bk
Bank of Baroda
Allahabad Bank
Vijaya Bank
Punjab & Sind
Indian Bank
Dena Bank
Oriental Bank
Canara Bank
Union Bank
UCO Bank
State Bk Mysore
Bank of India
State B Bikaner
Syndicate Bank

Industry Average

PE
39.89
18.01
18.70
21.19
14.66
2.21
9.22
8.71
9.34
8.41
9.74
5.89
0.63
7.10
6.92
0.00
10.47
13.15
9.36
8.66
9.81
8.06
8.25
6.82
4.22
8.21
4.13
4.73
5.90
5.87
5.00
5.13
5.44
7.46
5.39
3.15
3.52

8.74

PB
4.88
1.70
3.05
4.13
1.96
1.80
2.09
0.71
1.22
1.44
1.18
0.92
1.30
0.72
0.46
0.55
0.44
1.21
0.48
0.43
0.57
3.91
0.46
0.86
0.45
0.61
0.31
0.46
0.51
0.52
0.51
0.51
0.70
0.51
0.56
0.43
0.55

1.16

ROE
13.83
11.45
17.56
21.28
14.02
17.43
25.02
6.23
13.46
18.94
12.61
16.63
22.34
10.54
6.81
-10.45
4.51
10.03
5.42
5.07
7.42

10.17
5.72
13.37
10.93
8.54
8.11
10.55
9.82
9.16
10.38
10.41
16.83
7.07
11.16
14.46
16.73

payout
0.04
0.17
0.13
0.19
0.27
0.15
0.18
0.16
0.27
0.16
0.20
0.21
0.20
0.24
0.04
0.00
0.25
0.21
0.14
0.15
0.25
0.11
0.20
0.20
0.12
0.41
0.20
0.19
0.21
0.20
0.26
0.15
0.07
0.05
0.12
0.14
0.20

risk
1.09
1.20
1.59
1.12
1.79
1.83
1.97
1.05
0.71
0.67
1.41
1.21
0.82
1.85
1.10
1.73
1.53
1.49
2.08
1.51
1.18
1.68
1.35
1.28
1.74
1.43
1.71
1.54
1.61
1.95
1.77
1.95
1.83
0.99
1.79
1.16
1.82

Regression Statis

SUMMARY OUTPUT
Regression Statistics
Multiple R
0.583413971
R Square
0.51373745
Adjusted R Square
0.465454631
Standard Error
4.606693514
Observations
37
ANOVA
df
Regression
Residual
Total

Intercept
PB
ROE
payout
risk

SS
1079.01787
679.092004
1758.10988

MS
269.7544679
21.22162513

F
12.7113

Significance F
0.08657

Coefficients Standard Error

7.271985316
4.0762997
5.263338408 0.80352576
-0.250088752 0.14465842
10.35699239 10.6004114
-2.451245502 2.09682903

t Stat
1.783967286
6.550304526
-1.728822695
0.977036832
-1.169024976

P-value
0.0839
0.0000
0.1935
0.3359
0.2510

Lower 95%
-1.031165464
3.62661
-0.544748303
-11.23533909
-6.72234646

4
32
36

Upper 95% Lower 95.0%Upper 95.0%

15.57514 -1.0311655 15.57514
6.900067
3.62661 6.900067
0.044571 -0.5447483 0.044571
31.94932 -11.235339 31.94932
1.819855 -6.7223465 1.819855

Method
P/B Based
Excess Return
DDM Valuation
P/E Based
Current Price(11/12/2014)

Price(Rs.)
134.40
108.42
73.49
89.33
60.60

Grossly Undervalued

Rs Crores

Net Income
Cost of Equity
Return on Equity
Equity Cost
Beginning BV of Equity
Dividend Payout Ratio
Retention Ratio
Retained Earnings
Excess Return
PV of Excess Return

Mar'14
551.66
19.60%
7.72%
1399.99
7142.49
20.00%
80.00%
441.33
-848.33

Sum of ExcessReturn
PV of Terminal Value
Current BookValue
Total Value of Equity
Price Per Share(Rs.)

