bank of maharashtra 4q fy 2013

7/30/2019 Bank of Maharashtra 4Q FY 2013

1/11

Please refer to important disclosures at the end of this report 1

Particulars (` cr) 4QFY13 3QFY13 % chg (qoq) 4QFY12 % chg (yoy)NII 871 792 9.9 647 34.6Pre-prov. profit 711 525 35.4 250 184.3

PAT 259 194 33.5 73 255.6Source: Company, Angel Research

Bank of Maharashtra reported a healthy performance for 4QFY2013, registering

a bottom-line growth of 255.6% yoy, which was ahead of our expectation of

192.5% yoy growth. Strong NII growth (34.6% yoy, aided by similar growth in

advances), robust non-interest income performance (more than double on a yoy

basis) and flat provisioning expenses (a sequential improvement in asset quality andalso due to high base), resulted in healthy earnings performance for the bank.

NIMs and Asset quality, both improve sequentially:During 4QFY2013, the bankreported a flat sequential growth in its business, however it posted a strong

growth on a yoy basis, with the advances and deposits growing by 34.6% and

23.3% yoy, respectively. Strong loan growth on a yoy basis was primarily led by

higher Retail, Agricultural and MSE advances, which grew by 38.4%, 30.9% and

30.8% yoy respectively. The CASA ratio for the bank stood largely stable on a yoy

basis to 40.8%, however, was higher sequentially by 684bp, as the bank

witnessed a 5.0% qoq decline in overall deposits. Reported NIMs for the bank

were higher by 21bp qoq to 3.1%, on back of qoq higher CASA ratio.

Non-interest income grew at a robust pace of 121.2% yoy to `382cr, however,

the details regarding the non-interest income break-up are not available from the

bank. The bank delivered improvement on the asset quality front, as both gross

and net NPAs came down sequentially. However, further details regarding the

asset quality - particularly the gross NPA movement and restructuring during the

quarter, were not available from the bank. On an absolute basis, Gross and Net

NPA levels were sequentially lower by 11.4% and 19.3%, respectively. Gross and

Net NPA ratios, for the bank declined sequentially by 22bp and 14bp,

respectively to 1.5% and 0.5%. The banks PCR improved by 85bp qoq and stood

amongst the best within the PSU pack at 83.7%.

Outlook and valuation: At the current market price, the stock trades at a valuationof 0.6x FY2015E ABV. Recent capital infusion (albeit at book-dilutive valuations)

has strengthened the CAR for the bank (total CAR at 12.6%), still core tier-Iremains low (calculated core tier-I at around 6.5%). Additionally, recent

aggressive loan growth increases concerns about future asset quality. Hence, werecommend a Neutral rating on the stock.Key financialsY/E March (` cr) FY2012 FY2013 FY2014E FY2015ENII 2,517 3,033 3,626 3,911% chg 27.9 20.5 19.5 7.9

Net profit 431 759 895 960% chg 30.4 76.3 17.9 7.2

NIM (%) 3.2 3.1 3.1 3.0

EPS (`) 6.2 10.6 12.7 13.6P/E (x) 9.1 5.3 4.5 4.2

P/ABV (x) 0.9 0.8 0.7 0.6

RoA (%) 0.5 0.7 0.7 0.7

RoE (%) 11.2 16.8 16.9 16.0

Source: Company, Angel Research

NEUTRALCMP `56

Target Price -

Investment Period -

Stock Info

Sector

Bloomberg Code

Shareholding Pattern (%)

Promoters 81.2

MF / Banks / Indian Fls 10.1

FII / NRIs / OCBs 0.9

Indian Public / Others 7.8

Abs. (%) 3m 1yr 3yr

Sensex 0.2 16.9 15.8

BOMH (0.7) 9.0 (0.3)

Banking

Market Cap (`cr) 3,721

Beta 1.0

52 Week High / Low 66/43

Avg. Daily Volume 85,534

Face Value (`) 10

BSE Sensex 19,674

Nifty 5,971

Reuters Code BMBK.BO

BOMH@IN

Vaibhav Agrawal022 3935 7800 Ext: 6808

[email protected]

Sourabh Taparia022 3935 7800 Ext: 6872

[email protected]

Akshay Narang022 3935 7800 Ext: 6829

[email protected]

Harshal Patkar022 3935 7800 Ext: 6847

[email protected]

