Profit N LossAXIS BANK LIMITED GROUP -CONSOLIDATED PROFIT & LOSS ACCOUNTcommon size statement

FOR THE YEAR ENDED ( in Crores)Particulars2008-092009-102010-112011-122012-132013-14CAGR2008-092009-102010-112011-122012-132013-14Intrest income10829.1111639.0515154.8621994.9027201.9830735.9623.20%other operating income2915.933964.214671.455487.196832.807766.2521.64%TOI13745.0415603.2719826.3127482.0934034.7838502.2122.88%100.00%100.00%100.00%100.00%100.00%100.00%Interest Expense7148.926632.638588.6113969.1817513.3918702.9721.21%52.01%42.51%43.32%50.83%51.46%48.58%Non Interest Expense2873.803762.394860.476099.897140.528209.5223.36%20.91%24.11%24.52%22.20%20.98%21.32%Operating Expenses2683.583524.524566.795751.746781.757834.0723.90%19.52%22.59%23.03%20.93%19.93%20.35% Depreciation190.22237.87293.69348.15358.77375.4614.57%1.38%1.52%1.48%1.27%1.05%0.98%Provisions and contingencies939.681389.191280.031143.031756.282110.3017.56%6.84%8.90%6.46%4.16%5.16%5.48%EBT2782.643819.055097.196269.997624.609479.4227.78%20.24%24.48%25.71%22.81%22.40%24.62%Provision for Tax969.711340.911752.522051.482390.803170.2526.73%7.05%8.59%8.84%7.46%7.02%8.23%PAT1812.932478.143344.674218.515233.806309.1728.33%13.19%15.88%16.87%15.35%15.38%16.39%Income from associates0.000.00-4.771.271.221.360.00%0.00%-0.02%0.00%0.00%0.00%Minority Interest0.000.000.000.00-0.25-0.410.00%0.00%0.00%0.00%-0.00%-0.00%Profit for the year1812.932478.143339.914219.785234.776310.1228.33%13.19%15.88%16.85%15.35%15.38%16.39%

P&L AppropriationParticulars2008-092009-102010-112011-122012-13Profit for the year1812.932478.143339.914219.785234.776310.12 Retained Earnings b/f1537.202328.953371.634864.457200.4510045.40Profit of business acquired under demerger0.000.000.000.00112.33Transfer to Statutory Reserve453.84628.63847.121060.551294.861554.42Transfer to Reserve Fund0.000.000.000.008.116.70Transfer to Investment Reserve0.0614.88-14.940.0053.4650.03Transfer to Capital Reserve146.72223.924.7651.90141.4638.87Transfer to General Reserve0.040.56339.661.0714.171.78Transfer to Reserve Fund0.000.000.000.002.611.05Proposed dividend420.52567.47670.48770.26987.481101.44Retained Earnings2328.963371.644864.457200.4510045.4113601.24

Balance SheetAXIS BANK LIMITED GROUP- CONSOLIDATED BALANCE SHEET (in Crores)common size statementCAPITAL AND LIABILITIESAS AT 31 MARCH, 2009AS AT 31 MARCH, 2010AS AT 31 MARCH, 2011AS AT 31 MARCH, 2012AS AT 31 MARCH, 2013AS AT 31 MARCH, 2014AS AT 31 MARCH, 2009AS AT 31 MARCH, 2010AS AT 31 MARCH, 2011AS AT 31 MARCH, 2012AS AT 31 MARCH, 2013AS AT 31 MARCH, 2014

Equity10195.7115989.1118894.6122681.7133158.3738396.057.402%9.166%8.063%8.196%10.066%10.330%share capital359.01405.17410.55413.20467.95469.840.261%0.232%0.175%0.149%0.142%0.126%Reserves & Surplus9835.4915583.7618484.0622268.5132690.4237926.207.141%8.934%7.888%8.047%9.923%10.204%Employees' Stock Options Outstanding1.210.170.001%0.000%0.000%0.000%0.000%0.000%Minority Interest0.000.000.000.0012.5312.940.000%0.000%0.000%0.000%0.004%0.003%debts127543.13158448.21215434.31254059.35296254.22333280.3092.598%90.834%91.937%91.804%89.931%89.666%Deposits50630.7266024.1077757.8591412.21111978.66126405.3236.758%37.850%33.183%33.032%33.992%34.008%term deposits66726.9375254.56111408.58128575.47140170.46154135.7548.445%43.141%47.544%46.461%42.550%41.469%Long term borrowings10185.4817169.5526267.8834071.6744105.1052739.227.395%9.843%11.210%12.312%13.389%14.189%0.000%0.000%0.000%0.000%0.000%0.000%TOTAL137738.84174437.32234328.92276741.07329425.12371689.29100.000%100.000%100.000%100.000%100.000%100.000%

