A STUDTY ON ACCOUNTING RATIO ANAYSIS

OF
BOMBAY STOCK EXCHANGE COMPANIES
Vaishnavi D/O Shantappa ,K
Govt College (Autonomous), Kalburgi, Karnataka, India-585105
Email: Vaishanvibhagodi@gmail.com

Abstract
Financial ratios are an important technique of the financial analysis of a
business organization. Effective financial management is the key to running a financially
successful business. Ratio analysis is critical for helping you understand financial statements,
for identifying trends over time, and for measuring the overall financial health of your
business. Lenders and potential investors often rely on ratio analysis for making lending and
investing decisions. This book aims to not only develop an understanding of the concepts of
financial ratios but also to provide the students a practical insight into the application of
financial ratios for decision making and control. It analyzes the financial statements of
corporate enterprises...

Meaning of Accounting Ratios:-

As stated earlier, accounting ratios are an important tool of financial statements
analysis. A ratio is a mathematical number calculated as a reference to relationship of two or
more numbers and can be expressed as a fraction, proportion, percentage and a number of
times. When the number is calculated by referring to two accounting numbers derived from

Accounting Ratios 195 the financial statements, it is termed as accounting ratio. For example,
if the gross profit of the business is Rs. 10,000 and the ‘Revenue from Operations’ are

10.00
Rs. 1,00, 000, it can be said that the gross profit is 10% ∗100
1,00 ,000
Revenue from Operations’. This ratio is termed as gross profit ratio. Similarly, inventory
turnover ratio may be 6 which implies that inventory turns into ‘Revenue from Operations’
six times in a year.
 It needs to be observed that accounting ratios exhibit relationship, if any, between accounting
numbers extracted from financial statements. Ratios are essentially derived numbers and their
efficacy depends a great deal upon the basic numbers from which they are calculated. Hence,
if the financial statements contain some errors, the derived numbers in terms of ratio analysis
would also present an erroneous scenario. Further, a ratio must be calculated using numbers
which are meaningfully correlated. A ratio calculated by using two unrelated numbers would
hardly serve any purpose. For example, the furniture of the business is Rs. 1, 00,000 and
Purchases are Rs. 3,00,000. The ratio of purchases to furniture is 3 (3, 00,000/1, 00, 000) but
it hardly has any relevance. The reason is that there is no relationship between these two
aspects

Objectives of Ratio Analysis:-

Ratio analysis is indispensable part of interpretation of results revealed by the
financial statements. It provides users with crucial financial information and points out the
areas which require investigation. Ratio analysis is a technique which involves regrouping of
data by application of arithmetical relationships, though its interpretation is a complex matter.
It requires a fine understanding of the way and the rules used for preparing financial
statements. Once done effectively, it provides a lot of information which helps the analyst: 1.
To know the areas of the business which need more attention; 2. To know about the potential
areas which can be improved with the effort in the desired direction; 3. To provide a deeper
analysis of the profitability, liquidity, solvency and efficiency levels in the business; 4. To
provide information for making cross-sectional analysis by comparing the performance with
the best industry standards; and 5. To provide information derived from financial statements
useful for making projections and estimates for the future.

Advantages of Ratio Analysis:-

The ratio analysis if properly done improves the user’s understanding of the
efficiency with which the business is being conducted. The numerical relationships throw
light on many latent aspects of the business. If properly analyzed, the ratios make us
understand various problem areas as well as the bright spots of the business. The knowledge
of problem areas help management take care of them in future. The knowledge of areas
which are working better helps you improve the situation further. It must be emphasised that
ratios are means to an end rather than the end in them. Their role is essentially indicative and
that of a whistle blower. There are many advantages derived from ratio analysis. These are
summarized as follows:
1. Helps to understand efficacy of decisions: The ratio analysis helps you to understand
whether the business firm has taken the right kind of operating, investing and financing
decisions. It indicates how far they have helped in improving the performance.
2. Simplify complex figures and establish relationships: Ratios help in simplifying the
complex accounting figures and bring out their relationships. They help summaries the
financial information effectively and assess the managerial efficiency, firm’s credit
worthiness, earning capacity, etc.
3. Helpful in comparative analysis: The ratios are not be calculated for one year only. When
many year figures are kept side by side, they help a great deal in exploring the trends visible
in the business. The knowledge of trend helps in making projections about the business which
is a very useful feature.
4. Identification of problem areas: Ratios help business in identifying the problem areas as
well as the bright areas of the business. Problem areas would need more attention and bright
areas will need polishing to have still better results.
5. Enables SWOT analysis: Ratios help a great deal in explaining the changes occurring in
the business. The information of change helps the management a great deal in understanding
the current threats and opportunities and allows business to do its own SWOT
(StrengthWeakness-Opportunity-Threat) analysis.
6. Various comparisons: Ratios help comparisons with certain bench marks to assess as to
whether firm’s performance is better or otherwise. For this purpose, the profitability,
liquidity, solvency, etc., of a business, may be compared: (i) over a number of accounting
periods with itself (Intra-firm Comparison/Time Series Analysis), (ii) with other business
enterprises (Inter-firm Comparison/Cross-sectional Analysis) and (iii) with standards set for
that firm/industry (comparison with standard (or industry expectations).

Limitations of Ratio Analysis :-

Since the ratios are derived from the financial statements, any weakness in the original
financial statements will also creep in the derived analysis in the form of ratio analysis. Thus,
the limitations of financial statements also form the limitations of the ratio analysis. Hence, to
interpret the ratios, the user should be aware of the rules followed in the preparation of
financial statements and also their nature and limitations. The limitations of ratio analysis
which arise primarily from the nature of financial statements are as under:
1. Limitations of Accounting Data: Accounting data give an unwarranted impression of
precision and finality. In fact, accounting data “reflect a combination of recorded facts,
accounting conventions and personal judgments which affect them materially. For example,
profit of the business is not a precise and final figure. It is merely an opinion of the
accountant based on application of accounting policies. The soundness of the judgment
necessarily depends on the competence and integrity of those who make them and on their
adherence to Generally Accepted Accounting Principles and Conventions”. Thus, the
financial statements may not reveal the true state of affairs of the enterprises and so the ratios
will also not give the true picture.
2. Ignores Price-level Changes: The financial accounting is based on stable money
measurement principle. It implicitly assumes that price level changes are either non-existent
or minimal. But the truth is otherwise. We are normally living in inflationary economies
where the power of money declines constantly. A change in the price-level makes analysis of
financial statement of different accounting years meaningless because accounting records
ignore changes in value of money
. 3. Ignore Qualitative or Non-monetary Aspects: Accounting provides information about
quantitative (or monetary) aspects of business. Hence, the ratios also reflect only the
monetary aspects, ignoring completely the non-monetary (qualitative) factors.
Objectives of the study :-
To bring out the origin and of the companies in the country
To Compare the performance of a company’s for different periods
To provide information derived from financial statement useful for making
projections and
and estimates for the future.

Scope of the study :-

This paper examined the annual reports and financial statements of the
companies from 2015-2019 with the help of statistical analysis, the projecting of
following years can also be made for particular item such as independent
variables and dependent variables. The statistical .statistical scrutiny can also
be applied to every ratio and by their upon more inclusive results can be
obtained. Thus, this study also be provides significan information to the
management of the companies, for prophesying profit, EPS etc.

Research Methodology ;-
The study is purely based on secondary data. The required data
were collected from the published annual repot f the company’s. As the study is
based on data analysis and interpretation of financial performance of
companies. Annual report from 2015-2019 has taken has taken into
consideration so as to study the five years financial performance of companies.
Apart from annual reports various journals, articles, magazine ,and websites are
used for purpose of data collection. In order in this analyze the data both ratio
analyses and trend analysis techniques have been used in this research .so, to
analyze ratios like Price to Earning ratio (P/E) Ratios, Price to Book value
ratio( P/B ) ratios, Price Sales ratio,(P/S ) ratios ,Return on Equity (ROE )
ratio, Return on Assets ratios, (ROA ) ratios, and Enterprise value to earning
before interest, Taxes , Depreciation, and amortization ratio ( EV/EBITDA)
ratio has been calculated and for profitability measurement return in
investment has been calculate .Correlation test has been Applied to test the
degree of relationship among working capital ratios on and profitability ratios.
Thus ,further to analyze the combined impact of working ratios on profitability
ratio multiple regression tests have been employed.
Data Collection :-The evaluation of profitability and financial performance was
for period of five years 2015-2019. Necessary data was obtained from the
annual reports, namely financial statements, magazine, websites of the
company’s and published by the Bombay Stock exchange (BSE ).

Types of Ratios:-
There is a two way classification of ratios: (1) traditional classification, and (2)
functional classification. The traditional classification has been on the basis of
financial statements to which the determinants of ratios belong. On this basis
the ratios are classified as follows

1. ‘Statement of Profit and Loss Ratios: A ratio of two variables from the statement of
profit and loss is known as statement of profit and loss ratio. For example, ratio of gross profit to
revenue from operations is known as gross profit ratio. It is calculated using both figures from the
statement of profit and loss.

2. Balance Sheet Ratios: In case both variables are from the balance sheet, it is classified as
balance sheet ratios. For example, ratio of current assets to current liabilities known as current ratio. It
is calculated using both figures from balance sheet.

3. Composite Ratios: If a ratio is computed with one variable from the statement of profit and
loss and another variable from the balance sheet, it is called composite ratio. For example, ratio of
credit revenue from operations to trade receivables (known as trade receivables turnover ratio) is
calculated using one figure from the statement of profit and loss (credit revenue from operations) and
another figure (trade receivables) from the balance sheet.
Although accounting ratios are calculated by taking data from financial statements but
classification of ratios on the basis of financial statements is rarely used in practice. It must
be recalled that basic purpose of accounting is to throw light on the financial performance
(profitability) and financial position (its capacity to raise money and invest them wisely) as
well as changes occurring in financial position (possible explanation of changes in the
activity level). As such, the alternative classification (functional classification) based on the
purpose for which a ratio is computed, is the most commonly used classification which is as
follows:
1. Liquidity Ratios

This type of ratio helps in measuring the ability of a company to take care of its

short-term debt obligations. A higher liquidity ratio represents that the company

is highly rich in cash.

The types of liquidity ratios are: –

. Current Ratio: The current ratio is the ratio between the current assets and

current liabilities of a company. The current ratio is used to indicate the

liquidity of an organization in being able to meet its debt obligations in the

upcoming twelve months. A higher current ratio will indicate that the

organization is highly capable of repaying its short-term debt obligations.

Current Ratio = Current Assets / Current Liabilities

2. Quick Ratio: The quick ratio is used to ascertain information pertaining to

the capability of a company in paying off its current liabilities on an immediate

basis.

The formula used for the calculation of a quick ratio is-

Quick Ratio = (Cash and Cash Equivalents + Marketable Securities +

Accounts Receivables) / Current Liabilities
2. Profitability Ratios
This type of ratio helps in measuring the ability of a company in earning

sufficient profits.

The types of profitability ratios are: –

1. Gross Profit Ratios: Gross profit ratios are calculated in order to represent

the operating profits of an organization after making necessary adjustments

pertaining to the COGS or cost of goods sold.

The formula used for the calculation of gross profit ratio is-

Gross Profit Ratio = (Gross Profit / Net Sales) * 100

2. Net Profit Ratio: Net profit ratios are calculated in order to determine the

overall profitability of an organization after reducing both cash and non-cash

expenditures.

The formula used for the calculation of net profit ratio is-

Net Profit Ratio = (Net Profit / Net Sales) * 100

3. Operating Profit Ratio: Operating profit ratio is used to determine the

soundness of an organization and its financial ability to repay all the short term

and long term debt obligations.

The formula used for the calculation of operating profit ratio is-

Operating Profit Ratio = (Earnings Before Interest and Taxes / Net Sales) *
100

4. Return on Capital Employed (ROCE): Return on capital employed is used

to determine the profitability of an organization with respect to the capital that

is invested in the business.

The formula used for the calculation of ROCE is:

ROCE = Earnings before Interest and Taxes / Capital Employed

3. Solvency Ratios
Solvency ratios can be defined as a type of ratio that is used to evaluate whether

a company is solvent and well capable of paying off its debt obligations or not.

The types of solvency ratios are: –

1. Debt Equity Ratio: The debt-equity ratio can be defined as a ratio between

total debt and shareholders fund. The debt-equity ratio is used to calculate the

leverage of an organization. An ideal debt-equity ratio for an organization is

2:1.
The formula for debt-equity ratio is-

Debt Equity Ratio = Total Debts / Shareholders Fund

2. Interest Coverage Ratio: The interest coverage ratio is used to determine

the solvency of an organization in the nearing time as well as how many times

the profits earned by that very organization were capable of absorbing its

interest-related expenses.

The formula used for the calculation of interest coverage ratio

Interest Coverage Ratio = Earnings before Interest and Taxes / Interest

Expense

4. Turnover Ratios
Turnover ratios are used to determine how efficiently the financial assets

and liabilities of an organization have been used for the purpose of

generating revenues.

The types of turnover ratios are: –

1. Fixed Assets Turnover Ratios: Fixed assets turnover ratio is used to

determine the efficiency of an organization in utilizing its fixed assets for

the purpose of generating revenues.