Bank of MaharashtraPerformance Highlights

4QFY2013 Result Update | Banking

May 6, 2013


2/11

Bank of Maharashtra | 4QFY2013 Result Update

May 6, 2013 2

Exhibit 1:4QFY2013 performanceParticulars (` cr) 4QFY13 3QFY13 % chg (qoq) 4QFY12 % chg (yoy) FY2013 FY2012 % chg (qoq)Interest earned 2,781 2,537 9.7 1,898 46.5 9,613 7,214 33.3- on Advances / Bills 2,144 1,927 11.2 1,448 48.1 7,299 5,491 32.9- on investments 603 584 3.3 445 35.4 2,231 1,709 30.6

- on balance with RBI & others 34 3 975.3 0 9,338.9 38 2 2,427.6

- on others 1 22 (97.3) 5 (88.6) 45 13 241.6

Interest Expended 1,910 1,744 9.5 1,251 52.7 6,580 4,697 40.1Net Interest Income 871 792 9.9 647 34.6 3,033 2,517 20.5Other income 382 174 120.3 173 121.2 912 641 42.3

Operating income 1,253 966 29.8 820 52.8 3,945 3,158 24.9Operating expenses 543 441 23.1 570 (4.8) 1,797 1,643 9.4- Employee expenses 363 288 26.2 423 (14.1) 1,188 1,113 6.7

- Other Opex 180 153 17.4 148 21.7 609 530 15.0

Pre-provision Profit 711 525 35.4 250 184.3 2,149 1,515 41.8Provisions & Contingencies 124 144 (13.5) 144 (13.7) 807 856 (5.8)

PBT 586 381 53.8 106 454.2 1,342 659 103.7Provision for Tax 327 187 74.9 33 893.5 583 228 155.4

PAT 259 194 33.5 73 255.6 759 431 76.3Effective Tax Rate (%) 55.8 49.1 673bp 31.1 2468bp 43.4 34.6 879bp


Exhibit 2:4QFY2013 Actual vs Angel estimatesParticulars (` cr) Actual Estimates Var. (%)Net interest income 871 832 4.7

Other income 382 191 99.7

Operating income 1,253 1,024 22.4Operating expenses 543 594 (8.6)

Pre-prov. profit 711 430 65.4Provisions & cont. 124 129 (3.8)

PBT 586 300 95.2

Prov. for taxes 327 87 275.0

PAT 259 213 21.5Source: Company, Angel Research


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May 6, 2013 3

Exhibit 3:4QFY2013 performance analysisParticulars 4QFY13 3QFY13 % chg (qoq) 4QFY12 % chg (yoy)Advances (`cr) 75,471 74,071 1.9 56,060 34.6

Deposits (`cr) 94,337 99,276 (5.0) 76,529 23.3Credit-to-Deposit Ratio (%) 80.0 74.6 539bp 73.3 675bp

CASA deposits (`cr) 38,480 33,700 14.2 31,632 21.6

CASA ratio (%) 40.8 33.9 684bp 41.3 (54)bp

CAR (%) 12.6 10.7 189bp 12.4 16bp

Profitability Ratios (%)Yield on advances 11.2 11.7 (43)bp 11.5 (27)bp

Reported NIM 3.1 2.9 21bp 3.2 (7)bp

Cost-to-income ratio 43.3 45.6 (234)bp 69.5 (2621)bp

Asset qualityGross NPAs (`cr) 1,138 1,284 (11.4) 1,297 (12.3)Gross NPAs (%) 1.5 1.7 (22)bp 2.3 (79)bp

Net NPAs (`cr) 393 487 (19.3) 470 (16.3)

Net NPAs (%) 0.5 0.7 (14)bp 0.8 (32)bp

Provision Coverage Ratio (%) 83.7 82.8 85bp 80.4 332bp


Loan book remains flat qoq; NIMs improve sequentially

During 4QFY2013, the bank reported a flat sequential growth in its business, with

advances witnessing a meager growth of 1.9% qoq, while deposits declined by

5.0% qoq. The business growth was strong on a yoy basis, with the advancesregistering a growth of 34.6% yoy and deposits growing by 23.3% yoy. Strong

loan growth on a yoy basis was primarily led by higher Retail, Agricultural and

MSE advances, which grew by 38.4%, 30.9% and 30.8% yoy respectively.