ASSETSAS AT 31 MARCH, 2009AS AT 31 MARCH, 2010AS AT 31 MARCH, 2011AS AT 31 MARCH, 2012AS AT 31 MARCH, 2013AS AT 31 MARCH, 2014AS AT 31 MARCH, 2009AS AT 31 MARCH, 2010AS AT 31 MARCH, 2011AS AT 31 MARCH, 2012AS AT 31 MARCH, 2013AS AT 31 MARCH, 2014

CRR9419.219473.8813886.1610702.9214792.1117041.366.838%5.431%5.926%3.867%4.490%4.585%SLR33327.4239930.4251677.4561647.5277957.6780637.5124.196%22.891%22.053%22.276%23.665%21.695%0.000%0.000%0.000%0.000%0.000%0.000%Net Fixed Assets1024.871178.612269.962204.322244.912345.640.744%0.676%0.969%0.797%0.681%0.631%CAP WIP57.5157.3822.9679.82142.42101.620.042%0.033%0.010%0.029%0.043%0.027%Non current Investments18544.5221680.6727632.5934505.2341128.2043996.0613.464%12.429%11.792%12.468%12.485%11.837%loans and advances81556.77104343.12142407.83169759.54196990.14232381.7359.211%59.817%60.773%61.342%59.798%62.520%short term10962.8216128.0226065.6823019.8233792.2338273.987.959%9.246%11.124%8.318%10.258%10.297%long term70593.9588215.10116342.14146739.72163197.91194107.7551.252%50.571%49.649%53.024%49.540%52.223%

Working Capital (CA- CL)-6191.46-2226.76-3568.03-2158.28-3830.32-4814.63-4.495%-1.277%-1.523%-0.780%-1.163%-1.295%CA3766.863922.594669.706517.167302.289846.142.735%2.249%1.993%2.355%2.217%2.649%CL9958.326149.358237.738675.4411132.6114660.777.230%3.525%3.515%3.135%3.379%3.944%0.000%0.000%0.000%0.000%0.000%0.000%TOTAL137738.84174437.32234328.92276741.07329425.12371689.29100.000%100.000%100.000%100.000%100.000%100.000%

WN-ConsoParticulars2008-092009-102010-112011-122012-132013-14Reserves & Surplus9835.4915583.7618484.0622268.5132690.4237926.20Statutory Reserve1306.281934.912782.043842.595137.446691.86Opening Balance 852.441306.281934.912782.043842.595137.44Additions during the year 453.84628.63847.121060.551294.861554.42Deductions during the year0.000.000.000.000.00

Share Premium Account5911.519769.5310005.0810138.7615771.7315907.41Opening Balance5873.225911.519769.5310005.0810138.7615771.73Additions during the year38.293906.44235.55133.685662.61135.68Deductions during the year0.000.000.000.000.00Share issue expenses0.0048.420.000.0029.64

Investment Reserve Account0.0614.940.000.0053.46103.49Opening Balance0.000.0614.940.000.0053.46Additions during the year0.0614.940.000.0053.4650.03Deductions during the year0.000.0614.940.000.00

General Reserve14.3414.90354.56356.48370.65372.43Opening Balance14.3014.3414.90354.56356.48370.65Additions during the year0.040.56339.661.9214.171.78Deductions during the year0.000.000.000.000.00

Capital Reserve261.91485.83490.59542.50946.02984.88Opening Balance115.19261.91485.83490.59542.50946.02Additions during the year146.72223.924.7651.90403.5238.87Deductions during the year0.000.000.000.000.00

Foreign Currency Translation Reserve12.44-7.98-12.66187.74355.00246.43Opening Balance1.7812.44-7.98-12.66187.74355.00Additions during the year10.66-20.41-4.68200.39167.27Deductions during the year0.000.000.000.000.00108.57

Reserve Fund0.000.000.000.002.613.65Opening Balance0.000.000.000.000.002.61Additions during the year0.000.000.000.002.611.05Deductions during the year0.000.000.000.000.00

Reserve Fund u/s 45 IC of RBI Act, 19340.000.000.000.008.1114.81Opening Balance0.000.000.000.000.008.11Additions during the year0.000.000.000.008.116.70Deductions during the year0.000.000.000.000.00