The formula used for the determination of fixed assets turnover ratio is-
Fixed Assets Turnover Ratio = Net Sales / Average Fixed Assets

2. Inventory Turnover Ratio: Inventory turnover ratio is used to determine

the speed of a company in converting its inventories into sales.

The formula used for calculating inventory turnover ratio is-

Inventory Turnover Ratio = Cost of Goods Sold / Average Inventories

3. Receivable Turnover Ratio: Receivable turnover ratio is used to

determine the efficiency of an organization in collecting or realizing its

account receivables.

The formula used for calculating the receivable turnover ratio is-

Receivables Turnover Ratio = Net Credit Sales / Average Receivables

5. Earnings Ratios
Earnings ratio is used for the purpose of determining the returns that an

organization generates for its investors.

The types of earnings ratios are: –

1. Profit Earnings Ratio: P/E ratio indicates the profit earning capacity of the

company.

The formula used for the calculation of profit earnings ratio is:
Profit Earnings Ratio = Market Price per Share / Earnings per Share

2. Earnings per Share (EPS): EPS signifies the earnings of an equity holder

based on each share.

The formula used for EPS is:

EPS = (Net Income – Preferred Dividends) / (Weighted Average of

Outstanding Shares)

 Date analysis and Interpretation :-

Ratio analysis:-Ratio analysis is a quantitative method of gaining insight into a

company's liquidity, operational efficiency, and profitability by studying its financial
statements such as the balance sheet and income statement. Ratio analysis is a
cornerstone of fundamental equity analysis.
Data analysis :- Data analysis  is a process of inspecting, cleansing, transforming,
and modeling data with the goal of discovering useful information, informing
conclusions, and supporting decision-making Data analysis has multiple facets and
approaches, encompassing diverse techniques under a variety of names, and is used
in different business, science, and social, science domains.
Independent variable:-The independent variable (IV) is the characteristic of
a psychology experiment that is manipulated or changed by researchers, not by other
variables in the experiment. For example, in an experiment looking at the effects of
studying on test scores, studying would be the independent variable. Researchers are
trying to determine if changes to the independent variable (studying) result in
significant changes to the dependent variable (the test results)

Return on Equity Ratio (ROE ) :-

Return on equity ratio can be described as a financial ratio
that helps measure a company’s proficiency to generate profits from its
shareholders’ investments. This profitability helps to gauge a company’s
effectiveness when it comes to using equity funding to run its daily
operations. 
By figuring out the ROE of a company, individuals can find out how much
post-tax income is left in its reserve. Subsequently, one can compare net
income to the total shareholder equity as recorded on its balance sheet.
ROE ratio also helps you understand how a company compares to other firms
in the same industry and evaluate the company’s financial performance and
asset valuation
Formula :-

Net income
Return on equity =
Average shareholde r ' s equity
Return on assets (ROA):-

Return on assets (ROA), also known as return on total assets, is a

measure of how much profit a business is generating from its capital. This
profitability ratio demonstrates the percentage growth rate in profits that are
generated by the assets owned by a company.

. While these formulas are simpler than the ones used to determine ROI, the
measures both determine the rate of return on an investment. ROI is from the
point of view of the external investor, while ROA is from the point of view of
the company, in which the firm takes money and invests it in assets.

The first formula above uses average total assets. This is because the assets
owned by a company fluctuate over time as it buys and divests land, equipment
or inventory, or because of seasonal revenue changes. Taking average assets
from the time period being analyzed controls for these factors.

Return on assets is determined by using after-tax income to measure the relative

profitability of the company against every dollar in assets that it owns. ROA is
found on the balance sheet and is often used to test the company’s return to
shareholders.

While ROA is used to compare one company to another, or to an industry

benchmark, it is only useful for comparing companies in a similar sector or
business line. Different industries require very different amounts of capital to
generate profits; the so-called capital intensity of different business varies widely.
ROA can be most useful when comparing the performance of the same company at different
stages in its life cycle.
Formula :-
 Net income
Return on Assets=
Average total assets

Profit margin
Return on Assest=
Assets turnover

Price-to-Earnings (P/E) Ratio:-

The price-to-earnings ratio (P/E ratio) is the ratio for valuing a

company that measures its current share price relative to its earnings per
share (EPS). The price-to-earnings ratio is also sometimes known as the price
multiple or the earnings multiple.

P/E ratios are used by investors and analysts to determine the relative value of a
company's shares in an apples-to-apples comparison. It can also be used to
compare a company against its own historical record or to compare aggregate
markets against one another or over time.

P/E may be estimated on a trailing (backward-looking) or forward (projected)

basis.

Formula :-
Market value pershare
Price ¿ earning=
Earning pe r share

Price to Book value ratio (P/B ) Ratio :-

 price-to-book ratio, or P/B ratio, is a financial ratio used to
compare a company's current market value to its book value (where book
value is the value of all assets minus liabilities owned by a company). The
calculation can be performed in two ways, but the result should be the same. In
the first way, the company's market capitalization can be divided by the
company's total book value from its balance sheet. The second way, using per-
share values, is to divide the company's current share price by the book value
per share (i.e. its book value divided by the number of outstanding shares). It is
also known as the market-to-book ratio and the price-to-equity ratio (which
should not be confused with the price-to-earnings ratio), and its inverse is called
the book-to-market ratio.
As with most ratios, it varies a fair amount by industry. Industries that require
more infrastructure capital (for each dollar of profit) will usually trade at P/B
ratios much lower than, for example, consulting firms. P/B ratios are commonly
used to compare banks, because most assets and liabilities of banks are
constantly valued at market values. A higher P/B ratio implies that
investors expect management to create more value from a given set of assets, all
else equal (and/or that the market value of the firm's assets is significantly
higher than their accounting value). P/B ratios do not, however, directly provide
any information on the ability of the firm to generate profits or cash for
shareholders.
This ratio also gives some idea of whether an investor is paying too much for
what would be left if the company went bankrupt immediately. For companies
in distress, the book value is usually calculated without the intangible assets that
would have no resale value. In such cases, P/B should also be calculated on a
"diluted" basis, because stock options may well vest on sale of the company or
change of control or firing of management.

Formula :-

Book value is equal to a company's current market value divided by the "book
value" of all of its shares. To determine a company's book value, you'll need to
look at its balance sheet. Also known as shareholder's equity or stockholder's
equity, this amount is equal to the company's assets minus its liabilities.

Next, divide the book value by the number of outstanding shares in order to find
the company's book value on a per-share basis so you can compare it with the
current share price.

Finally, divide the company's current stock price by the book value per share.
Price – to Sales Ratio (P/S) Ratio :-
Price–sales ratio, P/S ratio, or PSR, is a valuation metric for stocks. It is
calculated by dividing the company's market capitalization by the revenue in the
most recent year; or, equivalently, divide the per-share stock price by the per-
share revenue.
Market Capitalization Per Share stock Price
Price ¿ Sales Ratio= ¿
Revenue Per Share Revenue
The justified P/S ratio is calculated as the price-to-sales ratio based on
the Gordon Growth Model. Thus, it is the price-to-sales ratio based on the
company's fundamentals rather than. Here, g is the sustainable growth rate as
defined below and r is the required rate of return.
1+ g
Justified P/S = Profit Margin * Payout *¿ r−g
Profit∗S ales
∗Assets
Where  g=Retention Ratio∗Net Assets
S h are h olderEquity
Unless otherwise stated, P/S is "trailing twelve months" (TTM), the reported
sales for the four previous quarters, although of course longer time periods can
be examined.
The smaller this ratio (i.e. less than 1.0) is usually thought to be a better
investment since the investor is paying less for each unit of sales. However,
sales do not reveal the whole picture, as the company may be unprofitable with
a low P/S ratio. Because of the limitations, this ratio is usually used only for
unprofitable companies, since they don't have a price–earnings ratio (P/E
ratio). The metric can be used to determine the value of a stock relative to its
past performance. It may also be used to determine relative valuation of
a sector or the market as a whole.
PSRs vary greatly from sector to sector, so they are most useful in comparing
similar stocks within a sector or sub-sector.
Comparing P/S ratios carries the implicit assumption that all firms in the
comparison have an identical capital structure. This is always a problematic
assumption, but even more so when the assumption is made between industries,
since industries often have vastly different typical capital structures (for
example, a utility vs. a technology company). This is the reason why P/S ratios
across industries vary widely
1. Kotak Mahindra Bank :-

1985

The company was incorporated on 21st November 1985 under the name Kotak

Capital Management Finance Ltd. The Company has been promoted by Mr.

Uday S Kotak, Mr. S.A.A Pinto and Kotak & Company. The company obtained

the certificate of commencement of business on 11th February 1986 and the

Existing promoters were joined by Mr. Harish Mahindra and Mr. Anand

Mahindra. The company's name was changed on 8th April 1986 to its present

name Kotak Mahindra Finance Ltd.

- The Company deals in Bill discounting, leasing and hire purchase, corporate

finance, management of fixed deposit mobilization, financing against securities,

money market operations, consumer finance, investment banking and clients'

money management.

1994

- The Company entered into a Memorandum of Understanding with KB

Currency Advisors Inc. USA to market their Foreign Exchange Fund

Management programmer. - 183, 65,500 Rights equity shares issued in prop.

1:1. 11,800 No. of equity shares forfeited. - The Company has received the

approval of Securities and Exchange Board of India (SEBI) for setting up a

Mutual Fund. 1995 - The Company issued 4, 00,000 - 17% Secured

Redeemable Non-convertible Debenture of Rs 2500 each including 96000 -

16% NCDs reserved for NRIs/URB (only 9510 taken-up). Unsubscribed portion

of 90 debentures issued to the public. These are redeemable at par on 7.3.2001

with an option for early redemption up to a maximum of 5% of the issue

amount every year. - The Company entered into a joint venture agreement with

Ford Credit International Inc. (FCI), a subsidiary of Ford Motor Credit Co.,

USA. It was proposed to finance all non Ford Passenger cars. - Kotak Mahindra

Capital Company became a subsidiary of the Company.

1995

- The Company issued 4,00,000 - 17% Secured Redeemable Non-convertible

Debenture of Rs 2500 each including 96000 - 16% NCDs reserved for

NRIs/URB (only 9510 taken-up). Unsubscribed portion of 90 debentures issued

to the public. These are redeemable at par on 7.3.2001 with an option for early

redemption up to a maximum of 5% of the issue amount every year.

- The Company entered into a joint venture agreement with Ford Credit
International Inc. (FCI), a subsidiary of Ford Motor Credit Co., USA. It was
proposed to finance all non Ford Passenger cars. - Kotak Mahindra Capital
company became a subsidiary of the Company. 1996 - The Company's
operations were affected by the liquidity crunch, scarcity of resources,
sluggishness in the capital markets and the overall deceleration of economic
growth.
.
1997

- In recognition of the Company's prudent funds management, CRISIL

has assigned a rating of AA+ to the Company's public issue of Non-

Convertible Debentures and P1+ for all short term borrowings up to

Rs.35000 laths. - Kotak Mahindra Finance Ltd, has decided to venture

into health insurance business. - Kotak Mahindra Finance has

launched a new consumer finance product called Kotak Mahindra K-

Value.

1998

- Kotak Mahindra Asset Management Company Limited (KMAMCL)

launched its mutual fund schemes in December. - The Company it

would launch its mutual fund with two schemes -- KGilt Unit Scheme

and K30 Unit Scheme. - Kotak Mahindra Finance, is a joint venture

with Goldman Sachs.

1999

- The `FAA' (pronounced `F double A') rating assigned to the fixed

deposit programmer of Ford Credit Kotak Mahindra (FCKM) has been
reaffirmed. - With the allotment to the Company of 50,000 equity
shares of Rs. 10 each by Kotak Mahindra Trustee Company Limited
(KMTCL) on 12th May. 2000 - Kotak Mahindra Finance Ltd (KMFL) and
Chubb Corporation of the US have decided to call off their joint
venture for entering the general insurance business in India

2001

- The Company recommended a swap ratio of 25 shares of KMFL for

every share of Pannier Trading which has a 75 per cent equity stake

in Kotak Securities. - The Bharath Petroleum Corporation Ltd (BPCL)

has decided to part ways with Kotak Mahindra, one of the leading

domestic financial services company, in its convenient store venture

In & Out.

2002

-KMFL's business has seen a fast growth with the total disbursement
of commercial vehicle loan of the company in the last fiscal was
tuned to Rs. 250cr. -RBI has given in-principle approval to Kotak
Mahindra Finance Ltd to convert itself into a bank, thereby becoming
the first ever non-banking finance company converted into a bank.
-Mr. Uday Kotak says, there won't be any fresh capital infusion in the
bank in the near future.
.
2003

-Madison Communications has won the Rs.30cr Kotak Mahindra's media AOR

account. -The proposal of changing the name from 'Kotak Mahindra Finance

Ltd' to 'Kotak Mahindra Bank Ltd' and the proposal to change the Authorized

capital from 100,00,00,000 divided into 10,00,00,000 equity shares of Rs.10

each has been approved by the company shareholders. -RBI has granted license

to Kotak Mahindra Finance Ltd to embark on its banking business. -O & M has

got the creative account of Kotak Mahindra Bank, and has said to be working

professionally. -Kotak Mahindra Bank has received a lot of interest from

portfolio investors, private equity investors and potential strategic investors.

