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Jun-15<br />
Sep-15<br />
Dec-15<br />
Mar-16<br />
Jun-16<br />
Sep-16<br />
Dec-16<br />
Mar-17<br />
Jun-17<br />
Sep-17<br />
Dec-17<br />
Mar-18<br />
Jun-18<br />
Sep-18<br />
Jun-15<br />
Sep-15<br />
Dec-15<br />
Mar-16<br />
Jun-16<br />
Sep-16<br />
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Sep-18<br />
Earnings Profile- Improved in H1FY2019; pressures expected<br />
Exhibit 36 : Profitability Trend – continues to improve (Excluding captive financiers and MFIs) Exhibit 37: Cost of funding<br />
11%<br />
8.0%<br />
8.5% 8.3%<br />
7.6% 7.9%<br />
6.0%<br />
10%<br />
10.1%<br />
4.0% 3.9%<br />
4.0%<br />
3.6% 3.6%<br />
9.5%<br />
2.0%<br />
0.0%<br />
1.8% 1.9%<br />
1.9%<br />
2.1%<br />
1.8%<br />
9%<br />
8%<br />
8.4%<br />
8.5%<br />
8.6%<br />
NIO/AMA<br />
Operating Expense / AMA<br />
PAT/AMA<br />
Credit Provisions/ AMA<br />
Source: ICRA research; Company/ Company Investor presentations; AMA-average managed assets<br />
Cost of funds-Quarterly<br />
❖ Net profitability (12-month trailing) improved to 2.1% in September 2018, up from 2.0% in March 2018 (1.7% in March 2017), supported by<br />
reduction in credit costs , operating costs remained largely stable<br />
❖ Expected contraction in operating profits and increase in credit cost to impact net profitability; estimated at about 1.6-1.8% for FY2019
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