Profi t & Loss Account2328.953371.634864.457200.4510045.4013601.24

Deposits50630.7266024.1077757.8591412.21111978.66126405.32Demand Deposits From banks1331.561356.441430.512098.082925.563298.82 Demand Deposits From others23477.0530805.8635477.0337646.1745275.3645330.44Savings Bank Deposits25822.1233861.8040850.3151667.9663777.7377776.06

Term Deposits66726.9375254.56111408.58128575.47140170.46154135.75From banks5564.184107.357675.0910094.3715121.8911856.62From others61162.7571147.22103733.50118481.10125048.57142279.13

Long term borrowings10185.4817169.5526267.8834071.6744105.1052739.22Reserve Bank of India1079.550.000.00115.000.00279.00Other banks300.00453.451423.70447.202236.723125.73Other institutions & agencies1632.156931.746407.2312121.1014562.5016070.21outside India7173.779784.3618436.9521388.3727305.8833264.28

CRR9419.219473.8813886.1610702.9214792.1117041.36Cash in hand (including foreign currency notes)1541.481900.702208.283595.754053.914164.69Balances with Reserve Bank of India7877.737573.1711677.887107.1810738.2012876.68in Current Account7877.737573.1711677.887107.1810738.2012876.68in Other Accounts0.000.000.000.000.00

SLR33327.4239930.4251677.4561647.5277957.6780637.51In India32146.7538441.4449517.1259382.4973582.5071007.25Balance with Banks4419.514245.575359.18966.281332.651251.76in Current Accounts540.64791.62440.75351.63347.33225.84in Other Deposit Accounts3878.873453.954918.43614.65985.311025.92

Money at Call and Short Notice0.000.002.990.000.00658.77With banks0.000.002.990.000.000.00With other institutions 0.000.000.000.000.00658.77Non current Investments27727.2434195.8844154.9658416.2172249.8669096.72Government Securities27727.2434195.8844154.9658416.2172249.8669096.72Other approved securities0.000.000.000.000.00

Outside India1180.681488.972160.322265.034375.179630.26in Current Accounts852.88907.84483.55766.951160.851422.82in Other Deposit Accounts136.94581.141065.82384.551347.422842.56Money at Call & Short Notice190.850.00610.951113.531866.905364.88

Net Fixed Assets1024.871178.612269.962204.322244.912345.64Premises77.3972.94891.90873.97863.16848.43Gross Block89.1489.14911.73900.19904.11904.11At cost at the beginning of the year50.0389.1489.14911.73900.19904.11Additions during the year39.100.00824.489.683.91Deductions during the year0.000.001.8821.220.00

Depreciation11.7416.2019.8426.2240.9555.68As at the beginning of the year11.7416.2016.2019.8426.2240.95Charge for the year0.000.004.6714.6314.7314.73Deductions during the year0.000.001.038.250.00

Other fixed assets(including furniture & fixtures)947.481105.671378.061330.351381.751497.21Gross Block1665.042038.472544.212712.573074.083318.03At cost at the beginning of the year1269.121665.042038.472544.212712.573078.56Additions on demerger0.000.000.000.008.27Additions during the year420.19415.06581.08330.03417.30648.59Deductions during the year24.2641.6475.34161.6764.06409.12

Depreciation717.57932.801166.151382.221692.321820.82As at the beginning of the year717.57932.80932.801166.151382.221696.81Additions on demerger0.000.000.000.003.03Charge for the year0.000.00289.02333.52344.04360.73Deductions during the year0.000.0055.67117.4536.96236.72

Assets on Lease0.000.000.000.000.00Gross Block0.000.000.000.000.00At cost at the beginning of the year76.500.000.000.000.00Additions during the year0.000.000.000.000.00Deductions during the year76.500.000.000.000.00

Depreciation0.000.000.000.000.00As at the beginning of the year0.000.000.000.000.00Charge for the year0.000.000.000.000.00Deductions during the year0.000.000.000.000.00

