Axis Bank Ltd (AXSB IN) - Adjusted

In Millions of INR except Per Share FY 2012 FY 2013 FY 2014 FY 2015

12 Months Ending 03/31/2012 03/31/2013 03/31/2014 03/31/2015
Net Revenue 134,357.1 166,240.4 199,142.7 232,789.4
+ Net Interest Income 80,257.2 96,885.9 120,329.9 143,862.0
+ Total Interest Income 219,949.0 272,019.8 307,359.6 357,274.6
+ Interest Income 156,006.3 194,549.9 223,748.9 265,820.4
+ Investment Income 63,942.7 77,469.8 83,610.7 91,454.2
- Total Interest Expense 139,691.8 175,133.9 187,029.7 213,412.6
+ Total Non-Interest Income 54,099.8 69,354.6 78,812.8 88,927.4
+ Trading Securities G/L 6,908.7 13,969.3 19,589.1 20,534.8
+ Trading Account Profits/Losses 0.0 0.0 0.0 0.0
+ Investment & Loan Inc (Loss) 169.0 7,328.7 4,417.4 10,692.2
+ Other Income (Loss) 6,739.7 6,640.6 15,171.7 9,842.7
+ Commissions & Fees Earned 44,156.9 52,655.0 57,476.2 66,073.2
+ Other Operating Income (Losses) 3,034.3 2,730.3 1,747.4 2,319.4
- Provision for Loan Losses 10,107.3 13,758.3 15,890.5 20,813.6
Net Revenue after Provisions 124,249.8 152,482.1 183,252.2 211,975.8
- Total Non-Interest Expense 61,740.9 76,191.9 88,310.7 99,106.9
+ Commissions & Fees Paid 0.0 0.0 0.0 0.0
+ Other Operating Expenses 61,740.9 76,191.9 88,310.7 99,106.9
Operating Income (Loss) 62,508.8 76,290.2 94,941.5 112,868.9
- Non-Operating (Income) Loss 0.0 0.0 0.0 0.0
+ (Income) Loss from Affiliates 0.0 0.0 0.0 0.0
+ Other Non-Op (Income) Loss 0.0 0.0 0.0 0.0
Pretax Income (Loss), Adjusted 62,508.8 76,290.2 94,941.5 112,868.9
- Abnormal Losses (Gains) -191.1 44.3 147.4 36.5
+ Disposal of Assets -191.1 44.3 147.4 36.5
Pretax Income (Loss), GAAP 62,699.9 76,245.9 94,794.2 112,832.4
- Income Tax Expense (Benefit) 20,514.8 23,908.0 31,702.5 38,347.6
+ Current Income Tax 22,620.5 27,405.3 35,334.3 39,879.3
+ Deferred Income Tax -2,105.7 -3,497.3 -3,631.8 -1,531.7
- (Income) Loss from Affiliates -12.7 -12.2 -13.6 -13.6
Income (Loss) from Cont Ops 42,197.8 52,350.1 63,105.2 74,498.4
- Net Extraordinary Losses (Gains) 0.0 0.0 0.0 0.0
+ Discontinued Operations 0.0 0.0 0.0 0.0
+ XO & Accounting Changes 0.0 0.0 0.0 0.0
Income (Loss) Incl. MI 42,197.8 52,350.1 63,105.2 74,498.4
- Minority Interest 0.0 2.5 4.1 19.4
Net Income, GAAP 42,197.8 52,347.6 63,101.2 74,479.0
- Preferred Dividends 0.0 0.0 0.0 0.0
- Other Adjustments 0.0 0.0 0.0 0.0
Net Income Avail to Common, GAAP 42,197.8 52,347.6 63,101.2 74,479.0
Net Income Avail to Common, Adj 42,068.7 52,376.9 63,198.4 74,502.8
Net Abnormal Losses (Gains) -129.1 29.2 97.3 23.9
Net Extraordinary Losses (Gains) 0.0 0.0 0.0 0.0

Basic Weighted Avg Shares 2,060.5 2,164.0 2,345.0 2,359.8

Basic EPS, GAAP 20.48 24.19 26.91 31.56
Basic EPS from Cont Ops 20.48 24.19 26.91 31.56
Basic EPS from Cont Ops, Adjusted 20.42 24.20 26.95 31.57