Overall, the CASA deposits grew by 21.6% yoy (up by 14.2% qoq) to around

`38,480cr. CASA ratio for the bank stood largely stable on a yoy basis to 40.8%,

however, was higher by 684bp sequentially, as the bank witnessed 5.0% qoq

decline in overall deposits.

During the quarter, the reported NIM for the bank improved by 21bp sequentially

to 3.1%, on back of 684bp sequential improvement in the CASA ratio, even as

yield on advances came in lower by 43bp sequentially to 11.2% (primarily due to

the 25bp base rate cut effected in February 2013).


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May 6, 2013 4

Exhibit 4:Business growth qoq


Exhibit 5:CASA ratio improves sequentially by 684bp


Exhibit 6:NIM improves sequentially by 21bp


Exhibit 7:YoA declines by 43bp sequentially


Robust performance on the non-interest income front

During 4QFY2013, the banks non-interest income grew at a robust pace of

121.2% yoy to `382cr, however, the details regarding the non-interest income

break-up across segments are not available from the bank.

Asset quality improves sequentially

During 4QFY2013, the bank delivered improvement on the asset quality front, as

both gross and net NPAs came down sequentially. However, further details

regarding the gross NPA movement and restructuring during the quarter, were not

available from the bank. On an absolute basis, Gross and Net NPA levels were

sequentially lower by 11.4% and 19.3%, respectively. Gross and Net NPA ratios,

for the bank declined sequentially by 22bp and 14bp, respectively to 1.5% and

0.5%. The banks PCR improved by 85bp qoq and stood amongst the best within

the PSU pack at 83.7%.

12.4

1.4

12.2

16.0

1.9

9.4

4.4

8.3

14.7

(5.0

)

73.3

71.2

73.8

74.6

80.0

66.0

68.0

70.0

72.0

74.0

76.0

78.080.0

82.0

(10.0)

(5.0)

-

5.0

10.0

15.0

20.0

4QFY12 1QFY13 2QFY13 3QFY13 4QFY13

Adv. qoq chg (%) Dep. qoq chg (%) CDR (%, RHS)

41.3

39.6

37.4

33.9

40.8

17.0

14.4 14.7

17.5

21.6

-

5.0

10.0

15.0

20.0

25.0

25.0

28.0

31.0

34.0

37.0

40.0

43.0


CASA ratio (%) CASA yoy growth (%, RHS)

3.17

2.912.99

2.89

3.10

1.5

2.0

2.5

3.0

3.5


(%)

11.5011.16

11.67 11.6611.23

7.50

8.50

9.50

10.50

11.50

12.50


(%)


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May 6, 2013 5

Exhibit 8:NPA Ratios improved sequentially


Operating expenses lower by 4.8% yoy during 4QFY2013

During 4QFY2013, while other operating expenses for the bank were higher by

21.7% yoy to `180cr, overall operating expenses declined by 4.8% yoy to `543cr,

aided by a 14.1% yoy decline in staff expenses to `363cr. For 4QFY2013, the

opex-to-average assets ratio for the bank stood at 1.8%, while Cost-to-income

ratio stood at 43.3%.

Exhibit 9:Operating expenses trend for BOM


Exhibit 10:Declining trend in Cost ratios


Investment arguments

Healthy CASA franchise ensures low-cost funding

Bank of Maharashtra has enjoyed a healthy CASA franchise for the past several

years on the back of strong rural and semi-urban presence (accounting for around

55% of the entire branch network). Also, the Management has been constantly

focusing on reduction of dependence on bulk deposits. The benefit of a healthy

CASA ratio and a relatively lower dependence on bulk deposits is reflected in thebanks relatively lower cost of deposits than peers.

2.3

2.2

2.0

1.7

1.5

0.8

1.0

0.9

0.7

0.5

80.4 79.3 80.1 82.8 83.7

20.0

40.0

60.0

80.0

100.0

-

1.0

2.0

3.0


Gross NPAs (%) Net NPAs (%) PCR (%, RHS)

423 259 277 288 363

148

130 146153

180

570

390 423441

543

-

100

200

300

400

500

600


(` cr) Staff expenses Other opex

2.7 1.7 1.8 1.6 1.8

69.5

47.0 47.2 45.6 43.3

-

20.0

40.0

60.0

80.0

-

0.5

1.0

1.5

2.0

2.5

3.0


Opex to average assets (%) Cost-to-income ratio (%, RHS)


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May 6, 2013 6

Outlook and Valuation

At the current market price, the stock trades at a valuation of 0.6x FY2015E ABV.