Non current Investments18544.5221680.6727632.5934505.2341128.2043996.06in India17755.9021002.2627059.4333777.9440247.0442724.78Shares585.07529.60692.87739.99754.91611.81Debentures and Bonds14077.0013823.2618070.4923150.7926074.4123726.39Investment in Joint Ventures39.0039.0034.2335.5036.7238.08Others (Mutual Fund units, CD/CP, NABARD deposits, PTC etc.)3193.576610.418261.839851.6613381.0018348.50Depreciation in the value of investments138.740.000.000.000.000.00

outside India788.61678.41573.17727.29881.161271.27Government Securities0.000.0042.93117.03268.33533.60Subsidiaries and/or joint ventures abroad0.000.000.000.003.003.00Others857.17678.41530.23610.26609.83734.68Depreciation in the value of investments68.560.000.000.000.000.00

loans and advances81556.77104343.12142407.83169759.54196990.14232381.73Bills purchased and discounted2465.263450.063481.293908.935607.903212.90Cash credits, overdrafts and loans repayable on demand21367.0726013.5634980.3446860.8554667.9168781.71Term loans57724.4374879.50103946.19118989.75136714.33160387.130.000.000.000.000.000.00Secured by tangible assets69601.1186578.37113102.69141716.34161389.00191051.30Covered by Bank/Government Guarantees992.841636.733239.465023.381808.923056.45Unsecured10962.8216128.0226065.6823019.8233792.2338273.98

Advances in India71390.5492012.31122830.24144457.37166857.33195226.50Priority Sector22949.0429940.4241289.1248479.2448498.2562761.08Public Sector158.163204.733003.943253.563918.983764.27Banks18.51382.56240.81347.7944.9559.04Others48264.8258484.6078296.3792376.78114395.15128642.11

Advances Outside India10166.2312330.8119577.5925302.1730132.8137155.23Due from banks68.3233.30419.65112.791037.20621.19Due from10097.9112297.5119157.9425189.3829095.6136534.05Bills purchased and discounted380.16431.63626.45643.82268.76245.53Syndicated loans3090.626370.217038.9410803.5110948.7211459.93Others6627.135495.6711492.5513742.0517878.1324828.59

CA3766.863922.594669.706517.167302.289846.14Inter-office adjustments0.000.000.000.000.000.00Interest Accrued1321.881277.101716.602419.442715.793398.29Tax paid in advance/tax deducted at source57.5168.8247.03128.0358.2030.50Stationery and stamps0.860.971.181.261.121.26Non banking assets acquired in satisfaction of claims0.000.005.3226.2720.9643.81Others2386.612575.702899.583942.154506.226372.28

CL9958.326149.358237.738675.4411132.6114660.77Bills payable1936.772910.403584.323085.323528.823577.85Inter-office adjustments0.000.000.000.000.000.00Interest accrued238.58348.01414.33647.83834.331152.39Proposed dividend420.02566.94667.88768.20985.221099.07Contingent provision against standard assets464.42463.51629.66779.97976.701299.94Subordinated Debt3516.300.000.000.000.000.00Perpetual Debt and Upper Tier II instruments1818.090.000.000.000.000.00Others (including provisions)1564.141860.492941.533394.134807.557531.52

Interest Expense7148.926632.638588.6113969.1817513.3918702.97Interest on deposits6208.565713.637495.2912175.9115000.2815431.86Interest on Reserve Bank of India/Inter-bank borrowings285.28149.36160.98231.96459.62921.44Others655.08769.64932.341561.312053.492349.67

Operating Expenses2683.583524.524566.795751.746781.757834.07Payments to and provisions for employees1067.761359.791745.802254.022675.372973.05Rent, taxes and lighting376.77505.95692.06668.58766.66823.94Printing and stationery75.6083.62110.6495.04103.09116.50Advertisement and publicity46.3247.2780.4290.34123.8397.81Directors fees, allowance and expenses0.750.620.781.021.821.31Auditors fees and expenses0.911.220.991.201.591.91Law charges10.8614.8213.3818.2717.9024.18Postage, telegrams, telephones etc.152.80177.70202.05262.27286.95289.14Repairs and maintenance224.70304.38389.21538.22596.04642.53Insurance113.77141.55185.07231.51262.66317.19Other expenditure613.35887.601146.401591.261945.842546.49

Provision for income tax969.711340.911752.522051.482390.803170.25Current tax for the year1096.011495.271958.342262.052740.533533Deferred tax for the year137.98154.36205.48210.57349.73363Provision for fringe benefit tax11.68-0.34

Provisions and contingencies939.681389.191280.031143.031756.282110.30Provision for wealth tax0.280.350.460.360.380.42Provision for interest tax0.29Provision for non-performing assets732.211357.04955.12860.431179.191295.98Provision for restructured assets65.4656.4715.0688.86103.95194.76Provision for loss in present value for agricultural assets0.69Provision towards standard assets105.50-0.91166.16150.30196.64293.07Provision for depreciation in value of investments107.80-22.2399.2758.10-98.22-100.29Provision for securitized assets-0.64Provision for country risk0.35-1.532.454.81-9.63Contingent provision against derivatives-71.97Provision for other contingencies41.22-19.83383.97426.36

