Sharekhan has given Buy recommendation for IndusInd Bank with a target price of Rs. 1000 in its research report issued on Jan 29, 2021
Sharekhan’s research report on IndusInd Bank
IndusInd Bank (IIB) posted positive performance for Q3FY2021 with above expectation operational performance and asset quality improving on a sequential basis (reported). Moreover, even on normalised basis (proforma basis), the asset quality was well contained. Collections efficiency (CE) has been recovering; overall vehicles CE was at 96.9% and MFI was at 94.4%, which is encouraging. IIB has total provisions at 188% of GNPAs and 111% of proforma GNPA are a cushion in the present environment.
Outlook
At 1.5x/1.3x its FY2022E/FY2023E BVPS, we maintain Buy on the stock with an unchanged PT of Rs. 1,000.
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