-Kotak Mahindra Bank has entered into an ATM sharing agreement with UTI

Bank, which would allow KMB's customer free access to around 800 ATM's.

OWNER OF THE KOTAK MAHIDRA BANK LTD:-

 Mr. Uday Kotak, aged 61 years, holds a Bachelor's degree in Commerce, and a MMS degree

from Jamnalal Bajaj Institute of Management Studies, Mumbai. He is the Managing Director

& CEO of the Bank and its promoter.

Awards :-

Kotak Mahindra Bank;-

 Uday Kotak: Lifetime Achievement Award at Magna Awards 2019 by Business
world
 Uday Kotak named the ‘Best CEO in Banking Sector’ at the Business Today Best
CEO Awards 2019 
 The Asset Country Awards 2019 Best Bank – Domestic award

Finance Asia Best Managed Companies Poll, 2020 –

 Uday Kotak has been ranked #2 in Best CEOs

 Kotak Mahindra Bank  has been ranked #4 in the Best Managed Company

Kotak Mahindra Bank was featured in Asia money 30 -  The 30 key Asian financial
institutions shaping Asia’s financial system

 Kotak Mahindra Bank recognized as Best Domestic Bank at the Asia Money Best
Bank Awards 2019: India
 The Tata Mumbai Marathon 2019 Philanthropy Awards Nite recognised:
o Kotak Mahindra Bank as the Highest Fund Raising Corporate  
o KVS Mania, President – Corporate, Institutional and Investment Banking as
the TMM Legend
o Shanti Ekambaram, President - Consumer Banking as the Change Icon
o Manish Kothari, Senior Executive Vice President & Business Head -
Corporate Banking as the Change Champion
 The Asian Banker Transaction Banking Awards:
o Best Cash Management Bank in India

 o Best Mid-Size Bank
o Fastest Growing Mid-Size Bank
 Kotak 811 – India Invited Campaign wins “Silver” under the Integrated Campaign
category at MADDYS 2019 held by the Madras Advertising Club
 Infosys Finacle Client Innovation Awards 2019 recognized Kotak Mahindra Bank for:
o API-led innovations for Open Banking
o Process Innovation for CMS Payment Robotics Process Automation
o Product Innovation for Dynamic Discounting Supply Chain
 Runner Up: IAMAI 9th India Digital Awards for Best Digital API – Open Banking
 The Asset Triple A Treasury, Trade, Supply Chain and Risk Management Awards
2019:

Best Solution Awards:

Best Payments and Collections Solution provider for Aditya Birla Finance
Best Payments and Collections Solution provider for Bajaj Finance Limited
Best Payments and Collections Solution provider for Mahanagar Gas Limited
Best Supply Chain Solution provider for Bajaj Electricals
Best Payments and Collections Solution provider for Akshaya Patra Foundation
Best House Awards:
Best in Treasury and Working Capital-LLCs           
Best Service Provider-Cash Management            
Best Service Provider-E-Solutions Partner   

o Best Productivity, Efficiency and Automation Initiative, Application or

Programmed – Kotak Mahindra Bank - Smart Collect"
o Shekhar Bhandari as The Transaction Banker of the Year in Asia Pacific 2019
 Shanti Ekambaram named among the 50 most powerful women by Fortune India
 Shanti Ekambaram named by Business Today among the Most Powerful Women in
Business 2019
 CA Business Leader - Large Corporate - BFSI Award at the 13th ICAI Awards
 Deepak Sharma awarded by Elects Techno media’s ‘BFSI100 Innovation Leadership
Award’ in recognition of his exemplary leadership in innovation in the BFSI sector

Indian Marketing Awards 2019

 #BenchOfUnity social media campaign wins a gold in the category 'Use of Consumer
Insight'
 Kotak 811 #India Invited campaign bags a bronze for the 'Best Use of Integrated
Marketing Campaign'

 UiPath Automation Excellence Awards | Finance and Accounting Processes: Kotak

Mahindra, Mizuho Bank
 IDC Insights Awards 2019

 KRC Murty received the excellence in operations award

Kotak Wealth

 Ranked # 1 in Asian Private Banker’s 2018 India Onshore AUM league table
 Best Private Bank in India , PWM/The Banker Global Private Banking Awards

Kotak Securities

 2019 Finance Asia Country Awards: Best Broker

 Gold at ACEF for Email marketing & successful use of technology
 Silver at ACEF for Data driven marketing & successful of technology
 IAMAI 9th India Digital Awards: Bronze for Best Omni-Channel Campaign
Management & Marketing Automation

Kotak Life Insurance

 G Murlidhar: Insurance CEO of the Year – Life Category by FICCI Insurance

Industry Awards 2019

Kotak Mutual Fund

 Thomson Reuters Lipper India 2019 Fund Awards - India Fund Award for Kotak
Equity Arbitrage Fund - Regular Plan - Growth Option (5 Years)
 Thomson Reuters Lipper India 2019 Fund Awards - India Fund Award for Kotak
Equity Arbitrage Fund - Regular Plan - Growth Option (10 Years)
 IR Magazine Awards India 2019 - Best Engagement by an Institutional Investor for
Pankaj Tibrewal
 2019 CIO100 Award

Kotak General Insurance

 Indian Digital Media Awards 2019 - Silver for Social Media Campaign
#DriveLikeALady
 DMA Asia Echo Awards 2019

1.       Silver | Financial Services Category

2.       Silver |Best Customer Engagement
3.       Bronze |Best use of Social Media
4.       Bronze |Best Innovative Product
5.       Bronze |Customer Services Category
Kotak Institutional Equities

 Ranked first in India in 2019 Asia money Brokers Poll

 Best for overall research (India) in 2019 Asia money Brokers Poll

Kotak Mahindra Capital Company

 Best Securities House in India in Asia money’s 2019 Best Securities Houses in Asia
Awards
 Best Equity Advisor, India in The Asset Triple A Country Awards 2019
 Best M&A Advisor, India in The Asset Triple A Country Awards 2019

Profit & Loss - Kotak Mahindra Bank Ltd.Rs (in Crores)

  Mar'21 Mar'20 Mar'19 Mar'18 Mar'17
  12Months 12Months 12Months 12Months 12Months
INCOME:
Sales Turnover 26840.27 26929.61 23943.21 19748.50 17698.93
Excise Duty .00 .00 .00 .00 .00
NET SALES 26840.27 26929.61 23943.21 19748.50 17698.93
Other Income 5459.1891 5372.1077 4604.0270 4052.2082 3477.1584
TOTAL INCOME 32299.46 32301.72 28547.23 23800.70 21176.09
EXPENDITURE:
Manufacturing Expenses .00 .00 .00 .00 .00
Material Consumed .00 .00 .00 .00 .00
Personal Expenses 3765.40 3911.12 3183.61 2950.23 2768.53
Selling Expenses 104.64 121.22 119.48 110.52 97.88
Administrative Expenses 7259.04 6662.82 4807.19 3068.16 2468.03
Expenses Capitalised .00 .00 .00 .00 .00
Provisions Made 2911.71 2216.17 962.39 939.95 836.74
TOTAL EXPENDITURE 14040.79 12911.32 9072.67 7068.86 6171.18
Operating Profit 4210.57 2804.51 3148.68 3402.78 2791.71
EBITDA 24082.09 23822.74 21399.35 17677.67 15848.26
Depreciation 366.77 371.95 366.92 302.69 290.66
Other Write-offs .00 .00 .00 .00 .00
EBIT 23715.32 23450.79 21032.43 17374.98 15557.60
Interest 11500.62 13429.95 12684.25 10216.81 9572.78
EBT 9302.99 7804.67 7385.79 6218.22 5148.07
Taxes 2338.15 1857.49 2520.46 2133.92 1736.57
Profit and Loss for the Year 6964.84 5947.18 4865.33 4084.30 3411.50
Non Recurring Items .00 .00 .00 .00 .00
Other Non Cash Adjustments .00 .00 .00 .00 .00
Other Adjustments .00 .00 .00 .00 .00
REPORTED PAT 6964.84 5947.18 4865.33 4084.30 3411.50
KEY ITEMS
Preference Dividend 40.50 193.26 .00 .00 .00
Equity Dividend .00 -29.09 136.60 92.51 .75
Equity Dividend (%) .00 -3.04 14.31 9.71 .08
Shares in Issue (Lakhs) 19818.36 19130.38 19087.55 19056.49 18408.98
 EPS - Annualised (Rs) 35.14 31.09 25.49 21.43 18.53

BalanceSheet - Kotak Mahindra Bank Ltd.

Rs (in Crores)
Particulars Mar'21 Mar'20 Mar'19 Mar'18 Mar'17
Liabilities 12 12 12 12 12
Months Months Months Months Months
Share Capital 1493.08 1459.38 1456.45 954.99 922.32
Reserves & Surplus 62236.05 47558.78 41444.00 36528.83 26695.62
Net Worth 63729.13 49018.17 42900.45 37483.82 27617.94
Secured Loan 23650.65 37993.31 32248.29 25154.15 21095.48
Unsecured Loan 280100.05 262820.52 225880.36 192643.27 157425.86
TOTAL LIABILITIES 367479.82 349832.00 301029.11 255281.25 206139.28
Assets
Gross Block 1535.27 1623.13 1651.55 1527.16 1537.63
(-) Acc. Depreciation .00 .00 .00 .00 .00
Net Block 1535.27 1623.13 1651.55 1527.16 1537.63
Capital Work in Progress .00 .00 .00 .00 .00
Investments 105099.19 75051.55 71189.09 64562.35 45074.19
Inventories .00 .00 .00 .00 .00
Sundry Debtors .00 .00 .00 .00 .00
Cash and Bank 39626.53 53292.30 24675.54 19620.11 22572.01
Loans and Advances 237227.63 230284.71 214655.92 179223.78 145406.13
Total Current Assets 276854.17 283577.01 239331.46 198843.89 167978.14
Current Liabilities 16008.80 10419.68 11142.98 9652.15 8450.68
Provisions .00 .00 .00 .00 .00
Total Current Liabilities 16008.80 10419.68 11142.98 9652.15 8450.68
NET CURRENT ASSETS 260845.36 273157.32 228188.47 189191.74 159527.46
Misc. Expenses .00 .00 .00 .00 .00
TOTAL 367479.82 349832.00 301029.11 255281.25 206139.28
ASSETS(A+B+C+D+E)
Rs (in Crores)

Cash Flow:-

Rs (in Crores)
Particulars Mar'21 Mar'20 Mar'19 Mar'18 Mar'17
Profit Before Tax 6964.84 5947.18 4865.33 4084.30 3411.50
Net Cash Flow from Operating -5298.30 30159.4 -3387.72 - 14411.9
Activity 3 10274.92 2
Net Cash Used in Investing Activity -1769.10 -7454.06 798.11 -2515.50 -2971.84
Net Cash Used in Financing Activity -6585.90 5882.91 7633.07 9837.22 256.52
Net Inc/Dec In Cash and Cash - 28616.7 5055.43 -2951.90 11692.2
Equivalent 13665.77 6 9
Net Inc/Dec In Cash and Cash - 28616.7 5055.43 -2951.90 11692.2
 Equivalent 13665.77 6 9
Cash and Cash Equivalent - 53292.30 24675.5 19620.1 22572.01 10879.7
Beginning of the Year 4 1 2
Cash and Cash Equivalent - End of 39626.53 53292.3 24675.5 19620.11 22572.0
the Year 0 4 1
Rs (in Crores)