Minority Interest0.000.000.000.0012.5312.94Opening Balance0.000.000.000.000.0012.53Increase during the year0.000.000.000.0012.530.41

Interest income10829.1111639.0515154.8621994.9027201.9830735.96Interest/discount on advances/bills7459.367986.6010403.1015379.3519171.2822022.52Income on investments3051.503428.314438.686394.277746.988361.07Interest on balances with Reserve Bank of India and other inter-bank funds210.19120.00182.6298.43111.26168.07Others108.06104.14130.45122.85172.45184.30

other operating income2915.933964.214671.455487.196832.807766.25Commission, exchange and brokerage2185.872584.553396.724415.695265.505747.62Profit/(Loss) on sale of investments/derivative transactions295.08714.49367.7275.00634.65341.45Profit/(Loss) on sale of fixed assets-8.20-4.49-7.1519.11-4.43-14.74Profit on exchange/derivative transactions359.50468.10563.60673.97664.061517.17Income earned by way of dividends etc. From subsidiaries/companies and/or joint venture abroad/in India0.000.000.000.000.00Lease rentals2.060.000.000.000.00Miscellaneous Income81.62201.56350.55303.43273.03174.74

dupont.2008-092009-102010-112011-122012-132013-14

tax rate34.85%35.11%34.38%32.72%31.36%33.44%asset/equity13.5110.9112.4012.209.939.68net profit margin13.19%15.88%16.87%15.35%15.38%16.39%tato9.98%8.94%8.46%9.93%10.33%10.36%ROA1.32%1.42%1.43%1.52%1.59%1.70%

ROE17.78%15.50%17.70%18.60%15.78%16.43%

tato (beg cap)11.33%11.37%11.73%12.30%11.69%ROA (beg cap)1.80%1.92%1.80%1.89%1.92%

ROE (beg cap)19.63%23.78%21.96%18.79%18.54%

valuation2008-092009-102010-20112011-122012-132013-14PAT1812.932478.143339.914219.785234.776310.12incease in debt30905.0856986.1038625.0442194.8637026.08increase in Reinvestment 36698.4859891.6042412.1552684.0642264.16FCFE-3315.26434.41432.67-5254.431072.04RR2.340.870.902.000.83Growth0.420.130.160.370.132008-092009-102010-20112011-122012-132013-14PAT1812.932478.143339.914219.785234.776310.12

HIGH GROWTH25.00%TERMINAL ASSUMPTIONSke21.15%G6%ROE35%ROE17%RR0.71RR0.353

timeop patgrowthRRFCFEKeDFbv006310.1238396.0517887.6525.00%0.712253.6121.15%0.825444030.0929859.5625.00%0.712817.0221.15%0.681351072.63312324.4525.00%0.713521.2721.15%0.562459875.81415405.5725.00%0.714401.5921.15%0.464270879.79519256.9625.00%0.715501.9921.15%0.383284634.76624071.2025.00%66.27%8120.0621.15%0.3163100585.90729326.7521.83%61.10%11406.8021.15%0.2611118505.85834801.0718.67%55.94%15332.5221.15%0.2155137974.39940195.2415.50%50.78%19783.9721.15%0.1779158385.661045152.6512.33%45.62%24554.8021.15%0.1468178983.511149291.649.17%40.46%29350.1321.15%0.1212198925.02t1252249.146.00%35.29%33808.2721.15%0.1000217365.90t+11355384.096.00%35.29%35836.7621.15%0.0826236913.22

p.v 12 years32823.36multiple6.600660066ter value365571.55pv of ter val36567.1710695864

total value69390.53

shares46.9844553

p/s1476.8826927587actual price on 31st march 20141460

PEratio & WACCDATA200920102011201220132014Pat1,812.932,478.143,339.914,219.785234.776310.12

no. of shares35.900511840.517411941.054584341.320395246.795446846.9844553

EPS50.498812108961.162440634681.3528588085102.123367397111.8648876754134.3023040218

PE Trailing=MPS/EPS last year23.743132757622.940549550413.865523799912.739493743313.0514590444PE current=MPS/EPS current year8.119002861219.603534253417.247089045811.04546421411.630101518310.8709974161Growth in PAT36.693%34.775%26.344%24.053%20.543%CAGR28.331%26.322%23.624%22.285%20.54%PEG ratio90.20%97.11%62.22%62.02%MPS41011991,403.101,128.001,301.001,460.00BPS283.9988899545394.6232335733460.2313461983548.9229783553708.5812117943817.2074924534Price to Book value (trailing)4.22184748753.55554331482.45094126972.37009571712.0604554223Price to Book value (current)1.44366761463.03834112643.04868412722.05493310441.83606335921.7865719704Price to Book value (farword)1.03896568962.60521150922.5560963111.5919135044

