Summary

ICICI BANK LTD

Total number of shares (cr) 706.06
Current price ₹1,227.20
Market Cap (cr) ₹866,478

Page 1
 Graham Check list

Input Data
Fixed Assets
Current Assets
Fixed Liabilities
Current Liabilities

1. Size of the company

2. Strong financial stability

3. Earnings Stability

4. Dividend record

5. Earnings Growth

Financial Ratios
PE ratio should be at least less than 14
PB ratio should be less than 2
Debt to Equity ratio should be less than 1
RoE should be atleast 15%
RoA should be atleast 15%

Page 2
 Graham Check list

Input Data Result

15 Yes 64%
153 No 36%
0
15

Sales at least more than 200 crores.

YES
Latest Annual Sales 159,516
1. Current assets must be at least twice current liabilities

2. Long term or Fixed liabilities must be less than net current assets (Current assets – current
liabilities)
Criteria 1 YES
Criteria 2 YES

Should have positive earnings for past 10 years at least YES

Should have paid dividend for last 10 years uninterrupted YES

Average earnings should have increased by at least 100% in 10 years

Current Earnings 48.82
Earnings before 10 years 15.40 YES
Check Value 217.04%

Financial Ratios
ss than 14 32.98 No
2 5,669.92 No
e less than 1 6.45 No
17190.65% Yes
1.11% No

Page 3
 EPV method

Avg. Profit 5 years 26,271

Other income % 260%
EPV at 7% returns 367790
+ Invesments 827,162.51
+ Cash equivalents 162,769
Total 1357722
Borrowings 1,651,008
Other Liabilities 456,911
IV1 (- all liabilities) IV2 (- Debt alone) 0
-1,063 -415
MoS 215% 395%

Page 4
 EPV method

Net Profit 2020 2021 2022 2023 2024

9,566.31 18,384.32 25,110.10 34,036.64 44,256.37
Other income 2020 2021 2022 2023 2024
64,950.33 72,173.81 62,129.45 65,111.99 76,521.80

Page 5
 Buffett Method

Profit Growth CAGR 59.75%

Debt ###
Avg. Capex 5 years -103.2
Avg. D&A 5 years 1,458

Net Profit Adjusted Value

2025 70,698 -240,078
2026 112,937 -186,740
2027 180,413 -119,394
2028 288,203 -30,403
2029 460,394 91,516
Terminal value 6,445,515 4,484,070
Total 3,998,971
IV3 5,664
MoS 78%

Page 6
 Buffett Method

Net Profit 2019 2020 2021 2022 2023 2024

4,254.24 9,566.31 18,384.32 25,110.10 34,036.64 44,256.37
Capex 2019 2020 2021 2022 2023 2024
-88 -224 -77 -91 -50 -74
Depreciation 2019 2020 2021 2022 2023 2024
945.84 1,171.22 1,340.07 1,330.01 1,514.56 1,935.21

Page 7
ICICI BANK LTD [Link]

Narration Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Trailing Best Case Worst Case
Sales 54,964.00 59,293.71 60,939.98 62,162.35 71,981.65 84,835.77 89,162.66 95,406.87 121,066.81 159,515.93 180,551.27 210,175.95 182,207.15
Expenses 38,765.95 52,251.88 63,840.81 72,806.44 83,774.86 85,360.75 91,308.97 80,798.37 87,864.38 99,559.99 125,722.30 146,350.70 154,429.26
Operating Profit 16,198.05 7,041.83 -2,900.83 -10,644.09 -11,793.21 -524.98 -2,146.31 14,608.50 33,202.43 59,955.94 54,828.97 63,825.26 27,777.89
Other Income 35,252.24 42,102.14 52,457.65 56,806.75 59,324.85 64,950.33 72,173.81 62,129.45 65,111.99 76,521.80 101,817.26 - -
Depreciation 798.22 843.11 911.64 922.14 945.84 1,171.22 1,340.07 1,330.01 1,514.56 1,935.21 - - -
Interest 32,318.15 33,996.47 34,835.83 34,262.05 39,177.54 44,665.52 42,659.09 41,166.67 50,543.39 74,108.16 86,404.06 86,404.06 86,404.06
Profit before tax 18,333.92 14,304.39 13,809.35 10,978.47 7,408.26 18,588.61 26,028.34 34,241.27 46,256.47 60,434.37 70,242.17 -22,578.80 -58,626.17
Tax 5,391.62 3,377.50 2,469.02 1,878.92 1,719.10 7,363.14 5,664.37 8,457.44 11,793.44 15,427.62 17,826.43 25% 25%
Net profit 12,246.87 10,179.96 10,188.38 7,712.19 4,254.24 9,566.31 18,384.32 25,110.10 34,036.64 44,256.37 49,198.50 -16,848.64 -43,747.71
EPS 19.20 15.92 15.90 12.00 6.60 14.78 26.58 36.14 48.74 63.02 69.68 -23.86 -61.96
Price to earning 14.93 13.52 15.83 23.20 60.69 21.91 21.90 20.21 18.00 17.35 17.61 18.29 17.61
Price 286.82 215.14 251.68 278.35 400.50 323.75 582.10 730.30 877.25 1,093.30 1,227.20 -436.49 -1,091.24