Diluted Weighted Avg Shares 2,075.5 2,179.0 2,351.0 2,385.1

Diluted EPS, GAAP 20.33 24.02 26.84 31.23
Diluted EPS from Cont Ops 20.33 24.02 26.84 31.23
Diluted EPS from Cont Ops, Adjusted 20.27 24.04 26.88 31.24

Reference Items
Accounting Standard IN GAAP IN GAAP IN GAAP IN GAAP
Net Interest Income Less Provisions 70,149.9 83,127.6 104,439.4 123,048.4
Net Revenue - Net of Commissions Paid 134,548.1 166,196.1 198,995.3 232,752.9
Total Revenue 274,239.9 341,330.0 386,025.0 446,165.5
Operating Margin 46.52 45.89 47.68 48.49
Pretax Margin 46.52 45.89 47.68 48.49
Profit Margin 31.31 31.51 31.74 32.00
T12 Net Interest Margin 2.86 3.31 3.56 3.61
Sales per Employee 8,640,743.37 9,005,830.90 9,100,070.46 ###
Dividends per Share 3.20 3.60 4.00 4.60
Total Cash Common Dividends 6,611.3 8,423.2 9,396.9 10,904.4
Pre-Tax Pre-Provision Profit 72,616.1 90,048.5 110,832.0 133,682.5
Efficiency Ratio 45.95 45.83 44.35 42.57
Reinvested Earnings 35,457.4 43,953.7 53,801.6 63,598.4
Source: Bloomberg
 FY 2016 FY 2017 FY 2018 Last 12M FY 2019 Est FY 2020 Est
03/31/2016 03/31/2017 03/31/2018 03/31/2018 03/31/2019 03/31/2020
269,298.2 308,112.3 308,896.9 308,896.9 343,585.3 393,629.3
170,650.2 183,857.5 190,103.7 190,103.7
414,092.5 451,750.9 466,140.6 466,140.6
319,834.0 355,001.2 365,940.8 365,940.8
94,258.5 96,749.7 100,199.8 100,199.8
243,442.3 267,893.5 276,036.9 276,036.9
98,648.1 124,254.9 118,793.2 118,793.2
22,324.7 43,176.5 28,285.5 28,285.5
0.0 0.0 0.0 0.0
9,567.4 32,285.6 13,649.0 13,649.0
12,757.3 10,891.0 14,636.5 14,636.5
74,095.8 78,897.9 87,962.1 87,962.1
2,227.6 2,180.4 2,545.6 2,545.6
41,961.6 115,214.0 165,062.0 165,062.0
227,336.6 192,898.3 143,834.9 143,834.9
100,497.6 133,321.4 138,009.0 138,009.0
0.0 0.0 0.0 0.0
100,497.6 133,321.4 138,009.0 138,009.0
126,839.1 59,577.0 5,825.9 5,825.9 187,186.0 204,097.0
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
126,839.1 59,577.0 5,825.9 5,825.9 66,593.5 145,308.0
-60.6 38.8 167.1 167.1
-60.6 38.8 167.1 167.1
126,899.6 59,538.1 5,658.8 5,658.8 66,593.5 145,308.0
43,323.8 19,867.8 1,018.6 1,018.6
44,061.8 51,888.4 19,515.5 19,515.5
-738.0 -32,020.6 -18,496.9 -18,496.9
0.0 0.0 0.0 0.0
83,575.8 39,670.3 4,640.2 4,640.2 44,450.0 96,289.0
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
83,575.8 39,670.3 4,640.2 4,640.2
79.2 140.0 82.1 82.1
83,496.7 39,530.3 4,558.2 4,558.2 44,450.0 96,289.0
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
83,496.7 39,530.3 4,558.2 4,558.2 44,450.0 96,289.0
 83,457.0 39,557.5 4,675.1 4,675.1 45,377.3 100,465.0
-39.6 27.2 117.0 117.0
0.0 0.0 0.0 0.0

2,377.3 2,389.3 2,445.1 2,445.1

35.12 16.54 1.86 1.86 17.32 37.52
35.12 16.54 1.86 1.86 17.32 37.52
35.11 16.56 1.91 1.91 17.69 39.68

2,390.3 2,398.7 2,452.6 2,452.6

34.93 16.48 1.86 1.86 17.32 37.52
34.93 16.48 1.86 1.86 17.32 37.52
34.91 16.49 1.91 1.91 17.69 39.68