MV of Equity14719.2148580.3857603.6946609.4160880.8868597.30BV of Debt127543.13158448.21215434.31254059.35296254.22333280.30Enterprise value142262.34207028.59273038.00300668.76357135.09401877.60

Weight of Equity10.35%23.47%21.10%15.50%17.05%17.07%Weight of Debt89.65%76.53%78.90%84.50%82.95%82.93%

200920102011201220132014total debt127543.13158448.21215434.31254059.35296254.22333280.30

Average 210347.84interest expense18702.97

WACCKe21.15%pre tax post taxkd8.89%6.10%

WACC8.669%

BetaDateCloseMon ret1+Rmx-^x(Y-)(x-^x)*(y-^Y)y-rfrx-rfrFeb, 20141,101.20-1.64%98.36%-3.97%-2.14%0.0008496-2.35%-1.38%1-Jan-141,119.55-13.86%86.14%-16.19%-4.58%0.0074143-14.57%-3.81%2-Dec-131,299.6512.49%112.49%10.16%0.35%0.000355711.78%1.11%1-Nov-131,155.30-5.53%94.47%-7.86%-3.23%0.0025384-6.26%-2.49%1-Oct-131,222.9021.40%121.40%19.07%7.74%0.014762420.65%8.46%2-Sep-131,007.3020.53%120.53%18.20%2.61%0.004749019.78%3.33%1-Aug-13835.75-19.21%80.79%-21.54%-5.23%0.0112650-19.96%-4.50%1-Jul-131,034.45-21.81%78.19%-24.14%-1.73%0.0041769-22.48%-0.93%3-Jun-131,323.05-7.52%92.48%-9.85%-3.32%0.0032708-8.19%-2.51%1-May-131,430.65-4.18%95.82%-6.51%-0.16%0.0001042-4.85%0.64%1-Apr-131,493.1014.74%114.74%12.41%2.08%0.002581814.10%2.91%1-Mar-131,301.25-3.13%96.87%-5.46%-1.61%0.0008793-3.77%-0.78%1-Feb-131,343.30-10.76%89.24%-13.09%-6.67%0.0087290-11.40%-5.83%1-Jan-131,505.2010.96%110.96%8.63%0.94%0.000811310.30%1.75%3-Dec-121,356.503.05%103.05%0.72%-1.02%-0.00007342.39%-0.21%1-Nov-121,316.3511.21%111.21%8.88%3.04%0.002699610.55%3.85%1-Oct-121,183.654.13%104.13%1.79%-2.84%-0.00050983.44%-2.06%3-Sep-121,136.7513.69%113.69%11.36%6.48%0.007358413.00%7.26%1-Aug-12999.9-4.10%95.90%-6.44%-0.63%0.0004054-4.79%0.15%2-Jul-121,042.702.65%102.65%0.32%-2.58%-0.00008191.98%-1.78%1-Jun-121,015.804.55%104.55%2.22%6.00%0.00133423.88%6.80%1-May-12971.55-12.20%87.80%-14.53%-7.83%0.0113808-12.87%-7.02%2-Apr-121,106.60-3.43%96.57%-5.76%-1.96%0.0011291-4.13%-1.19%1-Mar-121,145.90-2.73%97.27%-5.06%-3.44%0.0017406-3.43%-2.66%1-Feb-121,178.059.67%109.67%7.34%1.78%0.00130598.97%2.55%2-Jan-121,074.2033.15%133.15%30.82%9.78%0.030142632.43%10.