Buy IndusInd Bank, target price Rs 1500: Emkay Global

IndusInd Bank Ltd., incorporated in the year 1994, is a banking company (having a market cap of Rs 89361.58 Crore).

By ETMarkets.com | Nov 22, 2022, 10.43 AM IST

Promoters held 16.51 per cent stake in the company as of 30-Jun-2022, while FIIs owned 45.83 per cent, DIIs 21.02 per cent.

Emkay Global has buy call on IndusInd Bank with a target price of Rs 1500. The current market price of IndusInd Bank Ltd. is Rs 1152.25. IndusInd Bank Ltd., incorporated in the year 1994, is a banking company (having a market cap of Rs 89361.58 Crore).

IndusInd Bank Ltd. key Products/Revenue Segments include Interest & Discount on Advances & Bills, Income From Investment, Interest On Balances with RBI and Other Inter-Bank Funds and Interest for the year ending 31-Mar-2022.

Financials
For the quarter ended 30-09-2022, the company reported a Consolidated Total Income of Rs 10719.20 Crore, up 5.99 % from last quarter Total Income of Rs 10113.29 Crore and up 12.98 % from last year same quarter Total Income of Rs 9488.06 Crore. The bank reported net profit after tax of Rs 1805.28 Crore in latest quarter.

Investment Rationale
IndusInd reported a strong beat on earnings, mainly due to robust growth/margins delivery partly offset by higher opex. With improving asset quality, the bank has utilized contingent provision in Q2

Promoter/FII Holdings
Promoters held 16.51 per cent stake in the company as of 30-Jun-2022, while FIIs owned 45.83 per cent, DIIs 21.02 per cent.

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