IN GAAP IN GAAP IN GAAP

128,688.6 68,643.5 25,041.7 25,041.7
269,358.8 308,073.5 308,729.8 308,729.8
512,801.2 575,967.0 584,766.7 584,766.7 343,585.3 393,629.3
47.10 19.34 1.89 1.89 54.48 51.85
47.10 19.34 1.89 1.89 19.38 36.91
30.99 12.84 1.51 1.51 13.21 25.52
3.67 3.54 3.23 3.23
### ### 9,809,218.41 9,809,218.41
5.00 5.00 0.00 0.00 3.57 6.46
11,914.2 11,975.2 0.0 0.0
168,800.7 174,791.0 170,887.9 170,887.9
37.32 43.27 44.68 44.68
71,542.9 27,582.3 4,675.1 4,675.1
Axis Bank Ltd (AXSB IN) - Standardized
In Millions of INR except Per Share FY 2009 FY 2010 FY 2011 FY 2012
12 Months Ending 03/31/2009 03/31/2010 03/31/2011 03/31/2012
Total Assets
+ Cash & Cash Equivalents 94,192.1 94,738.8 138,861.6 107,029.2
+ Interbanking Assets 56,001.9 57,345.4 75,224.9 32,313.1
+ Other Interbank Assets 56,001.9 57,345.4 75,224.9 32,313.1
+ ST And LT Investments 462,327.5 558,375.5 717,533.1 928,859.4
+ Other Investments 462,327.5 558,375.5 717,533.1 928,859.4
+ Total Commercial Loans — — — —
+ Other Loans — — — —
+ Total Loans 821,274.1 1,052,259.4 1,435,821.4 1,710,144.5
- Reserve for Loan Losses 5,706.4 8,828.2 11,743.1 12,549.1
+ Net Loans 815,567.7 1,043,431.2 1,424,078.3 1,697,595.4
+ Net Fixed Assets 9,896.3 11,299.1 21,616.6 21,549.1
+ Property, Plant & Equip 9,896.3 11,299.1 21,616.6 21,549.1
+ Total Intangible Assets 927.6 1,060.8 1,312.6 1,292.3
+ Goodwill 0.0 0.0 0.0 0.0
+ Other Intangible Assets 927.6 1,060.8 1,312.6 1,292.3
+ Investments in Associates 390.0 390.0 342.3 355.0
+ Total Deferred Tax Assets 4,570.3 6,113.9 8,168.7 10,274.4
+ Customer Acceptances & Liab 0.0 0.0 0.0 0.0
+ Other Assets 33,098.3 33,112.0 38,528.3 54,897.2
Total Assets 1,476,971.6 1,805,866.7 2,425,666.5 2,854,165.1

Liabilities & Shareholders' Equity

+ Demand Deposits 234,770.5 308,058.6 354,770.3 376,461.7
+ Interest Bearing Deposits 869,848.7 1,050,090.1 1,445,838.1 1,701,490.6
+ Saving Deposits 258,221.2 338,618.0 408,503.1 516,679.6
+ Time Deposits 611,627.5 711,472.2 1,037,335.0 1,184,811.0
+ Other Deposits 0.0 0.0 0.0 0.0
+ Total Deposits 1,104,619.2 1,358,148.7 1,800,608.3 2,077,952.2
+ ST Borrowings & Repos 88,325.1 83,741.9 126,899.2 152,777.8
+ ST Capital Leases 0.0 0.0 0.0 0.0
+ ST Borrowings 88,325.1 83,741.9 126,899.2 152,777.8
+ LT Debt 101,854.8 171,695.5 262,678.8 340,716.7
+ LT Capital Leases 0.0 0.0 0.0 0.0
+ LT Borrowings 101,854.8 171,695.5 262,678.8 340,716.7
+ Pension Liabilities — — — —
+ Total Deferred Tax Liabilities — — — —
+ Other Liabilities 80,215.5 32,389.5 46,534.1 55,901.2
Total Liabilities 1,375,014.6 1,645,975.6 2,236,720.4 2,627,348.0
+ Preferred Equity and Hybrid Capital 0.0 0.0 0.0 0.0
 + Share Capital & APIC 62,717.2 101,748.7 104,156.2 105,519.6
+ Common Stock 3,590.1 4,051.7 4,105.5 4,132.0
+ Additional Paid in Capital 59,115.1 97,695.3 100,050.8 101,387.6
+ Other Share Capital 12.1 1.7 0.0 —
- Treasury Stock 0.0 0.0 0.0 0.0
+ Retained Earnings 36,352.3 53,065.5 76,464.9 110,430.3
+ Other Equity 2,887.5 5,076.9 8,324.9 10,867.2
Equity before Minority Interest 101,957.1 159,891.1 188,946.1 226,817.1
+ Minority/Non Controlling Interest 0.0 0.0 0.0 0.0
Total Equity 101,957.1 159,891.1 188,946.1 226,817.1
Total Liabilities & Equity 1,476,971.6 1,805,866.7 2,425,666.5 2,854,165.1