The recent capital infusion (albeit at book-dilutive valuations) has strengthened the

CAR for the bank (total CAR at 12.6%), still core tier-I remains low (calculated core

tier-I at around 6.5%). Additionally, recent aggressive loan growth increases

concerns about future asset quality. Hence, we recommend a Neutral rating on thestock.Exhibit 11:Key assumptionsParticulars (%) Earlier estimates Revised estimatesFY2014E FY2015E FY2014E FY2015ECredit growth 13.0 13.0 11.0 13.0

Deposit growth 11.0 11.0 11.0 13.0

CASA ratio 34.1 34.7 36.3 36.2NIMs 2.9 2.8 3.1 3.0

Other income growth 4.5 7.6 (15.7) 8.0

Growth in staff expenses 12.5 10.0 12.5 10.0

Growth in other expenses 10.0 10.0 12.5 12.5

Slippages 2.4 2.4 2.4 2.4

Coverage 77.5 75.0 77.5 75.0

Source: Angel Research

Exhibit 12:Change in estimatesParticulars (` cr) FY2014E FY2015EEarlierestimates Revisedestimates Var. (%) Earlierestimates Revisedestimates Var. (%)NII 3,535 3,626 2.6 3,860 3,911 1.3

Non-interest income 754 769 2.0 811 830 2.4

Operating income 4,289 4,395 2.5 4,670 4,742 1.5Operating expenses 2,064 2,021 (2.1) 2,270 2,240 (1.3)

Pre-prov. profit 2,225 2,374 6.7 2,400 2,501 4.2Provisions & cont. 973 1,018 4.6 1,004 1,047 4.3

PBT 1,252 1,356 8.4 1,396 1,454 4.2

Prov. for taxes 425 461 8.4 475 494 4.2

PAT 826 895 8.4 922 960 4.2Source: Angel Research


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May 6, 2013 7

Exhibit 13:P/ABV band


Exhibit 14:Recommendation summaryCompany Reco. CMP(`) Tgt. price(`) Upside(%) FY2015EP/ABV (x) FY2015ETgt. P/ABV (x) FY2015EP/E (x) FY2013-15EEPS CAGR (%) FY2015ERoA (%) FY2015ERoE (%)AxisBk Buy 1,461 1,714 17.3 1.6 1.9 9.6 17.3 1.6 17.6

FedBk Neutral 448 - - 1.0 - 7.5 10.0 1.2 13.7

HDFCBk Neutral 675 - - 3.2 - 15.8 22.8 1.8 21.8

ICICIBk* Buy 1,144 1,352 18.2 1.6 1.9 11.9 15.5 1.5 15.6

SIB Neutral 24 - - 0.9 - 5.4 11.4 1.0 17.1

YesBk Neutral 497 - - 2.1 - 10.4 14.9 1.3 22.1

AllBk Buy 133 155 16.6 0.5 0.6 3.7 12.6 0.8 14.2AndhBk Neutral 91 - - 0.6 - 3.9 4.2 0.8 13.4

BOB Buy 698 815 16.8 0.7 0.9 4.8 17.0 1.0 16.0

BOI Accumulate 330 360 9.0 0.7 0.8 4.8 21.8 0.8 15.1

BOM Neutral 56 - - 0.6 - 4.3 14.8 0.6 15.6CanBk Buy 392 461 17.6 0.6 0.8 4.6 14.0 0.8 14.1