53%1-Dec-11806.75-14.85%85.15%-17.19%-5.62%0.0096584-15.57%-4.87%1-Nov-11947.5-18.30%81.70%-20.63%-10.41%0.0214745-19.02%-9.65%3-Oct-111,159.7013.53%113.53%11.20%6.13%0.006867912.83%6.90%2-Sep-111,021.45-5.03%94.97%-7.36%-2.81%0.0020684-5.73%-2.04%1-Aug-111,075.55-19.62%80.38%-21.95%-9.83%0.0215818-20.32%-9.06%1-Jul-111,338.153.81%103.81%1.48%-4.91%-0.00072773.12%-4.13%1-Jun-111,289.000.81%100.81%-1.52%0.38%-0.00005770.12%1.16%2-May-111,278.60-0.58%99.42%-2.91%-4.78%0.0013892-1.27%-4.00%1-Apr-111,286.00-8.38%91.62%-10.71%-3.06%0.0032781-9.02%-2.23%1-Mar-111,403.6514.69%114.69%12.36%7.63%0.009427514.05%8.46%1-Feb-111,223.90-1.83%98.17%-4.16%-4.22%0.0017571-2.47%-3.39%3-Jan-111,246.75-7.61%92.39%-9.94%-12.11%0.0120432-8.24%-11.27%1-Dec-101,349.50-1.35%98.65%-3.68%3.59%-0.0013197-1.98%4.43%1-Nov-101,367.90-6.73%93.27%-9.06%-4.02%0.0036437-7.36%-3.18%1-Oct-101,466.65-4.22%95.78%-6.55%-1.66%0.0010867-4.79%-0.75%1-Sep-101,531.2015.58%115.58%13.24%10.20%0.013509415.01%11.10%2-Aug-101,324.85-1.53%98.47%-3.86%-0.90%0.0003472-2.10%0.01%1-Jul-101,345.408.24%108.24%5.91%-0.53%-0.00031337.71%0.42%1-Jun-101,242.951.18%101.18%-1.15%2.99%-0.00034280.65%3.93%3-May-101,228.40-3.14%96.86%-5.47%-4.97%0.0027182-3.67%-4.03%1-Apr-101,268.208.48%108.48%6.15%-1.30%-0.00079898.20%-0.10%1-Mar-101,169.103.93%103.93%1.60%5.21%0.00083523.65%6.40%1-Feb-101,124.859.69%109.69%7.36%-1.04%-0.00076519.41%0.16%1-Jan-101,025.503.72%103.72%1.39%-7.81%-0.00108653.44%-6.62%1-Dec-09988.7-0.88%99.12%-3.21%1.71%-0.0005486-1.16%2.90%2-Nov-09997.459.86%109.86%7.53%5.01%0.00377389.58%6.20%1-Oct-09907.9-7.50%92.50%-9.83%-8.66%0.0085165-7.76%-7.44%1-Sep-09981.558.26%108.26%5.92%7.85%0.00465068.00%9.06%3-Aug-09906.7-1.20%98.80%-3.53%-1.50%0.0005294-1.46%-0.28%1-Jul-09917.710.08%110.08%7.75%6.64%0.00514699.60%7.64%1-Jun-09833.656.41%106.41%4.08%-2.37%-0.00096785.93%-1.38%1-May-09783.440.99%140.99%38.66%26.78%0.103523940.51%27.78%1-Apr-09555.6534.05%134.05%31.72%15.98%0.050692133.71%17.12%2-Mar-09414.519.13%119.13%16.80%7.71%0.012949318.79%8.85%2-Feb-09347.95-19.64%80.36%-21.97%-7.12%0.0156447-19.98%-5.99%1-Jan-094330.4295048