Ratios :-
EY MAR 21 MAR 20 MAR 19 MAR 18 MAR 17  
FINANCIA
L RATIOS
OF KOTAK
MAHINDR
A BANK (in
Rs. Cr.)
PER  
SHARE
RATIOS
Basic EPS 35.17 30.88 25.52 21.54 18.57  
(Rs.)
Diluted EPS 35.14 30.84 25.48 21.51 18.55  
(Rs.)
Cash EPS 36.99 33.03 27.41 23.02 20.11  
(Rs.)
Book Value 319.04 253.62 222.14 196.70 150.02  
[Excl. Reval
Reserve]/Sh
are (Rs.)
Book Value 319.04 253.62 222.14 196.70 150.02  
[Incl. Reval
Reserve]/Sh
are (Rs.)
Dividend/Sh 0.00 0.00 0.80 0.70 0.60  
are (Rs.)
Operating 135.43 140.77 125.44 103.63 96.14  
Revenue /
Share (Rs.)
Net 35.14 31.09 25.49 21.43 18.53  
Profit/Share
(Rs.)
PER  
EMPLOYE
E RATIOS
Interest 5,191,541.1 5,382,262.9 5,734,487.9 3,949,699.1 4,022,484.7  
Income/ 4 0 6 2 5
Employee
(Rs.)
Net Profit/ 1,347,163.7 1,188,628.0 1,165,265.1 816,860.68 775,340.41  
Employee 5 9 8
(Rs.)
Business/ 97,444,616. 96,448,156. 103,363,871 72,472,239. 66,706,361.  
Employee 50 57 .51 16 07
(Rs.)
PER  
BRANCH
RATIOS
Interest 167,333,339 168,310,088 159,621,384 142,280,227 129,283,658  
Income/ .78 .75 .00 .67 .88
Branch (Rs.)
Net Profit/ 43,421,674. 37,169,886. 32,435,544. 29,425,817. 24,919,633.  
Branches 56 25 67 00 31
(Rs.)
Business/ 3,140,827,1 3,016,054,4 2,877,167,8 2,610,671,4 2,143,959,0  
Branches 02.87 16.25 18.00 39.48 11.69
(Rs.)
KEY  
PERFORM
ANCE
RATIOS
ROCE (%) 3.32 2.86 2.77 2.80 2.90  
CASA (%) 60.44 56.16 52.49 50.75 43.99  
Net Profit 25.94 22.08 20.32 20.68 19.27  
Margin (%)
Operating 5.60 2.13 1.09 0.16 -0.37  
Profit
Margin (%)
Return on 1.81 1.65 1.55 1.54 1.58  
Assets (%)
Return on 11.01 12.25 11.47 10.89 12.35  
Equity /
Networth
(%)
Net Interest 4.00 3.74 3.60 3.59 3.78  
Margin (X)
Cost to 42.83 40.01 38.52 39.91 38.68  
Income (%)
Interest 6.99 7.47 7.66 7.45 8.24  
Income/Tota
l Assets (%)
Non-Interest 1.42 1.49 1.47 1.52 1.62  
Income/Tota
l Assets (%)
Operating 0.39 0.15 0.08 0.01 -0.03  
Profit/Total
Assets (%)
Operating 2.23 2.45 2.40 2.42 2.61  
Expenses/To
tal Assets
(%)
 Interest 2.99 3.72 4.06 3.85 4.46  
Expenses/To
tal Assets
(%)
VALUATIO  
N RATIOS
Enterprise 639,371.05 539,805.51 502,713.05 408,715.23 331,573.61  
Value (Rs.
Cr)
EV Per Net 23.82 20.05 21.00 20.70 18.73  
Sales (X)
Price To 5.50 5.11 6.01 5.33 5.81  
Book Value
(X)
Price To 12.95 9.21 10.65 10.12 9.07  
Sales (X)
Retention 100.00 100.00 96.70 97.20 99.99  
Ratios (%)
Earnings 0.02 0.02 0.02 0.02 0.02
Yield (X)

Year/compan P/E ROE ROA P/B EV/EBITDA

y

2017 32.50 12.83 1.79 4.17 87.22

2018 32.20 12.28 1.84 3.95 86.36

2019 35.36 12.36 1.82 4.37 0

2020 28.85 12.80 1.94 3.69 0

2021 34.78 11.78 2.09 4.10 0

 
2. Union Bank Ltd:-

Union Bank of India (UBI) was registered on 11 November 1919

as a limited company in Mumbai and was inaugurated by Mahatma Gandhi. At
the time of India's Independence in 1947, UBI only had four branches – three in
Mumbai and one in Saurashtra, all concentrated in key trade centers.

After Independence UBI accelerated its growth and by the time the government
nationalized it in 1969, it had grown to 240 branches in 28 states. Shortly after
nationalization, UBI merged in Belgaum Bank, a private sector bank established
in 1930 that had itself merged in a bank in 1964, the Shri Jadeya Shankarling
Bank. Then in 1985 UBI merged in Miraj State Bank, which had been
established in 1929. In 1999 the Reserve Bank of India requested that UBI
acquire Sikkim Bank in a rescue after extensive irregularities had been
discovered at the non–scheduled bank. Sikkim Bank had eight branches located
in the North–east, which was attractive to UBI.
1969 - The Bank was brought into existence by the Ordinance
issued on 10th July, by the Central Government. In terms of the Ordinance, the
Undertaking of `The Union Bank of India, Ltd.’ was replaced by the Banking
Companies (Acquisition and Transfer of Undertakings) Act, 1969. An
Ordinance was thereupon promulgated which was later repalced by the Banking
Companies (Acquisition and Transfer of Undertakings) Act, 1970 which was
made effective retrospectively from 19th July, 1969. 1970 - Under the `Lead
Bank' scheme, the Bank was allotted 5 districts and the survey reports in respect
of 3 districts were submitted. - The Bank opened a total of 36 branches in the
lead districts till the end of 1972. 1972 - A fresh study-cum-survey was
undertaken for evaluation of results of the Bank's activities in the area, further
identification of growth area and credit gaps and preparation of a concrete
programmed of action in such areas. The Bank sponsored four regional rural
banks. 1982 - Rs 275, 00,000 was capitalized. 1985 - Rs 2400,00,000
contributed by Government. 1986 - Rs 14,00,00,000 contributed by
Government. 1988 - Rs 14,00,00,000 contributed by Government. 1991 - Rs 50
crores contributed by Government. 1993 - Rs 230 crores contributed by
 Government. 2000 - M. Venugopal, chief executive of Bank of India's European
Operations, has been appointed executive director of Union Bank of India. -
Union Bank of India has introduced a special leave scheme

Business:-

 Personal banking: It provides products and services in area of saving,

deposit, retail loans, cards, insurance, and investment and demats facility.
 NRI Banking: Under this it offer a range of services and products in areas
like remittance, saving, deposit, loans and payment to its NRI customers.
 Corporate Banking: It offers services like CMS, E–Tax, trade finance,
insurance products and loans to its corporate clients.
Awards :-
 2012–13
IT Excellance Award for "Best IT Team"
Special Award for "Technology for FI"
 Special Award for "Managing  IT Risk"
Best Payment Initiatives
Best Technology Bank of the year
Best Risk Management & Security
Best use of Mobility Technology
Best Internet Bank
Best Use of Technology in Training and Learning Initiative

 The bank was awarded the prestigious “Asian Banker IT implementation

award 2007” by the Asian Banker, a Singapore based research and
intelligence organization at Asian Banker Summit
 Union Bank of India is member of World Economic Forum community
 In survey conducted by Business Today–KPMG, Union Bank of India
was ranked 8th in the list
Overseas Offices of the Bank:-

 Hongkong
 Sydney
 Abu Dhabi
 Beijing
 Shanghai
 London
Profit and Losses Account of Union Bank Ltd ;-
                                                                                                                                                                                                                      

PROFIT & LOSS ACCOUNT OF MAR 21 MAR 20 MAR 19 MAR 18 MAR 17  

UNION BANK OF INDIA (in Rs.
Cr.)
  12 moths 12 moths 12 moths 12 moths 12 moths  
INCOME  
Interest / Discount on Advances / 45,765.8 25,078.7 23,771.9 22,772.9 22,943.1  
Bills 4 0 2 8 0
Income from Investments 20,573.7 10,572.8 9,003.34 8,779.97 8,695.10  
0 6
Interest on Balance with RBI and 2,113.22 1,200.28 1,201.27 1,139.37 880.54  
Other Inter-Bank funds
Others 314.58 379.28 90.12 55.69 141.25  
TOTAL INTEREST EARNED 68,767.3 37,231.1 34,066.6 32,748.0 32,659.9  
3 2 6 0 8
Other Income 11,336.8 5,260.79 4,473.95 4,989.87 4,964.60  
5
TOTAL INCOME 80,104.1 42,491.9 38,540.6 37,737.8 37,624.5  
9 1 1 7 8
EXPENDITURE  
Interest Expended 44,078.9 25,794.3 23,851.7 23,443.3 23,756.6  
1 7 5 4 4
Payments to and Provisions for 9,024.90 3,358.62 3,150.93 3,255.23 3,434.20  
Employees
Depreciation 895.23 411.26 368.04 362.71 236.04  
Operating Expenses (excludes 6,845.86 3,746.54 3,648.66 3,137.01 2,767.60  
Employee Cost & Depreciation)
TOTAL OPERATING EXPENSES 16,765.9 7,516.41 7,167.63 6,754.96 6,437.84  
9
Provision Towards Income Tax -506.55 - -979.21 - -207.99  
1,129.85 1,393.76
Provision Towards Deferred Tax 0.00 0.00 0.00 0.00 0.00  
Other Provisions and Contingencies 16,859.8 13,208.7 11,447.8 14,180.7 7,082.87  
7 5 9 0
TOTAL PROVISIONS AND 16,353.3 12,078.9 10,468.6 12,786.9 6,874.88  
CONTINGENCIES 2 0 8 4
TOTAL EXPENDITURE 77,198.2 45,389.6 41,488.0 42,985.2 37,069.3  
2 9 5 4 7
NET PROFIT / LOSS FOR THE 2,905.97 - - - 555.21  
YEAR 2,897.78 2,947.45 5,247.37
NET PROFIT / LOSS AFTER EI & 2,905.97 - - - 555.21  
PRIOR YEAR ITEMS 2,897.78 2,947.45 5,247.37
Profit / Loss Brought Forward 0.00 - - 0.00 0.00  
8,400.21 5,406.18
TOTAL PROFIT / LOSS 2,905.97 - - - 555.22  
AVAILABLE FOR 11,297.9 8,353.63 5,247.37
APPROPRIATIONS 8
APPROPRIATIONS  
Transfer To / From Statutory 726.49 0.00 0.00 0.00 138.75  
Reserve
Transfer To / From Capital Reserve 900.18 374.69 46.58 111.17 231.47  
Transfer To / From Revenue And 0.00 0.00 0.00 0.00 0.00  
Other Reserves
Dividend and Dividend Tax for The 0.00 0.00 0.00 0.00 0.00  
Previous Year
Equity Share Dividend 0.00 0.00 0.00 0.00 0.00  
Tax On Dividend 0.00 0.00 0.00 0.00 0.00  
Balance Carried Over To Balance 0.00 - - - 0.00  
Sheet 11,672.6 8,400.21 5,358.54
7
TOTAL APPROPRIATIONS 2,905.97 - - - 555.22  
11,297.9 8,353.63 5,247.37
8
OTHER INFORMATION  
EARNINGS PER SHARE  
Basic EPS (Rs.) 4.54 -12.49 -25.08 -69.45 8.08  
Diluted EPS (Rs.) 4.54 -12.49 -25.08 -69.45 8.08  
DIVIDEND PERCENTAGE  
Equity Dividend Rate (%) 0.00 0.00 0.00 0.00 0.00

Balance Sheets:-

BALANCE SHEET OF MAR 21 MAR 20 MAR 19 MAR 18 MAR 17  

UNION BANK OF
INDIA (in Rs. Cr.)
  12 moths 12 moths 12 moths 12 moths 12 moths  
EQUITIES AND  
LIABILITIES
SHAREHOLDER'S  
FUNDS
Equity Share Capital 6,406.84 3,422.82 1,763.02 1,168.57 687.44  
TOTAL SHARE 6,406.84 3,422.82 1,763.02 1,168.57 687.44  
CAPITAL
Revaluation Reserve 4,898.48 3,174.15 2,234.81 0.00 0.00  
Reserves and Surplus 53,171.41 27,188.68 22,489.18 23,928.20 22,747.76  
Total Reserves and 58,069.89 30,362.83 24,723.99 23,928.20 22,747.76  
Surplus
TOTAL 64,476.74 33,785.64 26,487.01 25,096.77 23,435.20  
SHAREHOLDERS
FUNDS
Deposits 923,805.34 450,668.4 415,915.2 408,501.6 378,391.5  
5 7 4 8
Borrowings 51,837.11 52,486.25 42,863.82 45,680.77 41,225.87  
Other Liabilities and 31,586.66 13,742.92 8,772.74 8,126.82 9,110.79  
Provisions
TOTAL CAPITAL AND 1,071,705.8 550,683.2 494,038.8 487,406.0 452,704.4  
LIABILITIES 4 7 4 0 4
ASSETS  
Cash and Balances with 37,880.46 20,118.30 20,796.46 21,016.47 16,520.45  
Reserve Bank of India
Balances with Banks 46,529.89 34,987.92 22,249.51 28,424.73 16,302.05  
Money at Call and Short
Notice
Investments 331,511.79 152,413.9 126,046.6 123,780.1 112,148.9  
0 4 2 6
Advances 590,982.88 315,049.4 296,932.1 288,760.5 286,466.5  
 1 5 8 8
Fixed Assets 7,343.87 4,762.52 3,762.29 3,833.33 3,894.42  
Other Assets 57,456.96 23,351.23 24,251.78 21,590.76 17,371.99  
TOTAL ASSETS 1,071,705.8 550,683.2 494,038.8 487,406.0 452,704.4  
4 7 4 0 4
OTHER ADDITIONAL  
INFORMATION
Number of Branches 9,315.00 4,284.00 4,292.00 4,297.00 4,282.00  
Number of Employees 78,202.00 37,318.00 37,262.00 37,587.00 36,877.00  
Capital Adequacy Ratios 12.56 13.00 12.00 11.50 12.00  
(%)
KEY PERFORMANCE  
INDICATORS
Tier 1 (%) 10.35 11.00 9.00 9.07 9.00  
Tier 2 (%) 2.21 2.00 2.00 2.43 3.00  
ASSETS QUALITY  
Gross NPA 89,788.20 49,085.30 48,729.00 33,712.00 33,712.28  
Gross NPA (%) 14.00 14.00 15.00 16.00 11.00  
Net NPA 27,280.52 17,303.14 20,332.00 24,326.00 18,833.00  
Net NPA (%) 4.62 5.49 6.85 8.42 7.00  
Net NPA To Advances 5.00 5.00 7.00 8.00 7.00  
(%)
CONTINGENT  
LIABILITIES,
COMMITMENTS
Bills for Collection 34,694.81 21,682.69 19,441.23 18,427.09 16,119.40  
Contingent Liabilities 370,527.97 188,202.3 198,405.7 0.00 231,600.8  
6 0 6