RATIOS:
Dividend Payout 23.67% 28.57% 14.29% 12.50% 15.15% 0.00% 7.52% 13.84% 16.42% 15.87%
OPM 29.47% 11.88% 0.00% 0.00% 0.00% 0.00% 0.00% 15.31% 27.42% 37.59% 30.37%

TRENDS: 10 YEARS 7 YEARS 5 YEARS 3 YEARS RECENT BEST WORST

Sales Growth 12.57% 14.74% 17.25% 21.40% 31.76% 31.76% 12.57%
OPM 15.25% 15.75% 19.59% 28.66% 30.37% 30.37% 15.25%
Price to Earning 22.29 25.11 19.50 18.29 17.61 18.29 17.61
ICICI BANK LTD [Link]

Narration Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24
Sales 28,850.49 31,618.81 34,438.91 37,105.89 38,938.08 40,865.23 42,606.72 44,581.65 46,325.78 47,037.12
Expenses 22,336.31 22,946.02 25,959.14 21,401.71 24,560.02 24,929.14 30,604.33 29,387.05 32,220.79 33,510.13
Operating Profit 6,514.18 8,672.79 8,479.77 15,704.18 14,378.06 15,936.09 12,002.39 15,194.60 14,104.99 13,526.99
Other Income 16,634.25 16,470.13 19,734.91 15,229.15 18,689.63 18,874.49 24,802.30 22,745.28 26,661.96 27,607.72
Depreciation - - - - - - - - - -
Interest 11,996.97 12,977.89 14,479.47 16,367.66 17,908.01 19,408.76 20,423.73 21,121.62 22,225.30 22,633.41
Profit before tax 11,151.46 12,165.03 13,735.21 14,565.67 15,159.68 15,401.82 16,380.96 16,818.26 18,541.65 18,501.30
Tax 2,790.25 2,999.41 3,498.92 3,551.22 3,808.82 3,886.67 4,180.91 4,355.45 4,635.66 4,654.41
Net profit 8,006.99 8,792.42 9,852.70 10,636.12 10,896.13 11,052.60 11,671.52 11,695.84 12,947.77 12,883.37

OPM 23% 27% 25% 42% 37% 39% 28% 34% 30% 29%
ICICI BANK LTD [Link]

Narration Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
Equity Share Capital 1,159.66 1,163.17 1,165.11 1,285.81 1,289.46 1,294.76 1,383.41 1,389.97 1,396.78 1,404.68
Reserves 83,544.88 92,947.55 103,466.89 109,343.89 112,963.95 121,665.30 156,204.09 180,662.52 213,101.01 254,739.16
Borrowings 597,207.25 671,455.05 700,874.02 815,197.94 891,641.06 1,014,636.24 1,103,839.96 1,252,968.47 1,399,893.96 1,651,007.95
Other Liabilities 144,167.38 153,190.43 180,218.63 198,453.41 232,899.42 239,695.93 312,384.79 317,616.42 344,098.75 456,911.23
Total 826,079.17 918,756.20 985,724.65 1,124,281.05 1,238,793.89 1,377,292.23 1,573,812.25 1,752,637.38 1,958,490.50 2,364,063.02

Net Block 5,871.21 8,713.46 9,337.96 9,465.01 9,660.42 10,408.66 10,809.26 10,706.74 11,070.34 15,714.44
Capital Work in Progress - - - - - - - - - -
Investments 274,310.81 286,044.09 304,373.29 372,207.68 398,200.76 443,472.63 536,578.62 567,097.72 639,551.97 827,162.51
Other Assets 545,897.15 623,998.65 672,013.40 742,608.36 830,932.71 923,410.94 1,026,424.37 1,174,832.92 1,307,868.19 1,521,186.07
Total 826,079.17 918,756.20 985,724.65 1,124,281.05 1,238,793.89 1,377,292.23 1,573,812.25 1,752,637.38 1,958,490.50 2,364,063.02

