Master Trust Income Statement

Financials in millions INR. Fiscal year is April - March.

Millions INR. Fiscal year is Apr - Mar.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Mar '25 Mar 31, 2025	Mar '24 Mar 31, 2024	Mar '23 Mar 31, 2023	Mar '22 Mar 31, 2022	Mar '21 Mar 31, 2021
Interest and Dividend Income	1,660	1,619	1,260	788.01	664.29	453.26
Total Interest Expense	545.76	552.76	513.89	292.38	337.63	185.18
Net Interest Income	1,114	1,066	746.45	495.63	326.66	268.08
Brokerage Commission	1,526	1,972	1,854	1,496	1,587	1,113
Trading & Principal Transactions	1,985	2,247	1,890	1,083	1,061	680.64
Gain on Sale of Investments (Rev)	-	-	-	22.54	-	-
Other Revenue	1.52	1.62	1.6	2.67	0.86	1.14
Revenue	4,626	5,287	4,491	3,101	2,976	2,063
Revenue Growth (YoY)	-18.75%	17.71%	44.85%	4.19%	44.27%	74.23%
Salaries & Employee Benefits	879.21	862.81	862.09	564.43	693.96	533.1
Cost of Services Provided	-99.96	66.54	56.57	41.56	34.43	26.58
Other Operating Expenses	2,195	2,531	2,099	1,612	1,497	950.48
Total Operating Expenses	3,015	3,499	3,053	2,254	2,257	1,634
Operating Income	1,612	1,787	1,438	846.99	719.28	429.04
EBT Excluding Unusual Items	1,612	1,787	1,438	846.99	719.28	429.04
Pretax Income	1,612	1,787	1,438	846.99	719.28	429.04
Income Tax Expense	465.95	474.85	357.46	188.11	167.53	85.33
Earnings From Continuing Ops.	1,146	1,312	1,081	658.88	551.75	343.71
Minority Interest in Earnings	-0.03	-0.03	-0.04	-0.01	-	-
Net Income	1,146	1,312	1,081	658.87	551.75	343.71
Net Income to Common	1,146	1,312	1,081	658.87	551.75	343.71
Net Income Growth	-20.74%	21.42%	64.04%	19.41%	60.53%	179.24%
Shares Outstanding (Basic)	117	111	109	109	109	109
Shares Outstanding (Diluted)	118	117	110	109	109	109
Shares Change (YoY)	0.53%	6.00%	1.55%	-	-	-
EPS (Basic)	9.82	11.81	9.94	6.06	5.07	3.16
EPS (Diluted)	9.71	11.21	9.79	6.06	5.07	3.16
EPS Growth	-21.16%	14.51%	61.61%	19.43%	60.51%	179.23%
Free Cash Flow	-	-405.66	4,528	1,721	-193.04	-261.12
Free Cash Flow Per Share	-	-3.46	40.99	15.83	-1.77	-2.40
Operating Margin	34.84%	33.81%	32.02%	27.32%	24.17%	20.80%
Profit Margin	24.77%	24.82%	24.06%	21.25%	18.54%	16.66%
Free Cash Flow Margin	-	-7.67%	100.81%	55.52%	-6.49%	-12.66%
Effective Tax Rate	28.91%	26.57%	24.85%	22.21%	23.29%	19.89%
Revenue as Reported	5,172	5,839	5,005	3,393	3,314	2,248

Source: S&P Global Market Intelligence. Capital Markets template. Financial Sources.