Reference Items
Accounting Standard IN GAAP IN GAAP IN GAAP IN GAAP
Shares Outstanding 1,795.0 2,025.9 2,052.7 2,066.0
Number of Treasury Shares 0.0 0.0 0.0 0.0
Pension Obligations 0.0 0.0 0.0 0.0
Future Minimum Operating Lease Obligatio 0.0 0.0 0.0 0.0
Total Capital Leases 0.0 0.0 0.0 0.0
Percent Of Foreign Ownership 32.88 — — —
Number Of Shareholders 147,429.00 105,982.00 137,564.00 192,527.00
Options Granted During Period 13.4 22.1 14.6 16.3
Options Outstanding at Period End 69.3 69.5 55.6 57.1
Book Value per Share 56.80 78.92 92.05 109.78
Tier 1 Capital Ratio 9.26 11.18 9.41 9.40
Net Debt 39,985.9 103,353.2 175,491.4 354,152.2
Tangible Common Equity Ratio 6.84 8.80 7.74 7.91
Tangible Common Equity to Risk-Weighted 9.20 11.25 9.55 9.73
Total Risk-Based Capital Ratio 13.69 15.80 12.65 13.66
Real Estate Loans — — — —
Other Loans — — — —
Earning Assets 1,802,320.9 2,226,745.7 2,946,454.9 2,671,317.0
Non-Performing Assets 8,977.7 13,180.0 15,994.2 18,063.0
Off-Balance Sheet Commitments 2,092,603.2 3,182,054.7 4,539,987.6 4,802,382.8
Number of Employees — 21,640.00 26,435.00 31,738.00
Source: Bloomberg
 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018
03/31/2013 03/31/2014 03/31/2015 03/31/2016 03/31/2017 03/31/2018

147,921.1 170,413.6 198,188.4 223,611.6 308,579.5 354,810.6

57,078.1 115,407.9 166,732.5 113,416.5 201,081.7 84,297.5
57,078.1 115,407.9 166,732.5 113,416.5 201,081.7 84,297.5
1,133,383.4 1,130,517.0 1,333,192.4 1,313,986.4 1,290,183.5 1,530,367.1
1,133,383.4 1,130,517.0 1,333,192.4 1,313,986.4 1,290,183.5 1,530,367.1
— — — — — —
— — — — — —
1,986,272.2 2,344,680.3 2,871,409.5 3,504,125.2 3,958,676.6 4,696,173.5
16,370.8 20,863.0 26,923.0 57,492.0 147,874.0 197,737.0
1,969,901.4 2,323,817.3 2,844,486.5 3,446,633.2 3,810,802.6 4,498,436.5
22,350.1 22,318.6 22,880.8 35,737.6 38,102.3 40,488.2
22,350.1 22,318.6 22,880.8 35,737.6 38,102.3 40,488.2
1,523.2 2,154.0 2,638.2 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
1,523.2 2,154.0 2,638.2 0.0 0.0 0.0
397.2 410.8 — 0.0 0.0 0.0
14,042.8 17,848.5 19,403.6 21,435.7 51,649.8 70,505.9
0.0 0.0 0.0 0.0 0.0 0.0
58,980.0 80,612.9 84,907.2 309,045.1 414,220.7 458,127.9
3,405,577.3 3,863,500.6 4,672,429.7 5,463,866.1 6,114,620.1 7,037,033.7