Working Capital 401,729.77 470,808.22 491,794.77 544,154.95 598,033.29 683,715.01 714,039.58 857,216.50 963,769.44 1,064,274.84
Debtors - - - - - - - - - -
Inventory - - - - - - - - - -

Debtor Days - - - - - - - - - -
Inventory Turnover - - - - - - - - - -

Return on Equity 14% 11% 10% 7% 4% 8% 12% 14% 16% 17%

Return on Capital Emp 7% 6% 5% 5% 6% 6% 6% 6% 8%
ICICI BANK LTD [Link]

Narration Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
Cash from Operating Activity -12,273.14 23,645.32 52,635.53 19,382.93 48,671.05 79,564.75 138,015.30 58,111.43 -3,771.19 157,284.48
Cash from Investing Activity -13,175.12 -12,060.44 -1,711.10 -50,550.64 -30,281.86 -42,094.90 -63,630.92 -39,448.29 -67,689.02 -144,736.58
Cash from Financing Activity 24,827.20 5,813.91 -35,469.54 39,675.97 -19,997.43 2,992.18 -54,666.77 17,451.00 24,790.72 13,764.51
Net Cash Flow -621.06 17,398.80 15,454.90 8,508.26 -1,608.24 40,462.03 19,717.61 36,114.14 -46,669.49 26,312.41
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COMPANY NAME ICICI BANK LTD
LATEST VERSION 2.10 PLEAS
CURRENT VERSION 2.10

META
Number of shares 706.06
Face Value 2.00
Current Price 1,227.20
Market Capitalization 866,477.75

PROFIT & LOSS

Report Date Mar-15 Mar-16 Mar-17 Mar-18
Sales 54,964.00 59,293.71 60,939.98 62,162.35
Raw Material Cost
Change in Inventory
Power and Fuel
Other Mfr. Exp 1,008.28 1,154.03 1,340.41 1,720.34
Employee Cost 6,574.24 6,918.58 7,902.81 8,342.58
Selling and admin 2,679.71 3,008.50 3,546.30 3,974.96
Other Expenses 28,503.72 41,170.77 51,051.29 58,768.56
Other Income 35,252.24 42,102.14 52,457.65 56,806.75
Depreciation 798.22 843.11 911.64 922.14
Interest 32,318.15 33,996.47 34,835.83 34,262.05
Profit before tax 18,333.92 14,304.39 13,809.35 10,978.47
Tax 5,391.62 3,377.50 2,469.02 1,878.92
Net profit 12,246.87 10,179.96 10,188.38 7,712.19
Dividend Amount 2,899.15 2,907.92 1,456.39 964.36

Quarters
Report Date Sep-22 Dec-22 Mar-23 Jun-23
Sales 28,850.49 31,618.81 34,438.91 37,105.89
Expenses 22,336.31 22,946.02 25,959.14 21,401.71
Other Income 16,634.25 16,470.13 19,734.91 15,229.15
Depreciation
Interest 11,996.97 12,977.89 14,479.47 16,367.66
Profit before tax 11,151.46 12,165.03 13,735.21 14,565.67
Tax 2,790.25 2,999.41 3,498.92 3,551.22
Net profit 8,006.99 8,792.42 9,852.70 10,636.12
Operating Profit 6,514.18 8,672.79 8,479.77 15,704.18

BALANCE SHEET
Report Date Mar-15 Mar-16 Mar-17 Mar-18
Equity Share Capital 1,159.66 1,163.17 1,165.11 1,285.81
Reserves 83,544.88 92,947.55 103,466.89 109,343.89
Borrowings 597,207.25 671,455.05 700,874.02 815,197.94
Other Liabilities 144,167.38 153,190.43 180,218.63 198,453.41
Total 826,079.17 918,756.20 985,724.65 1,124,281.05
Net Block 5,871.21 8,713.46 9,337.96 9,465.01
Capital Work in Progress
Investments 274,310.81 286,044.09 304,373.29 372,207.68
Other Assets 545,897.15 623,998.65 672,013.40 742,608.36
Total 826,079.17 918,756.20 985,724.65 1,124,281.05
Receivables
Inventory
Cash & Bank 47,637.17 65,035.97 80,490.87 88,999.13
No. of Equity Shares ### ### ### ###
New Bonus Shares ###
Face value 2.00 2.00 2.00 2.00