1
Mar'15
1289.25
19.60%
17.00%
1486.49
7583.82
20.00%
80.00%
1031.40
-197.25
-164.92
Rs. Crs
-745.90
-565.82
7142.49
5830.77
108.42

2
Mar'16
1464.59
19.60%
17.00%
1688.66
8615.22
20.00%
80.00%
1171.67
-224.07
-156.65

3
Mar'17
1663.77
19.60%
17.00%
1918.32
9786.89
20.00%
80.00%
1331.02
-254.54
-148.79

4
Mar'18
1890.04
19.60%
17.00%
2179.21
11117.90
20.00%
80.00%
1512.03
-289.16
-141.32

5
Mar'19
2147.09
19.60%
17.00%
2475.58
12629.94
20.00%
80.00%
1717.67
-328.49
-134.23

6
Mar'20
2780.57
19.60%
17.00%
2812.26
14347.61
20.00%
80.00%
2224.45
-31.69

Projected Dividend & Valuation

2015
2016
2017
2018
2019
2.89338 3.356321 3.926895 4.535564 5.170543
15.00%
16.00%
17.00%
15.50%
14.00%
19.60%
19.60%
19.60%
19.60%
19.60%
2.419196 2.34636 2.295336 2.216633 2.112829

Yr
Projected Dividend
Growth
Ke
PV of Dividend
Average Dividend

2.516

Terminal Value

Price Per Share

73.489

2020
5.816861
12.50%
19.60%
1.987387
60.11094

PE Based Valuation

Current EPS
Expected EPS
PE Multiple
Price Per Share

Rs
10.26
11.799
7.57

PB Based Valuation
Total BV of shares(Crs)
Expected BV(Crs)
PB Multiple
Total Equity Value
No of Shares

Rs.
7142.49
8213.8635
0.88
7228.19988
537816400

89.335
Price per Share

134.399

Cit
Co

Sta
Ka
St
Ba

S
O

Al
P
Sy
St

Kotak Mahindra
HDFC Bank
IndusInd Bank
ING Vysya Bank
ICICI Bank
SBI
IOB
Bank of Mah
Federal Bank
IDBI Bank
Karur Vysya
Yes Bank
Lakshmi Vilas
Andhra Bank
City Union Bank
Corporation Bk
Vijaya Bank
PNB
State Bk Mysore
Karnataka Bank
State Bk Travan
Bank of Baroda
Dena Bank
South Ind Bk
Oriental Bank
UCO Bank
Bank of India
Union Bank
Canara Bank
Indian Bank
Allahabad Bank
Punjab & Sind
Syndicate Bank
State B Bikaner
Axis Bank
JK Bank
Central Bank

PE
39.89
21.19
18.70
18.01
14.66
13.15
10.47
9.81
9.74
9.36
9.34
9.22
8.71
8.66
8.41
8.25
8.21
8.06
7.46
7.10
6.92
6.82
5.90
5.89
5.87
5.44
5.39
5.13
5.00
4.73
4.22
4.13
3.52
3.15
2.21
0.63
0.00

Kotak Mahindra
HDFC Bank
PNB
IndusInd Bank
Yes Bank
ICICI Bank
Axis Bank
ING Vysya Bank
City Union Bank
JK Bank
Karur Vysya
SBI
Federal Bank
South Ind Bk
Bank of Baroda
Karnataka Bank
Lakshmi Vilas
UCO Bank
Vijaya Bank
Bank of Mah
Bank of India
Central Bank
Syndicate Bank
Oriental Bank
Dena Bank
Canara Bank
Union Bank
State Bk Mysore
IDBI Bank
State Bk Travan
Corporation Bk
Indian Bank
Allahabad Bank
IOB
Andhra Bank
State B Bikaner
Punjab & Sind

Average

7.57

Average

PB
4.88
4.13
3.91
3.05
2.09
1.96
1.80
1.70
1.44
1.30
1.22
1.21
1.18
0.92
0.86
0.72
0.71
0.70
0.61
0.57
0.56
0.55
0.55
0.52
0.51
0.51
0.51
0.51
0.48
0.46
0.46
0.46
0.45
0.44
0.43
0.43
0.31

0.88