Avg Mon Ret2.331%covariance0.0071584128SUMMARY OUTPUTbeta1.6534292983Regression StatisticsMultiple R0.8391916992R Square0.704242708S&P Bse sensex90 days T billAdjusted R Square0.6992298726Date CloseRm1+Rm(Y-)(Y-)(X-)(Y-)Risk-free ReturnsStandard Error0.07135735762/3/1420376.56-0.67%99.33%-2.14%0.05%0.0007520.71%Observations611/1/1420513.85-3.10%96.90%-4.58%0.21%0.0008430.71%12/2/1321170.681.82%101.82%0.35%0.00%-0.0001990.71%ANOVA11/1/1320791.93-1.76%98.24%-3.23%0.10%0.0013470.73%dfSSMSFSignificance F10/1/1321164.529.21%109.21%7.74%0.60%-0.0029030.75%Regression10.71534645450.7153464545140.487896324309/2/1319379.774.08%104.08%2.61%0.07%-0.0005010.75%Residual590.30042047690.00509187258/1/1318619.72-3.75%96.25%-5.23%0.27%-0.0003780.75%Total601.01576693147/1/1319345.7-0.26%99.74%-1.73%0.03%-0.0007210.67%6/3/1319395.81-1.84%98.16%-3.32%0.11%0.0009940.67%CoefficientsStandard Errort StatP-valueLower 95%Upper 95%Lower 95.0%Upper 95.0%5/1/1319760.31.31%101.31%-0.16%0.00%0.0000030.67%Intercept0.00277760620.00922018510.30125275810.7642809496-0.01567194140.0212271538-0.01567194140.02122715384/1/1319504.183.55%103.55%2.08%0.04%0.0048720.64%X Variable 11.65157136560.139340668511.852759017401.37275133421.93039139691.37275133421.93039139693/1/1318835.77-0.14%99.86%-1.61%0.03%-0.0005250.64%2/1/1318861.54-5.19%94.81%-6.67%0.44%0.0052530.64%1/1/1319894.982.41%102.41%0.94%0.01%-0.0010880.66%12/3/1219426.710.45%100.45%-1.02%0.01%0.0004380.66%11/1/1219339.94.51%104.51%3.04%0.09%-0.0007850.66%10/1/1218505.38-1.37%98.63%-2.84%0.08%0.0003430.69%9/3/1218762.747.95%107.95%6.48%0.42%0.0021610.69%8/1/1217380.750.84%100.84%-0.63%0.00%-0.0005860.69%7/2/1217236.18-1.11%98.89%-2.58%0.07%-0.0005100.67%6/1/1217429.987.47%107.47%6.00%0.36%0.0028440.67%5/1/1216218.53-6.35%93.65%-7.83%0.61%-0.0005850.67%4/2/1217318.81-0.49%99.51%-1.96%0.04%0.0000320.70%3/1/1217404.2-1.96%98.04%-3.44%0.12%-0.0020870.70%2/1/1217752.683.25%103.25%1.78%0.03%-0.0002690.70%1/2/1217193.5511.25%111.25%9.78%0.96%-0.0085210.72%12/1/1115454.92-4.15%95.85%-5.62%0.32%-0.0006840.72%11/1/1116123.46-8.93%91.07%-10.41%1.08%-0.0049880.72%10/3/1117705.017.60%107.60%6.13%0.38%0.0052410.70%9/2/1116453.76-1.34%98.66%-2.81%0.08%-0.0012200.70%8/1/1116676.75-8.36%91.64%-9.83%0.97%0.0026800.70%7/1/1118197.2-3.44%96.56%-4.91%0.24%0.0030590.69%6/1/1118845.871.85%101.85%0.38%0.00%0.0004050.69%5/2/1118503.28-3.31%96.69%-4.78%0.23%-0.0024620.69%4/1/1119135.96-1.59%98.41%-3.06%0.09%0.0004680.64%3/1/1119445.229.10%109.10%7.63%0.58%-0.0006510.64%2/1/1117823.4-2.75%97.25%-4.22%0.18%-0.0009730.64%1/3/1118327.76-10.64%89.36%-12.11%1.47%0.0180600.63%12/1/1020509.095.06%105.06%3.59%0.13%0.0009850.63%11/1/1019521.25-2.55%97.45%-4.02%0.16%-0.0003780.63%10/1/1020032.34-0.18%99.82%-1.66%0.03%0.0010350.57%9/1/1020069.1211.67%111.67%10.20%1.04%0.0150470.57%8/2/1017971.120.58%100.58%-0.90%0.01%-0.0003190.57%7/1/1017868.290.95%100.95%-0.53%0.00%0.0003380.53%6/1/1017700.94.46%104.46%2.99%0.09%0.0032890.53%5/3/1016944.63-3.50%96.50%-4.97%0.25%0.0013320.53%4/1/1017558.710.18%100.18%-1.30%0.02%0.0002090.28%3/2/1017527.776.68%106.68%5.21%0.27%-0.0002550.28%2/1/1016429.550.44%100.44%-1.04%0.01%0.0005340.28%1/1/1016357.96-6.34%93.66%-7.81%0.61%0.0074490.28%12/1/0917464.813.18%103.18%1.71%0.03%-0.0015260.28%11/2/0916926.226.48%106.48%5.01%0.25%0.0000860.28%10/1/0915896.28-7.18%92.82%-8.66%0.75%-0.0051180.26%9/1/0917126.849.32%109.32%7.85%0.62%-0.0004580.26%8/3/0915666.64-0.02%99.98%-1.50%0.02%0.0018710.26%7/1/0915670.318.12%108.12%6.64%0.44%0.0048400.48%6/1/0914493.84-0.90%99.10%-2.37%0.06%-0.0037100.48%5/1/0914625.2528.26%128.26%26.78%7.17%-0.0085900.48%4/1/0911403.2517.46%117.46%15.98%2.55%-0.0053710.34%3/1/099708.59.19%109.19%7.71%0.60%-0.0060170.34%2/2/098891.61-5.65%94.35%-7.12%0.51%0.0012380.34%9424.240.0043292360.000428Market Variance0.0043294338(Y-)/n-1(X-)(Y-)Average0.014727832

0.58%