Buy IndusInd Bank; target of Rs 1408: Anand Rathi

Broker Research

January 19, 2023 / 05:09 PM IST

Anand Rathi's probe study connected IndusInd Bank

Indusind Bank’s Q3 FY23 profitability improved, with a 1.86% RoA (up 8bps q/q) and unchangeable plus quality. Key positives were 1) beardown disbursements successful the VF book, 2) beardown retail deposit growth, 3) sturdy equilibrium expanse with 70% sum and a Rs21.9bn proviso buffer (0.8% of loans) and 4) beardown liquidity and capitalisation. With recognition maturation expected to beryllium beardown and moderating recognition costs, net are expected to beryllium robust.

Outlook

We support our affirmative presumption connected the slope with a TP of Rs1,408, valuing it astatine 1.6x P/ABV connected its FY25e book.

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IndusInd Bank - 19 -01-2023 - anand