Buy IDFC First Bank, target price Rs 90: Axis Securities

Axis Securities has buy call on IDFC First Bank Ltd. with a target price of Rs 90.0. The current market price of IDFC First Bank Ltd. is Rs 75.51.
IDFC First Bank Ltd., incorporated in the year 2014, is a banking company (having a market cap of Rs 56548.61 Crore).

IDFC First Bank Ltd. key Products/Revenue Segments include Interest & Discount on Advances & Bills, Income From Investment, Interest and Interest On Balances with RBI and Other Inter-Bank Funds for the year ending 31-Mar-2023.



Financials
For the quarter ended 30-06-2024, the company reported a Consolidated Total Income of Rs 10362.70 Crore, up 5.07 % from last quarter Total Income of Rs 9862.50 Crore and up 25.88 % from last year same quarter Total Income of Rs 8232.47 Crore. The bank reported net profit after tax of Rs 642.64 Crore in latest quarter.



Promoter/FII Holdings
Promoters held 37.37 per cent stake in the company as of 30-Jun-2024, while FIIs owned 21.02 per cent, DIIs 7.91 per cent.