Cash Flow of Union Bank Ltd :-

CASH FLOW OF UNION MAR 21 MAR 20 MAR 19 MAR 18 MAR 17  

BANK OF INDIA (in Rs. Cr.)
  12 moths 12 moths 12 moths 12 moths 12 moths  
NET PROFIT/LOSS BEFORE 2,399.41 - - - 342.60  
EXTRAORDINARY ITEMS 4,027.62 3,926.66 6,641.13
AND TAX
Net Cash Flow From Operating 20,442.9 - - 6,169.83 464.24  
Activities 9 7,541.86 7,245.94
Net Cash Used In Investing -582.68 -726.09 -363.07 -343.07 -522.88  
Activities
Net Cash Used From Financing - 20,328.2 1,213.78 10,791.9 3,604.92  
Activities 18,676.3 0 4
9
Foreign Exchange Gains / 28,120.2 0.00 0.00 0.00 0.00  
Losses 2
NET INC/DEC IN CASH AND 29,304.1 12,060.2 - 16,618.7 3,546.28  
CASH EQUIVALENTS 4 5 6,395.23 0
Cash And Cash Equivalents 55,106.2 43,045.9 49,441.2 32,822.5 29,276.2  
Begin of Year 1 7 0 0 2
Cash And Cash Equivalents End 84,410.3 55,106.2 43,045.9 49,441.2 32,822.5
Of Year 5 2 7 0 0
Ratios of Union Bank Ltd :-
KEY MAR 21 MAR 20 MAR 19 MAR 18 MAR 17  
FINANCIAL
RATIOS OF
UNION BANK
OF INDIA (in
Rs. Cr.)
PER SHARE  
RATIOS
Basic EPS 4.54 -12.49 -25.08 -69.45 8.08  
(Rs.)
Diluted EPS 4.54 -12.49 -25.08 -69.45 8.08  
(Rs.)
Cash EPS 5.93 -7.26 -14.63 -41.80 11.51  
(Rs.)
Book Value 92.99 89.43 137.56 214.76 340.90  
[Excl. Reval
Reserve]/Shar
e (Rs.)
Book Value 100.64 98.71 150.24 214.76 340.90  
[Incl. Reval
Reserve]/Shar
e (Rs.)
Dividend/Shar 0.00 0.00 0.00 0.00 0.00  
e (Rs.)
Operating 107.33 108.77 193.23 280.24 475.09  
Revenue /
Share (Rs.)
Net 4.54 -8.47 -16.72 -44.90 8.08  
Profit/Share
(Rs.)
PER  
EMPLOYEE
RATIOS
Interest 8,793,551.94 9,976,720.03 9,142,466.56 8,712,586.59 8,856,463.41  
Income/
Employee
(Rs.)
Net Profit/ 371,597.29 -776,509.06 -791,006.47 -1,396,059.41 150,558.10  
Employee
(Rs.)
Business/ 193,701,978.9 205,187,271.3 191,306,806.5 185,506,217.1 180,290,737.4  
Employee 9 7 3 0 5
(Rs.)
PER BRANCH  
RATIOS
Interest 73,824,299.41 86,907,385.15 79,372,457.83 76,211,308.35 76,272,723.26  
Income/
Branch (Rs.)
Net Profit/ 3,119,661.94 -6,764,184.17 -6,867,307.32 - 1,296,620.97  
Branches (Rs.) 12,211,702.35
Business/ 1,626,181,659 1,787,389,961 1,660,874,702 1,622,672,139 1,552,681,346  
Branches (Rs.) .80 .02 .94 .17 .33
KEY  
PERFORMAN
CE RATIOS
ROCE (%) 1.85 1.70 1.54 1.57 1.67  
CASA (%) 36.32 35.58 36.09 34.08 34.43  
Net Profit 4.22 -7.78 -8.65 -16.02 1.69  
Margin (%)
Operating -12.26 -21.91 -21.78 -31.26 -13.50  
Profit Margin
(%)
Return on 0.27 -0.52 -0.59 -1.07 0.12  
Assets (%)
Return on 4.87 -9.46 -12.15 -20.90 2.36  
Equity /
Networth (%)
Net Interest 2.30 2.07 2.06 1.90 1.96  
Margin (X)
Cost to 41.34 46.11 45.76 51.78 35.38  
Income (%)
Interest 6.41 6.76 6.89 6.71 7.21  
Income/Total
Assets (%)
Non-Interest 1.05 0.95 0.90 1.02 1.09  
Income/Total
Assets (%)
Operating -0.78 -1.48 -1.50 -2.10 -0.97  
Profit/Total
Assets (%)
Operating 1.56 1.36 1.45 1.38 1.42  
Expenses/Tota
l Assets (%)
Interest 4.11 4.68 4.82 4.80 5.24  
Expenses/Tota
l Assets (%)
VALUATION  
RATIOS
Enterprise 959,577.29 492,877.01 454,819.44 444,162.21 413,817.65  
Value (Rs. Cr)
EV Per Net 13.95 13.24 13.35 13.56 12.67  
Sales (X)
Price To Book 0.37 0.32 0.69 0.44 0.46  
Value (X)
Price To Sales 0.32 0.26 0.49 0.34 0.33  
(X)
Retention 100.00 100.00 100.00 100.00 100.00  
Ratios (%)
Earnings 0.13 -0.29 -0.18 -0.48 0.05  
Yield (X)

Year/Compa P/E ROE ROA P/B EV/EBITDA

ny
2017 25718.82 0.623 0.518 160.33 3.35

2018 29937.96 0.669 0.513 200.35 4.07

2019 22842.03 1.14 0.833 259.98 0

2020 22174.56 0.736 0.544 163.20 0

2021 19.44 10.15 1.11 1.97 0

3 .Canara Bank Ltd :-

Corporate Banking– It provides various services to its corporate

clients such as Cash Management Services, loans, IPO monitoring services, etc.
NRI Banking– Besides various personal banking products it also offers
remittance services, consultancy services to its NRI Clients. It also offers
various products and services to priority and SME sector.
The Bank has gone through the various phases of its growth trajectory over
hundred years of its existence. Growth of Canara Bank was phenomenal,
especially after nationalization in the year 1969, attaining the status of a
national level player in terms of geographical reach and clientele segments.
Eighties was characterized by business diversification for the Bank. In June
2006, the Bank completed a century of operation in the Indian banking industry.
The eventful journey of the Bank has been characterized by several memorable
milestones. Today, Canara Bank occupies a premier position in the comity of
Indian banks.
 Over the years, the Bank has been scaling up its market position to emerge as a
major 'Financial Conglomerate' with as many as nine subsidiaries/sponsored
institutions/joint ventures in India and abroad. As at June 2011, the Bank has
further expanded its domestic presence, with 3273 branches spread across all
geographical segments. Keeping customer convenience at the forefront, the
Bank provides a wide array of alternative delivery channels that include 2509
ATMs, covering 846 centers. With 100% CBS, the Bank offers technology
banking, such as, Internet Banking, Mobile Banking and Funds Transfer
through NEFT and RTGS across all branches. The Bank has further enhanced
its basket of new tech–products for customer convenience like Canara Gift
Cards, Canara Campus Card, Canara Platinum Card, Bills Desk for utility bills
payment, Cash withdrawal at Point of Sale (PoS) machines at Merchant
Establishments, VISA money transfer and the ASBA (Application Supported by
Blocked Amount) facility during FY11.
Businesses :-
Personal Banking– It offers a wide range of products and services such as
saving accounts, deposits, loans, mutual funds, Insurance, internet banking,
debit card, credit card, etc.
Corporate Banking– It provides various services to its corporate clients such
as Cash Management Services, loans, IPO monitoring services, etc.
NRI Banking– Besides various personal banking products it also offers
remittance services, consultancy services to its NRI Clients.
It also offers various products and services to priority and SME sector.

Subsidiaries :-
 Canara Robe co Asset Management Company
 Can bank Financial Services
 Canara Bank Securities
 Can bank Computer Services
 Can Find Homes
 Can bank Factors
 Can bank Venture Capital Fund

Milestones :-

 1st July 1906 Canara Hindu Permanent Fund Ltd. formally registered
with a capital of 2000 shares of Rs 50 each, with 4 employees.
 1910 Canara Hindu Permanent Fund renamed as Canara Bank Limited 
 1969 14 major banks in the country, including Canara Bank, nationalized
on July 19
 1976 1000th branch inaugurated 
 1983 Overseas branch at London inaugurated
 1984 Merger with the Laksmi Commercial Bank Limited
 1985 Commissioning of Indo Hong Kong International Finance Limited
 1987 Can bank Mutual Fund & Can find Homes launched
 1989 Can bank Venture Capital Fund started
 1989–90 Can bank Factors Limited, the factoring subsidiary launched
 1992–93 became the first Bank to articulate and adopt the directive
principles of “Good Banking”.
 1995–96 Became the first Bank to be conferred with ISO 9002
certification for one of its branches in Bangalore

Awards 2013-2014 ;-

• Global CSR Excellence and Leadership Awards 2014 from CSR World
Congress.
• Best Home Loan Provider Award from Outlook Money for 2013.
• “Finger Print based Biometric Authorization for CBS” declared as winner for
secure IT 2014 award.
• The Bank’s Desktop Management System project awarded amongst India’s
Best –2013 in 33rd SKOCH Summit.
• NFS Operational Excellence Award 2013 – Special Jury Award 2013 by NPCI
in recognition of Bank's excellent performance in Key Parameters in respect of
ATMs and switch connected to NFS ATM Network.
• ‘Vigilance Excellence Award’ instituted by M/s Institute of Public Enterprises,
Hyderabad, in commemoration of celebrating the Golden Jubilee Year of the
Institute, with a view to promote excellence in the field of Vigilance in all the
Central as well as State level Public Sector Enterprises, Nationalized Banks and
other Financial Institutions.
• ‘Corporate Collateral Awards’ under various categories by Public Relations
Council of India.
• Golden Peacock Award for excellence in Corporate Social Responsibility for
the year 2013.
• Genentech Award for excellence in Corporate Social Responsibility for the
year 2013
• Skoch Renaissance Award 2013, with a Medal and Citation for being India's
Best–2013.
• ‘Jury Award for New Initiatives under MSME’ instituted by Chamber of
Indian MSME under Banking Excellence Awards 2013.
Profit & Loss - Canara Bank’s (in Crores) :_

  Mar'21 Mar'20 Mar'19 Mar'18 Mar'17

  12Months 12Months 12Months 12Months 12Months
INCOME:
Sales Turnover 69239.78 48934.99 46810.34 41252.09 41387.64
Excise Duty .00 .00 .00 .00 .00
NET SALES 69239.78 48934.99 46810.34 41252.09 41387.64
Other Income 15285.2943 7813.1546 6574.9565 6942.8524 7554.3985
TOTAL INCOME 84525.08 56748.14 53385.30 48194.94 48942.04
EXPENDITURE:
Manufacturing Expenses .00 .00 .00 .00 .00
Material Consumed .00 .00 .00 .00 .00
Personal Expenses 12689.96 7134.18 5675.11 5444.11 4915.09
Selling Expenses 42.14 34.05 33.71 36.44 41.51
Administrative Expenses 22087.97 15092.24 17254.82 15064.21 10500.11
Expenses Capitalised .00 .00 .00 .00 .00
Provisions Made 16302.05 11115.39 12918.28 .00 7271.97
TOTAL EXPENDITURE 51122.12 33375.86 35881.92 20544.75 22728.68
Operating Profit -10757.91 -9136.56 -8485.52 -8381.42 -5584.94
EBITDA 66007.06 45603.07 43339.93 39082.05 40757.30
Depreciation 820.17 432.16 416.84 445.05 327.54
Other Write-offs .00 .00 .00 .00 .00
EBIT 65186.89 45170.91 42923.09 38637.00 40429.76
Interest 45177.62 35811.08 32332.22 29088.76 31515.87
EBT 3707.22 -1755.57 -2327.40 9548.24 1641.92
Taxes 1149.64 480.15 -2674.42 .00 520.00
Profit and Loss for the Year 2557.58 -2235.72 347.02 9548.24 1121.92
Non Recurring Items .00 .00 .00 .00 .00
Other Non Cash Adjustments .00 .00 .00 .00 .00
Other Adjustments .00 .00 .00 -13770.48 .00
REPORTED PAT 2557.58 -2235.72 347.02 -4222.24 1121.92
KEY ITEMS
Preference Dividend .00 .00 .00 .00 .00
Equity Dividend .00 .00 .00 .00 .00
Equity Dividend (%) .00 .00 .00 .00 .00
Shares in Issue (Lakhs) 16467.38 10302.33 7532.45 7332.45 5972.90
EPS - Annualized (Rs) 15.53 -21.70 4.61 -57.58 18.78
Rs (in Crores)