452,753.6 453,304.4 519,809.1 588,518.5 817,318.3 896,457.7

1,888,263.1 2,200,551.9 2,579,061.2 2,873,785.7 3,172,343.7 3,475,707.3
637,777.3 777,760.6 882,921.8 1,057,934.2 1,260,484.7 1,482,021.9
1,250,485.7 1,422,791.3 1,696,139.5 1,815,851.5 1,911,859.0 1,993,685.4
0.0 0.0 0.0 0.0 0.0 0.0
2,341,016.7 2,653,856.3 3,098,870.3 3,462,304.3 3,989,662.0 4,372,165.1
215,762.7 187,332.9 162,944.2 157,171.6 199,690.2 233,588.3
0.0 0.0 0.0 0.0 0.0 0.0
215,762.7 187,332.9 162,944.2 157,171.6 199,690.2 233,588.3
441,051.0 527,392.2 843,935.0 1,138,477.3 1,124,547.6 1,557,670.9
0.0 0.0 0.0 0.0 0.0 0.0
441,051.0 527,392.2 843,935.0 1,138,477.3 1,124,547.6 1,557,670.9
— — — 0.0 0.0 —
261.9 435.8 459.2 1,753.3 931.2 1,392.7
75,776.0 110,393.4 116,413.7 168,181.5 235,372.5 229,447.5
3,073,868.2 3,479,410.7 4,222,622.4 4,927,888.0 5,550,203.5 6,394,264.5
0.0 0.0 0.0 0.0 0.0 0.0
 162,396.8 163,772.5 168,584.1 171,637.5 174,918.2 263,247.8
4,679.5 4,698.4 4,741.0 4,765.7 4,790.1 5,133.1
157,717.3 159,074.1 163,843.0 166,871.9 170,128.1 258,114.7
— — — — — —
0.0 0.0 0.0 0.0 0.0 0.0
151,828.5 202,931.0 263,210.6 345,899.3 363,886.1 351,303.2
17,358.5 17,257.0 17,701.3 18,050.8 24,999.2 27,523.1
331,583.7 383,960.5 449,495.9 535,587.6 563,803.5 642,074.1
125.3 129.4 311.4 390.5 613.1 695.1
331,709.1 384,089.9 449,807.3 535,978.1 564,416.6 642,769.2
3,405,577.3 3,863,500.6 4,672,429.7 5,463,866.1 6,114,620.1 7,037,033.7

IN GAAP IN GAAP IN GAAP IN GAAP IN GAAP IN GAAP

2,339.8 2,349.2 2,370.5 2,382.8 2,395.0 2,566.5
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 28,088.3 28,753.4 30,462.4
0.0 0.0 0.0 0.0 0.0 0.0
49.29 — — — — 55.78
159,711.00 148,435.00 312,374.00 511,559.00 448,287.00 353,122.00
12.6 10.0 9.9 7.1 7.2 6.9
54.3 54.2 41.8 35.5 29.7 29.6
141.72 163.44 189.62 224.77 235.41 250.17
12.31 12.75 12.14 12.62 11.97 13.11
451,814.4 428,903.6 641,958.2 958,620.9 814,576.6 1,352,151.1
9.70 9.89 9.57 9.80 9.22 9.12
12.78 13.27 12.66 12.98 11.63 12.02
17.15 16.30 15.20 15.41 15.01 16.58
— — — — — —
— — — — — —
3,176,733.7 3,590,605.2 4,371,334.4 4,931,528.1 5,449,941.8 6,310,838.1
23,934.2 31,464.0 41,102.0 60,875.0 212,805.0 342,870.0
5,481,234.7 5,748,541.6 5,913,342.9 6,229,010.3 6,774,823.7 7,440,603.8
37,901.00 42,420.00 42,230.00 50,135.00 56,617.00 59,614.00
Axis Bank Ltd (AXSB IN) - Standardized
In Millions of INR except Per Share FY 2010 FY 2011 FY 2012 FY 2013
12 Months Ending 03/31/2010 03/31/2011 03/31/2012 03/31/2013
Cash from Operating Activities
+ Net Income 24,781.4 33,399.1 42,197.8 52,347.6
+ Depreciation & Amortization 2,378.7 2,936.9 3,481.5 3,587.7
+ Provision for Loan Losses 13,561.3 11,212.8 10,107.3 13,758.3
+ Non-Cash Items -455.2 467.7 -1,172.2 1,759.9
+ Other Non-Cash Adjustments -455.2 467.7 -1,172.2 1,759.9
+ Net Ch in Operating Capital -36,190.4 -23,213.9 -179,643.4 -82,860.3
+ Other Op Assets/Liab -36,190.4 -23,213.9 -179,643.4 -82,860.3
+ Net Cash From Disc Ops 0.0 0.0 0.0 0.0
Cash from Operating Activities 4,075.8 24,802.5 -125,029.0 -11,406.8