CASH FLOW:
Report Date Mar-15 Mar-16 Mar-17 Mar-18
Cash from Operating Activity -12,273.14 23,645.32 52,635.53 19,382.93
Cash from Investing Activity -13,175.12 -12,060.44 -1,711.10 -50,550.64
Cash from Financing Activity 24,827.20 5,813.91 -35,469.54 39,675.97
Net Cash Flow -621.06 17,398.80 15,454.90 8,508.26

PRICE: 286.82 215.14 251.68 278.35

DERIVED:
Adjusted Equity Shares in Cr 637.70 639.62 640.69 642.80
 PLEASE DO NOT MAKE ANY CHANGES TO THIS SHEET

Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

71,981.65 84,835.77 89,162.66 95,406.87 121,066.81 159,515.93

1,778.56 2,016.00 2,178.52 2,699.47 3,464.42 3,617.18

9,437.03 11,169.57 11,063.46 12,353.95 15,247.91 19,186.58
5,419.74 6,135.79 6,402.88 6,167.72 7,565.20 7,643.68
67,139.53 66,039.39 71,664.11 59,577.23 61,586.85 69,112.55
59,324.85 64,950.33 72,173.81 62,129.45 65,111.99 76,521.80
945.84 1,171.22 1,340.07 1,330.01 1,514.56 1,935.21
39,177.54 44,665.52 42,659.09 41,166.67 50,543.39 74,108.16
7,408.26 18,588.61 26,028.34 34,241.27 46,256.47 60,434.37
1,719.10 7,363.14 5,664.37 8,457.44 11,793.44 15,427.62
4,254.24 9,566.31 18,384.32 25,110.10 34,036.64 44,256.37
644.73 1,383.41 3,474.92 5,587.12 7,023.40

Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24

38,938.08 40,865.23 42,606.72 44,581.65 46,325.78 47,037.12
24,560.02 24,929.14 30,604.33 29,387.05 32,220.79 33,510.13
18,689.63 18,874.49 24,802.30 22,745.28 26,661.96 27,607.72

17,908.01 19,408.76 20,423.73 21,121.62 22,225.30 22,633.41

15,159.68 15,401.82 16,380.96 16,818.26 18,541.65 18,501.30
 3,808.82 3,886.67 4,180.91 4,355.45 4,635.66 4,654.41
10,896.13 11,052.60 11,671.52 11,695.84 12,947.77 12,883.37
14,378.06 15,936.09 12,002.39 15,194.60 14,104.99 13,526.99

Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

1,289.46 1,294.76 1,383.41 1,389.97 1,396.78 1,404.68
112,963.95 121,665.30 156,204.09 180,662.52 213,101.01 254,739.16
891,641.06 1,014,636.24 1,103,839.96 1,252,968.47 1,399,893.96 1,651,007.95
232,899.42 239,695.93 312,384.79 317,616.42 344,098.75 456,911.23
1,238,793.89 1,377,292.23 1,573,812.25 1,752,637.38 1,958,490.50 2,364,063.02
9,660.42 10,408.66 10,809.26 10,706.74 11,070.34 15,714.44

398,200.76 443,472.63 536,578.62 567,097.72 639,551.97 827,162.51

830,932.71 923,410.94 1,026,424.37 1,174,832.92 1,307,868.19 1,521,186.07
1,238,793.89 1,377,292.23 1,573,812.25 1,752,637.38 1,958,490.50 2,364,063.02

87,390.90 127,852.92 147,570.53 183,125.98 136,456.49 162,768.90

### ### ### ### ### ###

2.00 2.00 2.00 2.00 2.00 2.00

Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

48,671.05 79,564.75 138,015.30 58,111.43 -3,771.19 157,284.48
-30,281.86 -42,094.90 -63,630.92 -39,448.29 -67,689.02 -144,736.58
-19,997.43 2,992.18 -54,666.77 17,451.00 24,790.72 13,764.51
-1,608.24 40,462.03 19,717.61 36,114.14 -46,669.49 26,312.41

400.50 323.75 582.10 730.30 877.25 1,093.30

644.62 647.28 691.60 694.88 698.28 702.23