Balance Sheet - Canara Bank :-

Rs (in Crores)
Particulars Mar'21 Mar'20 Mar'19 Mar'18 Mar'17
Liabilities 12 Months 12 Months 12 Months 12 Months 12 Months
Share Capital 1646.74 1030.23 753.24 733.24 597.29
Reserves & Surplus 48953.96 31929.94 28975.81 28346.86 27715.10
Net Worth 58884.93 39292.96 36177.23 35604.84 33685.54
Secured Loan 49983.56 42761.77 40992.29 38808.51 39503.56
Unsecured Loan 1010874.58 625351.17 599033.27 524771.86 495275.24
TOTAL LIABILITIES 1119743.08 707405.91 676202.80 599185.21 568464.34
Assets
Gross Block 11204.19 8276.29 8410.23 8318.64 7168.32
 (-) Acc. Depreciation .00 .00 .00 .00 .00
Net Block 11204.19 8276.29 8410.23 8318.64 7168.32
Capital Work in Progress 2.34 .00 .00 .00 .00
Investments 261690.39 176244.94 152985.30 144053.67 150265.89
Inventories .00 .00 .00 .00 .00
Sundry Debtors .00 .00 .00 .00 .00
Cash and Bank 178408.04 68271.46 66152.69 49912.33 58825.46
Loans and Advances 702370.07 471082.05 467218.47 414601.46 367259.78
Total Current Assets 880778.11 539353.51 533371.16 464513.79 426085.24
Current Liabilities 33931.96 16468.84 18563.89 17700.90 15055.10
Provisions .00 .00 .00 .00 .00
Total Current Liabilities 33931.96 16468.84 18563.89 17700.90 15055.10
NET CURRENT ASSETS 846846.15 522884.67 514807.27 446812.90 411030.13
Misc. Expenses .00 .00 .00 .00 .00
TOTAL ASSETS(A+B+C+D+E) 1128027.31 713738.70 682650.97 605709.94 573837.49
Rs (in Crores)

Cash Flow of Canar Bank Ltd :-

Rs (in Crores)
Particulars Mar'21 Mar'20 Mar'19 Mar'18 Mar'17
Profit Before Tax 2557.58 -2235.72 347.02 -4222.24 1121.92
Net Cash Flow from Operating Activity 58533.23 -5458.74 17886.0 - 2316.15
8 11503.83
Net Cash Used in Investing Activity -665.84 -277.05 -461.12 -274.16 -348.46
Net Cash Used in Financing Activity 283.89 7854.57 -1184.60 2864.86 124.11
Net Inc/Dec In Cash and Cash Equivalent 58151.28 2118.78 16240.3 -8913.13 2091.80
6
Cash and Cash Equivalent - Beginning of 120256.7 66152.6 49912.3 58825.46 56733.6
the Year 5 9 3 6
Cash and Cash Equivalent - End of the 178408.0 68271.4 66152.6 49912.33 58825.4
Year 3 7 9 6
Rs (in Crores)

Ratios of Canar Bank Ltd :-

KEY MAR 21 MAR 20 MAR 19 MAR 18 MAR 17  

FINANCIAL
RATIOS OF
CANARA
BANK (in Rs.
Cr.)
PER SHARE  
RATIOS
Basic EPS 16.91 -26.50 4.71 -70.47 20.63  
(Rs.)
Diluted EPS 16.91 -26.50 4.71 -70.47 20.63  
(Rs.)
Cash EPS 20.51 -17.51 10.14 -51.51 24.27  
(Rs.)
Book Value 307.28 319.93 394.68 396.59 474.01  
[Excl. Reval
Reserve]/Sha
re (Rs.)
Book Value 357.59 381.40 480.29 485.58 563.97  
[Incl. Reval
Reserve]/Sha
re (Rs.)
Dividend/Sha 0.00 0.00 0.00 0.00 1.00  
re (Rs.)
Operating 420.47 474.99 621.45 562.60 692.92  
Revenue /
Share (Rs.)
Net 15.53 -21.70 4.61 -57.58 18.78  
Profit/Share
(Rs.)
PER  
EMPLOYEE
RATIOS
Interest 7,849,158.54 8,346,123.31 8,022,337.93 7,009,105.02 7,428,189.76  
Income/
Employee
(Rs.)
Net Profit/ 289,931.96 -381,313.21 59,471.31 -717,396.58 201,360.84  
Employee
(Rs.)
Business/ 187,038,596. 180,366,758. 175,965,817. 154,018,324. 150,274,423.  
Employee 22 51 17 14 07
(Rs.)
PER  
BRANCH
RATIOS
Interest 66,474,445.2 77,318,676.2 74,184,376.8 70,528,445.2 68,038,212.8  
Income/ 8 5 6 0 9
Branch (Rs.)
Net Profit/ 2,455,430.88 - 549,944.69 - 1,844,356.73  
Branches 3,532,494.23 7,218,734.14
(Rs.)
Business/ 1,584,028,00 1,670,921,75 1,627,195,78 1,549,794,57 1,376,432,68  
Branches 3.84 4.62 9.54 4.63 6.17
(Rs.)
KEY  
PERFORMA
NCE RATIOS
ROCE (%) 1.78 1.32 1.56 1.59 1.56  
CASA (%) 32.73 31.37 29.18 31.82 30.23  
Net Profit 3.69 -4.56 0.74 -10.23 2.71  
Margin (%)
Operating -18.38 -20.53 -13.30 -27.06 -15.54  
Profit Margin
(%)
Return on 0.22 -0.30 0.04 -0.68 0.19  
Assets (%)
Return on 5.05 -6.78 1.16 -14.51 3.96  
Equity /
Networth (%)
Net Interest 2.08 1.81 2.08 1.97 1.69  
Margin (X)
Cost to 43.52 40.83 38.78 48.40 33.31  
Income (%)
Interest 6.00 6.76 6.73 6.68 7.09  
Income/Total
Assets (%)
Non-Interest 1.32 1.07 0.94 1.12 1.29  
Income/Total
Assets (%)
Operating -1.10 -1.38 -0.89 -1.80 -1.10  
Profit/Total
Assets (%)
Operating 1.67 1.59 1.50 1.54 1.45  
Expenses/Tot
al Assets (%)
Interest 3.91 4.94 4.65 4.71 5.40  
Expenses/Tot
al Assets (%)
VALUATION  
RATIOS
Enterprise 1,042,818.11 654,856.11 632,097.54 560,856.33 532,954.20  
Value (Rs.
Cr)
EV Per Net 15.06 13.38 13.50 13.60 12.88  
Sales (X)
Price To 0.50 0.28 0.74 0.67 0.64  
Book Value
(X)
Price To 0.36 0.19 0.47 0.47 0.44  
Sales (X)
Retention 100.00 100.00 100.00 100.00 100.00  
Ratios (%)
Earnings 0.10 -0.24 0.02 -0.22 0.06
Yield (X)

Year/Compa P/E ROE ROA P/B EV/EBITDA

ny
2017 13.31 3.92 0.228 0.521 189.91

2018 -4.90 -10.70 -0.626 0.524 129.48

2019 36.46 1.60 0.085 0.582 0

2020 -4.69 -4.82 -0.268 0.226 0

2021 8.67 4.63 0.245 0.402 0

4 . ICICI Bank Ltd :-

ICICI was formed in 1955 at the initiative of the World Bank, the Government
of India and representatives of Indian industry. The principal objective was to create a
development financial institution for providing medium-term and long-term project financing
to Indian businesses. Until the late 1980s, ICICI primarily focused its activities on project
finance, providing long-term funds to a variety of industrial projects. With the liberalization
of the financial sector in India in the 1990s, ICICI transformed its business from a
development financial institution offering only project finance to a diversified financial
services provider that, along with its subsidiaries and other group companies, offered a wide
variety of products and services. As India’s economy became more market-oriented and
integrated with the world economy, ICICI capitalized on the new opportunities to provide a
wider range of financial products and services to a broader spectrum of clients. ICICI Bank
was incorporated in 1994 as a part of the ICICI group. In 1999, ICICI became the first Indian
company and the first bank or financial institution from non-Japan Asia to be listed on the
New York Stock Exchange.

The issue of universal banking, which in the Indian context meant conversion of
long-term lending institutions such as ICICI into commercial banks, had been discussed at
length in the late 1990s. Conversion into a bank offered ICICI the ability to accept low-cost
demand deposits and offer a wider range of products and services, and greater opportunities
for earning non-fund based income in the form of banking fees and commissions. After
consideration of various corporate structuring alternatives in the context of the emerging
competitive scenario in the Indian banking industry, and the move towards universal banking,
the managements of ICICI and ICICI Bank formed the view that the merger of ICICI with
ICICI Bank would be the optimal strategic alternative for both entities, and would create the
optimal legal structure for ICICI group's universal banking strategy. The merger would
enhance value for ICICI shareholders through the merged entity's access to low-cost deposits,
greater opportunities for earning fee-based income and the ability to participate in the
payments system and provide transaction-banking services. The merger would enhance value
for ICICI Bank shareholders through a large capital base and scale of operations, seamless
access to ICICI's strong corporate relationships built up over five decades, entry into new
business segments, higher market share in various business segments, particularly fee-based
services, and access to the vast talent pool of ICICI and its subsidiaries.
 In October 2001, the Boards of Directors of ICICI and ICICI Bank approved the merger of
ICICI and two of its wholly-owned retail finance subsidiaries, ICICI Personal Financial
Services Limited and ICICI Capital Services Limited, with ICICI Bank. The merger was
approved by shareholders of ICICI and ICICI Bank in January 2002, by the High Court of
Gujarat at Ahmadabad in March 2002, and by the High Court of Judicature at Mumbai and
the Reserve Bank of India in April 2002. Consequent to the merger, the ICICI group's
financing and banking operations, both wholesale and retail, were integrated in a single
entity.

Awards 2021 :-
 ICICI Bank has emerged as the winner in six categories, at the Asian Banking &
Finance Awards, 2021. The Bank has won awards for its Retail Banking initiatives in two
categories - 'COVID Management Initiative of the Year - India' and 'Domestic Retail Bank of
the Year - India'. The Bank's initiatives in Wholesale Banking have bagged awards in four
categories, namely 'India Domestic Trade Finance Bank of the Year', 'India Domestic
Liquidity Management Initiative of the Year', 'India Domestic Foreign Exchange Bank of the
Year' and 'India Domestic COVID Management Initiative of the Year'.
 ICICI Bank has been adjudged the 'Best Retail Bank in India' at ‘The Asian Banker
Excellence in Retail Financial Services International Awards, 2021’. This is the eighth year
in a row that the Bank has won this award. The Bank has emerged a winner in two other
categories among all Asian banks. They are: 'Best Automobile/Car Loan Product' and 'Best
Digital Customer Ecosystem Initiative/Application'.
 ICICI Bank has been adjudged as the 'Best Private Sector Bank' at the FE Best Banks
Awards 2019-2020. The awards are organized by Financial Express, part of the Indian
Express group, in association with its knowledge partner EY. ICICI Bank has been
recognized as the winner, on the basis of its scoring on five criteria - strength and soundness,
credit quality, profitability, growth and efficiency.
 ICICI Bank's in-house legal team was adjudged the winner in the 'Digital Solutions'
category at the FT Innovative Lawyers 2021 Awards. The Bank was recognized as part of the
list of most innovative in-house legal teams in Asia Pacific, prepared by Financial Times, an
international business newspaper.