Cash from Investing Activities

+ Net Change in Fixed Assets -3,959.6 -13,577.6 -3,202.6 -4,611.5
+ Disposal of Fixed Assets 189.7 133.7 763.0 226.7
+ Capital Expenditures/Prop Add -4,149.3 -13,711.3 -3,965.6 -4,838.2
+ Net Change in Investments -46,793.1 -125,320.4 -47,204.6 -108,709.2
+ Decrease in Investments 0.0 0.0 0.0 0.0
+ Dec in HTM Investments 0.0 0.0 0.0 0.0
+ Dec in AFS Investments 0.0 0.0 0.0 0.0
+ Dec in Other Investments 0.0 0.0 — 0.0
+ Increase in Investments -46,793.1 -125,320.4 -47,204.6 -108,709.2
+ Inc in HTM Investments -46,793.1 -125,320.4 -47,204.6 -108,709.2
+ Inc in AFS Investments 0.0 0.0 0.0 0.0
+ Inc in Other Investments 0.0 0.0 — 0.0
+ Net Ch in Loans & Interbank -241,787.1 -390,403.4 -282,226.3 -284,638.9
+ Net Ch in Customer Loans -241,787.1 -390,403.4 -282,226.3 -284,638.9
+ Net Ch in Interbank Assets 0.0 0.0 0.0 0.0
+ Net Ch in Loans 0.0 0.0 0.0 0.0
+ Net Cash from Acq & Div 0.0 0.0 0.0 0.0
+ Cash from Divestitures 0.0 0.0 0.0 0.0
+ Cash for Acq of Subs 0.0 0.0 0.0 0.0
+ Cash for JVs 0.0 0.0 0.0 0.0
+ Other Investing Activities 0.0 0.0 0.0 0.0
+ Net Cash From Disc Ops 0.0 0.0 0.0 0.0
Cash from Investing Activities -292,539.8 -529,301.4 -332,633.5 -397,959.7

Cash from Financing Activities

+ Dividends Paid -4,205.5 -5,695.4 -6,699.4 -7,901.9
+ Cash From (Repayment) Debt 16,496.8 90,983.3 78,037.9 100,334.3
+ Cash (Repurchase) of Equity 461.7 53.7 26.6 426.6
 + Increase in Capital Stock 461.7 53.7 26.6 426.6
+ Decrease in Capital Stock 0.0 0.0 0.0 0.0
+ Net Change In Deposits 239,210.0 478,877.7 308,212.5 321,779.6
+ Other Financing Activities 38,570.0 2,354.0 1,336.8 58,707.6
+ Net Cash From Disc Ops 0.0 0.0 0.0 0.0
Cash from Financing Activities 290,533.0 566,573.4 380,914.4 473,346.1

Effect of Foreign Exchange Rates -204.1 -46.8 2,003.9 1,677.3

Net Changes in Cash 1,864.9 62,027.7 -74,744.3 65,656.9

Cash Paid for Taxes 15,069.3 19,369.5 23,434.2 26,659.4

Reference Items
Free Cash Flow -73.5 11,091.2 -128,994.6 -16,245.0
Free Cash Flow to Equity 16,612.9 102,208.2 -50,193.7 84,315.9
Free Cash Flow per Basic Share -0.04 5.43 -62.60 -7.51
Source: Bloomberg
 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 Last 12M
03/31/2014 03/31/2015 03/31/2016 03/31/2017 03/31/2018 03/31/2018

63,101.2 74,479.0 83,496.7 39,530.3 4,558.2 4,558.2

3,754.6 4,196.4 4,613.9 5,266.7 5,905.8 5,905.8
15,890.5 20,813.6 41,961.5 115,214.1 165,062.0 165,062.0
2,760.9 -547.6 -6,129.6 -25,842.9 -38,662.0 -38,662.0
2,760.9 -547.6 -6,129.6 -25,842.9 -38,662.0 -38,662.0
143,004.0 -130,704.1 -191,133.1 86,510.6 -94,471.1 -94,471.1
143,004.0 -130,704.1 -191,133.1 86,510.6 -94,471.1 -94,471.1
0.0 0.0 0.0 0.0 0.0 0.0
228,511.1 -31,762.7 -67,190.7 220,678.7 42,393.0 42,393.0