CentBk Neutral 69 - - 0.6 - 3.9 42.8 0.6 13.3

CorpBk Buy 376 453 20.6 0.5 0.6 3.5 8.3 0.8 14.4

DenaBk Neutral 92 - - 0.5 - 3.5 4.3 0.8 15.3

IDBI# Neutral 88 - - 0.5 - 4.7 15.2 0.7 11.3

IndBk Buy 163 193 18.4 0.5 0.7 3.9 6.5 1.0 14.9

IOB Accumulate 63 66 5.5 0.4 0.4 3.1 53.3 0.7 13.1

J&KBk Neutral 1,342 - - 1.0 - 6.7 (5.2) 1.2 16.0

OBC Accumulate 257 282 9.8 0.5 0.6 4.1 17.5 0.8 13.1

PNB Buy 738 889 20.5 0.7 0.8 4.2 12.4 1.0 16.3

SBI* Buy 2,225 2,567 15.3 1.2 1.4 7.9 16.4 1.0 17.0

SynBk Neutral 130 - - 0.6 - 4.5 (3.5) 0.7 15.2

UcoBk Neutral 73 - - 0.8 - 5.1 36.9 0.6 12.6

UnionBk Accumulate 241 264 9.6 0.7 0.8 5.0 21.2 0.8 15.3

UtdBk Accumulate 60 68 13.0 0.4 0.5 2.9 40.4 0.7 14.7

VijBk Neutral 52 - - 0.6 - 4.8 21.2 0.5 11.7

Source: Company, Angel Research; Note:*Target multiples=SOTP Target Price/ABV (including subsidiaries), #Without adjusting for SASF

0

20

40

60

80

100

120

140

160

180

Apr-04

Nov-0

4

Jun-0

5

Jan-0

6

Aug-0

6

Mar-07

Oct-07

May-0

8

Dec-0

8

Jul-09

Feb-1

0

Sep-1

0

Apr-11

Nov-1

1

Jun-1

2

Jan-1

3

Aug-1

3

Mar-14

Price(`) 0.4x 0.7x 1x 1.3x 1.6x


8/11


May 6, 2013 8

Company Background

Bank of Maharashtra is a mid-sized Pune-based public sector bank, with

operations mostly concentrated in the parent state of Maharashtra (around 63%

branches in the state as of FY2013). The bank has the highest number of branches

in Maharashtra (1,050+ as of FY2013) after State Bank of India; this has allowed

the bank to grow in-line with the state's progress over the past decade.


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May 6, 2013 9

Income statement

Y/E March (` cr) FY10 FY11 FY12 FY13 FY14E FY15ENet Interest Income 1,296 1,968 2,517 3,033 3,626 3,911- YoY Growth (%) 3.2 51.9 27.9 20.5 19.5 7.9Other Income 591 531 641 912 769 830- YoY Growth (%) 18.2 (10.2) 20.7 42.4 (15.7) 8.0

Operating Income 1,887 2,499 3,158 3,945 4,395 4,742- YoY Growth (%) 7.5 32.4 26.3 24.9 11.4 7.9

Operating Expenses 1,073 1,644 1,643 1,797 2,021 2,240- YoY Growth (%) 11.4 53.2 (0.1) 9.4 12.5 10.8

Pre - Provision Profit 815 855 1,515 2,149 2,374 2,501- YoY Growth (%) 2.6 5.0 77.2 41.8 10.5 5.4

Prov. & Cont. 246 467 856 807 1,018 1,047- YoY Growth (%) (13.0) 90.1 83.3 (5.8) 26.2 2.9

Profit Before Tax 569 388 659 1,342 1,356 1,454- YoY Growth (%) 11.3 (31.8) 69.9 103.7 1.0 7.2

Prov. for Taxation 129 57 228 583 461 494- as a % of PBT 22.7 14.8 34.6 43.4 34.0 34.0

PAT 440 330 431 759 895 960- YoY Growth (%) 17.2 (24.8) 30.4 76.3 17.9 7.2

Preference Dividend - 34 64 58 58 58PAT avl. to Eq. shareholders 440 297 367 701 837 902- YoY Growth (%) 17.2 (32.5) 23.8 91.0 19.3 7.7

Balance sheetY/E March (` cr) FY10 FY11 FY12 FY13 FY14E FY15EShare Capital 431 1,070 1,178 1,249 1,249 1,249

- Equity 431 482 590 661 661 661

- Preference - 588 588 588 588 588

Reserve & Surplus 2,428 2,901 3,545 5,147 5,792 6,502

Deposits 63,304 66,845 76,529 94,337 104,714 118,327

- Growth (%) 21.1 5.6 14.5 23.3 11.0 13.0

Borrowings 129 577 1,325 10,440 10,840 12,204

Tier 2 Capital 2,668 2,500 2,500 2,438 2,377 2,317

Other Liab. & Prov. 2,096 2,550 2,941 3,341 3,669 4,231

Total Liabilities 71,056 76,442 88,017 116,953 128,641 144,831Cash Balances 5,315 3,846 4,535 5,265 4,712 5,325