Profits and loss of ICICI Bank :-

OFIT & LOSS ACCOUNT OF MAR 21 MAR 20 MAR 19 MAR 18 MAR 17  

ICICI BANK (in Rs. Cr.)
  12 moths 12 moths 12 moths 12 moths 12 moths  
INCOME  
Interest / Discount on Advances / 57,288.8 57,551.1 47,942.6 40,866.2 39,603.3  
Bills 1 1 2 1 9
Income from Investments 16,539.7 14,673.2 12,796.8 11,568.1 11,377.0  
8 1 8 7 7
Interest on Balance with RBI and 1,631.91 682.15 736.09 663.38 495.46  
Other Inter-Bank funds
Others 3,657.77 1,891.85 1,925.60 1,868.14 2,680.35  
TOTAL INTEREST EARNED 79,118.2 74,798.3 63,401.1 54,965.8 54,156.2  
7 2 9 9 8
Other Income 18,968.5 16,448.6 14,512.1 17,419.6 19,504.4  
3 2 6 3 8
TOTAL INCOME 98,086.8 91,246.9 77,913.3 72,385.5 73,660.7  
0 4 6 2 6
EXPENDITURE  
Interest Expended 40,128.8 41,531.2 36,386.4 31,940.0 32,418.9  
4 5 0 5 6
Payments to and Provisions for 8,091.78 8,271.24 6,808.24 5,913.95 5,733.71  
Employees
Depreciation 1,058.40 947.12 776.91 780.74 757.65  
Operating Expenses (excludes 12,397.2 12,394.6 10,503.9 9,009.25 8,263.70  
Employee Cost & Depreciation) 6 3 1
TOTAL OPERATING EXPENSES 21,560.8 21,614.4 18,089.0 15,703.9 14,755.0  
3 1 6 4 6
Provision Towards Income Tax 4,665.66 3,746.03 3,360.60 2,661.85 2,180.12  
Provision Towards Deferred Tax -675.62 2,371.20 - - -702.60  
2,947.14 2,004.72
Other Provisions and Contingencies 16,214.4 14,053.2 19,661.1 17,306.9 15,208.1  
0 3 4 8 4
TOTAL PROVISIONS AND 20,204.4 20,170.4 20,074.6 17,964.1 16,685.6  
CONTINGENCIES 4 6 0 1 6
TOTAL EXPENDITURE 81,894.1 83,316.1 74,550.0 65,608.1 63,859.6  
1 3 5 0 7
NET PROFIT / LOSS FOR THE 16,192.6 7,930.81 3,363.30 6,777.42 9,801.09  
YEAR 8
NET PROFIT / LOSS AFTER EI & 16,192.6 7,930.81 3,363.30 6,777.42 9,801.09  
PRIOR YEAR ITEMS 8
Profit / Loss Brought Forward 21,327.4 17,879.5 18,495.2 18,744.9 17,132.1  
7 7 6 4 9
TOTAL PROFIT / LOSS 37,520.1 25,810.3 21,858.5 25,522.3 26,933.2  
AVAILABLE FOR 5 8 6 6 8
APPROPRIATIONS
APPROPRIATIONS  
Transfer To / From Statutory 4,048.20 1,982.80 840.90 1,694.40 2,450.30  
Reserve
Transfer To / From Capital Reserve 130.23 395.44 28.00 2,565.46 5,293.30  
Transfer To / From Revenue And 1,500.00 0.00 350.00 700.00 0.00  
Other Reserves
Dividend and Dividend Tax for The 0.00 645.31 0.00 0.00 0.00  
Previous Year
Equity Share Dividend 0.00 0.00 965.13 1,457.46 0.95  
Tax On Dividend 0.00 0.00 0.00 8.73 -7.19  
Balance Carried Over To Balance 31,009.0 21,327.4 17,879.5 18,495.2 18,744.9  
Sheet 7 7 7 6 4
TOTAL APPROPRIATIONS 37,520.1 25,810.3 21,858.5 25,522.3 26,933.2  
5 8 6 6 8
OTHER INFORMATION  
EARNINGS PER SHARE  
Basic EPS (Rs.) 24.01 12.28 5.23 10.56 15.31  
Diluted EPS (Rs.) 23.67 12.08 5.17 10.46 15.25  
DIVIDEND PERCENTAGE  
Equity Dividend Rate (%) 0.00 0.00 50.00 75.00 125.00

Balance sheet of ICICI Bank Ltd :-

EQUITIES AND  
LIABILITIES
SHAREHOLDER'  
S FUNDS
Equity Share 1,383.41 1,294.76 1,289.46 1,285.81 1,165.11  
Capital
TOTAL SHARE 1,383.41 1,294.76 1,289.46 1,285.81 1,165.11  
CAPITAL
Revaluation 3,093.59 3,114.87 3,044.51 3,003.19 3,042.14  
Reserve
Reserves and 143,029.08 112,091.29 104,029.40 100,864.37 95,737.57  
Surplus
Total Reserves and 146,122.67 115,206.16 107,073.91 103,867.56 98,779.71  
Surplus
TOTAL 147,509.19 116,504.41 108,368.04 105,158.94 99,951.07  
SHAREHOLDERS
FUNDS
Deposits 932,522.16 770,968.99 652,919.67 560,975.21 490,039.06  
Borrowings 91,630.96 162,896.76 165,319.97 182,858.62 147,556.15  
Other Liabilities 58,770.37 47,994.99 37,851.46 30,196.40 34,245.16  
and Provisions
TOTAL CAPITAL 1,230,432.6 1,098,365.1 964,459.15 879,189.16 771,791.45  
AND LIABILITIES 8 5
ASSETS  
Cash and Balances 46,031.19 35,283.96 37,858.01 33,102.38 31,702.41  
with Reserve Bank
of India
Balances with 87,097.06 83,871.78 42,438.27 51,067.00 44,010.66  
Banks Money at
Call and Short
Notice
Investments 281,286.54 249,531.48 207,732.68 202,994.18 161,506.55  
Advances 733,729.09 645,289.97 586,646.58 512,395.29 464,232.08  
Fixed Assets 8,877.58 8,410.29 7,931.43 7,903.51 7,805.21  
Other Assets 73,411.21 75,977.67 81,852.17 71,726.80 62,534.55  
TOTAL ASSETS 1,230,432.6 1,098,365.1 964,459.15 879,189.16 771,791.45  
8 5
OTHER  
ADDITIONAL
INFORMATION
Number of 5,266.00 5,324.00 4,874.00 4,867.00 4,850.00  
Branches
Number of 98,750.00 99,319.00 86,763.00 82,724.00 82,841.00  
Employees
Capital Adequacy 19.12 16.00 17.00 18.00 17.00  
Ratios (%)
KEY  
PERFORMANCE
INDICATORS
Tier 1 (%) 18.06 15.00 15.00 16.00 14.00  
Tier 2 (%) 1.06 1.00 2.00 3.00 3.00  
ASSETS  
QUALITY
Gross NPA 40,841.42 40,829.09 45,676.04 53,240.18 42,159.39  
Gross NPA (%) 8.00 6.00 7.00 0.00 9.00  
Net NPA 9,117.66 9,923.24 13,449.72 27,823.56 25,216.81  
Net NPA (%) 2.10 1.54 2.29 5.00 5.00  
Net NPA To 2.00 2.00 2.00 5.00 5.00  
Advances (%)
CONTINGENT  
LIABILITIES,
COMMITMENTS
Bills for Collection 54,643.42 48,216.24 49,391.99 28,588.36 22,623.19  
Contingent 2,648,640.6 2,523,825.8 1,922,038.2 1,289,244.0 1,030,993.7
Liabilities 7 0 9 0 1
Ratios of ICICI Bank Ltd :-

CASH FLOW OF ICICI MAR 21 MAR 20 MAR 19 MAR 18 MAR 17  

BANK (in Rs. Cr.)
  12 moths 12 moths 12 moths 12 moths 12 moths  
NET PROFIT/LOSS 20,182.72 14,048.04 3,776.76 7,434.56 11,278.6  
BEFORE 1
EXTRAORDINARY ITEMS
AND TAX
Net Cash Flow From 124,093.3 78,449.44 38,418.7 13,303.6 39,222.8  
Operating Activities 6 9 5 1
Net Cash Used In Investing - - - - 7,045.42  
Activities 53,491.40 37,107.40 23,875.3 38,968.8
1 0
Net Cash Used From - -2,644.55 - 34,118.3 -  
Financing Activities 55,935.32 18,251.0 0 30,378.7
9 9
Foreign Exchange Gains / -694.13 161.97 -165.48 3.17 -45.13  
Losses
NET INC/DEC IN CASH 13,972.51 38,859.45 - 8,456.32 15,844.3  
AND CASH EQUIVALENTS 3,873.09 2
Cash And Cash Equivalents 119,155.7 80,296.29 84,169.3 75,713.0 59,868.7  
Begin of Year 4 8 6 4
Cash And Cash Equivalents 133,128.2 119,155.7 80,296.2 84,169.3 75,713.0
End Of Year 5 4 9 8 6

Year/Compan P/E ROE ROA P/B EV/EBITDA

y
2017 15.83 16.68 1.68 1.54 0.00

2018 23.20 16.64 1.64 1.62 0.00

2019 60.69 14.12 1.69 2.26 6.3

2020 21.91 15.35 1.71 1.70 9.00

2021 21.90 15.27 1.78 2.55 7.52

5. HDFC Bank Ltd :-

HDFC Bank Limited is an Indian banking and financial services company,

headquartered in Mumbai, Maharashtra. HDFC Bank is India's largest private sector bank by
assets and by market capitalization as of April 2021. It is the third largest company by market
capitalization on the Indian stock exchanges.  It is also the fifteenth largest employer in
India with nearly 120,000 employees.

HDFC Bank was incorporated in 1994 as a subsidiary of the  Housing Development

Finance Corporation, with its registered office in Mumbai, Maharashtra, India. Its first corporate
office and a full-service branch at Sandoz House, Worli were inaugurated by the then Union
Finance Minister, Manmohan Singh.
As of 30 June 2019, the Bank's distribution network was at 5,500 branches across 2,764
cities. The bank also installed 430,000 POS terminals and issued 23,570,000 debit cards and
12 million credit cards in FY 2017 It has a base of 1,16,971 permanent employees as of 21
March 2020.

Awards :-

2021

 Best bank in india: Finance Asia Country Awards

 Best bank for SMEs: Asia money best bank awards
 Best bank in india: The
 Ranks No. 1 in Mass Affluent category:Euromoney Private Banking and Wealth
Management Survey
2020[Best Bank in India: Euro money Awards[Best bank in India: Finance Asia
Country Awards
2019]

 Best Bank: New Private Sector – FE Best Bank awards[

 Winner in Innovation and Inclusiveness in Priority Sector Lending – 11th Inclusive
Finance India Awards (IFI) 2019[
 Ranked 1st in 2019 BrandZ Top 75 Most Valuable Indian Brands HDFC Bank was
featured for the 6th consecutive year.
 Among The Most Honored Company List, Institutional Investor All-Asia (ex-Japan)
Executive Team 2019 survey
 India’s Best Bank, Euro money Awards for Excellence 2019
 Bank of the Year and Best Large Bank, Business Today – Money Today Financial
Awards 2019
 Best Bank in India 2019, by Global magazine Finance Asia.
 Ranked 60th in 2019 BrandZ Top 100 Most Valuable Global Brands HDFC Bank
was featured BrandZ Top 100 Most Valuable Global Brands 2019 for the 5th consecutive
year. The Bank's brand value has gone up from $20.87 billion in 2018 to $22.70 billion in
2019.
 Best Large Bank & Fastest Growing Large Bank in 2019, by Business World Magna
Awards
 India's leading private sector bank: Dun & Bradstreet BFSI Awards
2018

 Company of the year: The Economic Times Corporate Excellence Awards

 Best Performing Private Bank in Total Aadhaar Generation & Update: Aadhaar
Excellence Awards
 NCPI - National Payments Excellence Awards
2016

 Best Banking Performer, India in 2016 by Global Brands Magazine Award.

 Best Performing Branch in Microfinance among private sector banks by NABARD,
2016, Award for Best Performance in Microfinance
 KPMG study of India's Best Banks, Bank of the year & best digital banking initiative
award 2016
 BrandZ Rankings, Most Valued brand in India for third successive year
 Finance Asia poll on Asia's Best Companies 2015, Best managed public company –
India
 J. P. Morgan Quality Recognition Award, Best in class straight through processing
rates

Profits and loss Account of HDFC Bank Ltd :-

Standalone Profit & Loss ------------------- in Rs. Cr. -------------------

account
  Mar 21 Mar 20 Mar 19 Mar 18 Mar 17

  12 moths 12 moths 12 moths 12 moths 12 moths

INCOME
Interest / Discount on 94,834.54 91,787.88 77,544.19 62,661.7 52,055.2
Advances / Bills 9 6
Income from 23,214.27 20,633.32 19,997.46 16,222.3 15,944.3
Investments 7 4
Interest on Balance 2,341.25 1,828.93 635.70 523.88 532.02
with RBI and Other
Inter-Bank funds
Others 468.17 562.52 794.70 833.31 774.34
Total Interest Earned 120,858.2 114,812.6 98,972.05 80,241.3 69,305.9
3 5 6 6
Other Income 25,204.89 23,260.82 17,625.88 15,220.3 12,296.5
0 0
Total Income 146,063.1 138,073.4 116,597.9 95,461.6 81,602.4
2 7 4 6 6
EXPENDITURE
Interest Expended 55,978.66 58,626.40 50,728.83 40,146.4 36,166.7
9 3
Payments to and 10,364.79 9,525.67 7,761.76 6,805.74 6,483.66
Provisions for
Employees
Depreciation 1,302.41 1,195.85 1,140.10 906.34 833.12
Operating Expenses 21,055.42 19,976.01 17,217.51 14,978.3 12,386.5
(excludes Employee 0 5
Cost & Depreciation)
Total Operating 32,722.63 30,697.53 26,119.37 22,690.3 19,703.3
Expenses 8 4
Provision Towards 11,644.77 9,833.15 12,129.61 10,107.2 7,916.97
Income Tax 5
Provision Towards -1,102.31 516.69 -1,008.12 -896.68 -327.54
Deferred Tax
Other Provisions and 15,702.85 12,142.39 7,550.08 5,927.49 3,593.31
Contingencies
Total Provisions and 26,245.31 22,492.23 18,671.57 15,138.0 11,182.7
Contingencies 6 4
Total Expenditure 114,946.5 111,816.1 95,519.77 77,974.9 67,052.8
9 5 3 2
Net Profit / Loss for 31,116.53 26,257.32 21,078.17 17,486.7 14,549.6
The Year 3 4
Net Profit / Loss After 31,116.53 26,257.32 21,078.17 17,486.7 14,549.6
EI & Prior Year Items 3 4
Profit / Loss Brought 57,492.40 49,223.30 40,453.42 32,668.9 23,527.6
Forward 4 9
Total Profit / Loss 88,608.93 75,480.62 61,531.58 50,155.6 38,077.3
available for 7 3
Appropriations
APPROPRIATIONS
Transfer To / From 7,779.13 6,564.33 5,269.54 4,371.68 3,637.41
Statutory Reserve
Transfer To / From 2,291.68 1,123.85 105.34 235.52 313.41
Capital Reserve
Transfer To / From 3,111.65 2,625.73 2,107.82 1,748.67 1,454.96
General Reserve
Transfer To / From 1,773.66 1,134.00 773.00 -44.20 4.29
Investment Reserve
Dividend and 0.00 0.00 0.00 3,390.58 -1.69
Dividend Tax for The
Previous Year
Equity Share 0.00 6,540.31 4,052.59 0.00 0.00
Dividend
Balance Carried Over 73,652.79 57,492.40 49,223.30 40,453.4 32,668.9
To Balance Sheet 2 4
Total Appropriations 88,608.93 75,480.62 61,531.58 50,155.6 38,077.3
7 3
OTHER INFORMATION
EARNINGS PER SHARE
Basic EPS (Rs.) 56.58 48.01 78.65 67.76 57.18
Diluted EPS (Rs.) 56.32 47.66 77.87 66.84 56.43
DIVIDEND PERCENTAGE
Equity Dividend Rate 650.00 250.00 750.00 650.00 550.00
(%)