-4,381.5 -5,285.2 -14,751.4 -7,671.9 -8,429.3 -8,429.3

1,696.4 100.4 192.7 65.2 120.5 120.5
-6,077.9 -5,385.6 -14,944.0 -7,737.1 -8,549.8 -8,549.8
-136,191.6 -73,836.3 107,004.3 -116,759.6 -88,085.4 -88,085.4
0.0 0.0 107,004.3 0.0 0.0 0.0
0.0 0.0 107,004.3 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
-136,191.6 -73,836.3 0.0 -116,759.6 -88,085.4 -88,085.4
-136,191.6 -73,836.3 0.0 -116,759.6 -88,085.4 -88,085.4
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
-367,794.7 -536,893.3 -638,336.3 -465,397.3 -833,046.8 -833,046.8
-367,794.7 -536,893.3 -638,336.3 -465,397.3 -833,046.8 -833,046.8
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 -3,954.6 -3,954.6
0.0 0.0 0.0 0.0 0.0 0.0
-508,367.8 -616,014.8 -546,083.5 -589,828.9 -933,516.2 -933,516.2

-9,875.9 -11,088.1 -13,368.0 -14,442.6 -14,574.0 -14,574.0

86,341.3 316,542.8 235,182.3 -13,929.7 339,583.3 339,583.3
18.9 42.6 24.6 24.4 343.0 343.0
 18.9 42.6 24.6 24.4 343.0 343.0
0.0 0.0 0.0 0.0 0.0 0.0
283,919.6 417,031.0 360,580.2 566,804.8 406,750.9 406,750.9
1,360.9 4,950.9 3,108.0 3,478.8 88,068.6 88,068.6
0.0 0.0 0.0 0.0 0.0 0.0
361,764.7 727,479.2 585,527.1 541,935.7 820,171.8 820,171.8

-1,085.7 -602.2 -145.9 -152.5 398.4 398.4

80,822.3 79,099.4 -27,892.9 172,633.1 -70,553.0 -70,553.0

35,061.5 42,195.2 45,401.6 53,216.1 32,826.2 32,826.2

222,433.2 -37,148.3 -82,134.7 212,941.6 33,843.1 33,843.1

310,470.9 279,494.9 153,240.2 199,077.1 373,546.9 373,546.9
94.85 -15.74 -34.55 89.12 13.84 13.84
Axis Bank Ltd (AXSB IN) - Profitability
In Millions of INR except Per Share FY 2009 FY 2010 FY 2011 FY 2012
12 Months Ending 03/31/2009 03/31/2010 03/31/2011 03/31/2012
Returns
Return on Common Equity 19.14 18.93 19.15 20.30
Return on Assets 1.41 1.51 1.58 1.60
Return on Capital 7.21 7.01 6.72 6.50

Margins
Operating Margin 42.89 42.47 45.76 46.60
Incremental Operating Margin 54.13 41.38 59.57 50.63
Pretax Margin 42.89 42.47 45.76 46.60
Income before XO Margin 27.94 27.56 29.99 31.36
Net Income Margin 27.94 27.56 29.99 31.36
Net Income to Common Margin 27.94 27.56 29.99 31.36

Additional
Effective Tax Rate 34.85 35.11 34.38 32.72
Dvd Payout Ratio 19.80 19.62 17.21 15.67
Sustainable Growth Rate 15.35 15.21 15.85 17.12
Source: Bloomberg

MARKET PRICE PER SHARE 82.99 233.65 280.77 229.24

 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018
03/31/2013 03/31/2014 03/31/2015 03/31/2016 03/31/2017 03/31/2018

18.75 17.64 17.87 16.95 7.19 0.76

1.67 1.74 1.75 1.65 0.68 0.07
6.13 6.05 5.83 5.08 2.13 0.21

45.88 47.64 48.48 47.11 19.33 1.83

42.80 56.55 53.43 38.43 — —
45.88 47.64 48.48 47.11 19.33 1.83
31.50 31.71 32.01 31.03 12.88 1.50
31.50 31.71 32.00 31.00 12.83 1.48
31.50 31.71 32.00 31.00 12.83 1.48

31.36 33.44 33.99 34.14 33.37 18.00

16.09 14.89 14.64 14.27 30.29 0.00
15.73 15.01 15.26 14.53 5.01 0.76

260.14 292.1 560.2 444.15 490.8 510.5