Bank Balances 1,379 203 1,209 908 1,930 2,172

Investments 21,324 22,491 22,911 31,430 34,008 37,972

Advances 40,315 46,881 56,060 75,471 83,773 94,663

- Growth (%) 17.6 16.3 19.6 34.6 11.0 13.0

Fixed Assets 660 667 601 1,429 1,525 1,666

Other Assets 2,063 2,354 2,701 2,449 2,694 3,033

Total Assets 71,056 76,442 88,017 116,953 128,641 144,831- Growth (%) 20.4 7.6 15.1 32.9 10.0 12.6


10/11


May 6, 2013 10

Ratio analysis

Y/E March FY10 FY11 FY12 FY13 FY14E FY15EProfitability ratios (%)NIMs 2.1 2.8 3.2 3.1 3.1 3.0Cost to Income Ratio 56.8 65.8 52.0 45.5 46.0 47.3

RoA 0.7 0.4 0.5 0.7 0.7 0.7

RoE 19.7 11.3 11.2 16.8 16.9 16.0

B/S ratios (%)CASA Ratio 36.9 40.4 41.3 36.6 36.3 36.2

Credit/Deposit Ratio 63.7 70.1 73.3 80.0 80.0 80.0

CAR 12.8 13.4 12.4 10.7 10.6 10.2

- Tier I 5.7 8.0 8.3 7.6 7.7 7.7

Asset Quality (%)Gross NPAs 3.0 2.5 2.3 1.5 3.0 4.1

Net NPAs 1.6 1.3 0.8 0.5 1.0 1.4

Slippages 2.5 1.7 1.8 2.1 2.4 2.4

Loan Loss Prov. /Avg. Assets 0.4 0.5 0.8 0.6 0.7 0.7

Provision Coverage 54.7 65.6 80.4 83.7 77.5 75.0

Per Share Data (`)EPS 10.2 6.2 6.2 10.6 12.7 13.6

ABVPS (75% cover.) 48.9 57.5 63.8 70.9 80.7 91.4

DPS 2.0 2.0 2.2 2.3 2.5 2.5

Valuation RatiosPER (x) 5.5 9.2 9.1 5.3 4.5 4.2

P/ABVPS (x) 1.2 1.0 0.9 0.8 0.7 0.6

Dividend Yield 3.5 3.5 3.9 4.1 4.4 4.4

DuPont AnalysisNII 2.0 2.7 3.1 3.0 3.0 2.9

(-) Prov. Exp. 0.4 0.6 1.0 0.8 0.8 0.8

Adj. NII 1.6 2.0 2.0 2.2 2.1 2.1

Treasury 0.3 0.1 0.0 0.1 0.0 0.0

Int. Sens. Inc. 1.9 2.1 2.0 2.2 2.2 2.1

Other Inc. 0.6 0.6 0.8 0.8 0.6 0.6

Op. Inc. 2.5 2.8 2.8 3.1 2.8 2.7

Opex 1.6 2.2 2.0 1.8 1.6 1.6PBT 0.9 0.5 0.8 1.3 1.1 1.1

Taxes 0.2 0.1 0.3 0.6 0.4 0.4

RoA 0.7 0.4 0.5 0.7 0.7 0.7

Pref. Div. - 0.0 0.1 0.0 0.0 0.0

RoA after Pref. Div 0.7 0.4 0.5 0.7 0.7 0.7Leverage 29.1 27.6 24.5 24.3 24.5 24.0

RoE 19.7 11.3 11.2 16.8 16.9 16.0


11/11


May 6, 2013 11

Research Team Tel: 022 - 39357800 E-mail: [email protected] Website: www.angelbroking.com

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Disclosure of Interest Statement Bank of Maharashtra

1. Analyst ownership of the stock No

2. Angel and its Group companies ownership of the stock No

3. Angel and its Group companies' Directors ownership of the stock No

4. Broking relationship with company covered No

Ratings (Returns): Buy (> 15%) Accumulate (5% to 15%) Neutral (-5 to 5%)Reduce (-5% to -15%) Sell (< -15%)

Note: We have not considered any Exposure below `1 lakh for Angel, its Group companies and Directors

bank of maharashtra 4q fy 2013

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