Buy IndusInd Bank, target price Rs 1061: LKP Securities

LKP Securities has buy call on IndusInd Bank with a target price of Rs 1061. The current market price of IndusInd Bank is Rs 884.95. Time period given by analyst is one year when IndusInd Bank Ltd. price can reach defined target.

IndusInd Bank Ltd., incorporated in the year 1994, is a banking company (having a market cap of Rs 70143.12 Crore).



Financials
For the quarter ended 31-12-2021, the company reported a Consolidated Total Income of Rs 9614.34 Crore, up 1.33 % from last quarter Total Income of Rs 9488.06 Crore and up 8.18 % from last year same quarter Total Income of Rs 8887.28 Crore. The bank reported net profit after tax of Rs 1241.55 Crore in latest quarter.

Investment Rationale
Core operating performance of Indusind Bank remains healthy. A higher PCR is likely to safeguard the bank from credit disruption. Thus the brokerage maintains BUY with price target of ₹1,061 (based on 1.6xFY23E Adj. BVPS of ₹663).

Promoter/FII Holdings
Promoters held 16.53 per cent stake in the company as of 31-Dec-2021, while FIIs owned 47.65 per cent, DIIs 20.22 per cent.