Balance Sheet of HDFC Bank Ltd :-

Standalone Balance Sheet ------------------- in Rs. Cr. -------------------
  Mar '21 Mar '20 Mar '19 Mar '18 Mar '17

  12 moths 12 moths 12 moths 12 moths 12 moths

Capital and Liabilities:

Total Share Capital 551.28 548.33 544.66 519.02 512.51
Equity Share 551.28 548.33 544.66 519.02 512.51
Capital
Reserves 203,169.55 170,437.70 148,661.69 105,775.98 88,949.84
Net Worth 203,720.83 170,986.03 149,206.35 106,295.00 89,462.35
Deposits 1,335,060.2 1,147,502.2 923,140.93 788,770.64 643,639.6
2 9 6
Borrowings 135,487.32 144,628.54 117,085.12 123,104.97 74,028.87
Total Debt 1,470,547.5 1,292,130.8 1,040,226.0 911,875.61 717,668.5
4 3 5 3
Other Liabilities & 72,602.15 67,394.40 55,108.29 45,763.72 56,709.32
Provisions
Total Liabilities 1,746,870.5 1,530,511.2 1,244,540.6 1,063,934.3 863,840.2
2 6 9 3 0
  Mar '21 Mar '20 Mar '19 Mar '18 Mar '17

  12 moths 12 moths 12 moths 12 moths 12 moths

Assets
Cash & Balances 97,340.74 72,205.12 46,763.62 104,670.47 37,896.88
with RBI
Balance with 22,129.66 14,413.60 34,584.02 18,244.61 11,055.22
Banks, Money at
Call
Advances 1,132,836.6 993,702.88 819,401.22 658,333.09 554,568.2
3 0
Investments 443,728.29 391,826.66 290,587.88 242,200.24 214,463.3
4
Gross Block 4,909.32 4,431.92 4,030.00 3,607.20 3,626.74
Net Block 4,909.32 4,431.92 4,030.00 3,607.20 3,626.74
Other Assets 45,925.89 53,931.09 49,173.95 36,878.70 42,229.82
Total Assets 1,746,870.5 1,530,511.2 1,244,540.6 1,063,934.3 863,840.2
3 7 9 1 0

Contingent 1,015,845.7 1,180,538.3 1,074,667.9 483,718.75 378,692.1

Liabilities 4 1 2 5
Book Value (Rs) 369.54 311.83 547.89 409.60 349.12

Cash Flow of HDFC Bank Ltd :-

Cash Flow ------------------- in Rs. Cr. -------------------

  Mar '21 Mar '20 Mar '19 Mar '18 Mar '17

  12 moths 12 12 moths 12 moths 12

moths moths

Net Profit Before Tax 41658.98 36607.1 32199.66 26697.30 22139.0

5 8
Net Cash From Operating 41494.79 - -56054.67 26074.07 23585.4
Activities 16689.7 0
8
Net Cash (used in)/from -1120.17 -1104.92 -1326.12 -533.10 -1956.25
Investing Activities
Net Cash (used in)/from -7381.11 22851.7 15718.00 48411.43 -
Financing Activities 9 11567.6
3
Net (decrease)/increase In 32851.68 5271.08 -41567.44 73962.99 10033.2
Cash and Cash Equivalents 6
Opening Cash & Cash 86618.72 81347.6 122915.0 48952.10 38918.8
Equivalents 4 8 4
Closing Cash & Cash 119470.4 86618.7 81347.64 122915.0 48952.1
Equivalents 0 2 8 0

Ratios of HDFC Bank Ltd :-

  Mar Mar '20 Mar '19 Mar '18 Mar '17

'21

Investment Valuation Ratios

Face Value 1.00 1.00 2.00 2.00 2.00
Dividend Per Share 6.50 2.50 15.00 13.00 11.00
Operating Profit Per Share (Rs) 32.21 26.52 57.70 69.06 55.44
Net Operating Profit Per Share (Rs) 219.23 209.39 363.43 309.20 270.46
Free Reserves Per Share (Rs) -- -- -- -- --
Bonus in Equity Capital -- -- -- -- --
Profitability Ratios
Interest Spread 6.86 7.02 7.20 7.78 7.46
Adjusted Cash Margin (%) 22.19 19.88 19.05 19.26 18.85
Net Profit Margin 25.74 22.86 21.29 21.79 20.99
Return on Long Term Fund (%) 47.92 55.69 55.57 62.88 65.17
Return on Net Worth (%) 15.27 15.35 14.12 16.45 16.26
Adjusted Return on Net Worth (%) 15.27 15.35 14.12 16.45 16.26
Return on Assets Excluding 369.54 311.83 547.89 409.60 349.12
Revaluations
Return on Assets Including 369.54 311.83 547.89 409.60 349.12
Revaluations
Management Efficiency Ratios
Interest Income / Total Funds 7.38 8.27 8.57 8.32 8.81
Net Interest Income / Total Funds 3.96 4.05 4.18 4.16 4.21
Non Interest Income / Total Funds 1.54 1.68 1.53 1.58 1.56
Interest Expended / Total Funds 3.42 4.23 4.40 4.17 4.60
Operating Expense / Total Funds 2.88 3.00 2.82 2.30 2.41
Profit Before Provisions / Total 2.54 2.64 2.79 3.34 3.26
Funds
Net Profit / Total Funds 0.94 1.02 1.17 1.77 1.84
Loans Turnover 0.11 0.13 0.13 0.13 0.14
Total Income / Capital Employed 8.91 9.95 10.10 9.90 10.38
(%)
Interest Expended / Capital 3.42 4.23 4.40 4.17 4.60
Employed (%)
Total Assets Turnover Ratios 0.07 0.08 0.09 0.08 0.09
Asset Turnover Ratio 0.08 0.09 0.09 0.09 0.09
Profit And Loss Account Ratios
Interest Expended / Interest Earned 46.32 51.06 51.26 50.03 52.18
Other Income / Total Income 17.26 16.85 15.12 15.94 15.07
Operating Expense / Total Income 32.26 30.16 27.90 23.23 23.20
Selling Distribution Cost 0.07 0.08 0.15 0.20 0.21
Composition
Balance Sheet Ratios
Capital Adequacy Ratio 18.79 18.52 17.11 14.82 14.55
Advances / Loans Funds(%) 82.01 85.21 83.95 80.80 84.21
Debt Coverage Ratios
Credit Deposit Ratio 85.66 87.56 86.32 84.68 85.64
Investment Deposit Ratio 33.66 32.96 31.12 31.88 31.79
Cash Deposit Ratio 6.83 5.75 8.85 9.95 5.71
Total Debt to Owners Fund 7.22 7.56 6.97 8.58 8.02
Financial Charges Coverage Ratio 2.05 1.85 1.81 1.84 1.73
Financial Charges Coverage Ratio 1.58 1.47 1.44 1.46 1.43
Post Tax
Leverage Ratios
Current Ratio 0.03 0.04 0.05 0.04 0.06
Quick Ratio 17.58 16.62 16.61 17.48 11.19
Cash Flow Indicator Ratios
Dividend Payout Ratio Net Profit -- 24.90 19.22 -- --
Dividend Payout Ratio Cash Profit -- 23.82 18.23 -- --
Earning Retention Ratio 100.00 75.10 80.78 100.00 100.00
Cash Earning Retention Ratio 100.00 76.18 81.77 100.00 100.00
Adjusted Cash Flow Times 41.18 41.80 41.55 42.88 41.84
  Mar Mar '20 Mar '19 Mar '18 Mar '17
'21

Earnings Per Share 27.96 25.74 49.68 65.88 56.53

Book Value 369.54 311.83 547.89 409.60 349.12

Year/Compan P/E ROE ROA P/B EV/EBITDA

y
2017 24.24 16.61 1.70 4.03 7.13

2018 26.44 16.88 1.67 4.47 9.08

2019 28.28 14.53 1.72 4.11 0

2020 17.34 15.45 1.72 2.68 0

2021 26.46 15.17 1.76 3.92 0

Conclusion :-
Accounting ratios are very helpful in analyzing any company’s
performance but on the flip side, these ratios calculated using balance sheet on a
specific date.  As such, may not reflect the financial position of the company
during other periods of the year. Hence, it is always better for the analyst to do
the in-depth analysis of the company’s performance rather to only rely on ratios.
Financial reports contain a lot of information. The main objective of financial
analysis is to sort through that information to find useful and relevant data in
analyzing a business. Literature is rich with financial analysis tools that examine
the performance and strength of businesses. However, not all businesses are
alike. Differences between IOFs and cooperatives mean that some standard
financial analyses do not relate well with cooperatives. This is especially
relevant for profit-oriented ratios. This report provides a supplement to standard
analysis with an eye toward cooperatives. Some ratios help analyze the
cooperative’s financial performance and cash flow analysis. Managers and
creditors should find these findings helpful in appraising the financial strength
of the cooperative. While there is no set standard at this time, using these
analysis tools should help the cooperative develop its own performance
measurements
Reference of Financial Ratios :-
1.  Groppelli, Angelico A.; Ehsan Nikbakht (2000). Finance, 4th ed. Barron's
Educational Series, Inc. p. 433. ISBN 0-7641-1275-9.
2. ^ Groppelli, p. 434.
3. ^ Jump up to: a b c Groppelli, p. 436.
4. ^ Jump up to: a b Groppelli, p. 439.
5. ^ Groppelli, p. 442.
6. ^ Jump up to:a b Groppelli, p. 445.
7. ^ Williams, P. 265.
8. ^ Jump up to: a b Williams, p. 1094.
9. ^ Williams, Jan R.; Susan F. Haka; Mark S. Bettner; Joseph V. Carcello
(2008). Financial & Managerial Accounting. McGraw-Hill Irwin. p. 266. ISBN 978-
0-07-299650-0.
10. ^ Operating income definition
11. ^ Groppelli, p. 443.
12. ^ Bodies, Zane; Alex Kane; Alan J. Marcus (2004). Essentials of Investments, 5th ed.
McGraw-Hill Irwin. p. 459. ISBN 0-07-251077-3.
13. ^ Jump up to: a b Groppelli, p. 444.
14. ^ Professor Cram. "Ratios of Profitability: Return on Assets" College-Cram.com. 14
May 2008
15.  Professor Cram. "Ratios of Profitability: Return on Assets Du Pont", College-
Cram.com. 14 May 2008
16. ^ Weston, J. (1990). Essentials of Managerial Finance. Hinsdale: Dryden Press.
p.  295. ISBN 0-03-030733-3.
17. ^ Jump up to: a b c Groppelli, p. 435.
18. ^ Houston, Joel F.; Brigham, Eugene F. (2009).  Fundamentals of Financial
Management. [Cincinnati, Ohio]: South-Western College Pub. p. 90. ISBN 0-324-
59771-1.
19. ^ Bodies, p. 459.
20. ^ Groppelli, p. 438.
21. ^ Weygandt, J. J., Kieso, D. E., & Kell, W. G. (1996). Accounting Principles (4th
ed.). New York, Chichester, Brisbane, Toronto, Singapore: John Wiley & Sons, Inc.
p. 801-802.
22. ^ Weygandt, J. J., Kieso, D. E., & Kell, W. G. (1996). Accounting Principles (4th
ed.). New York, Chichester, Brisbane, Toronto, Singapore: John Wiley & Sons, Inc.
p. 800.
23. ^ Groppelli, p. 440; Williams, p. 640.
24. ^ Jump up to:a b c Groppelli, p. 441.
25. ^ Jump up to:a b Groppelli, p. 446.
26. ^ Groppelli, p. 449.
27. ^ Jump up to:a b Groppelli, p. 447.