Motilal Oswal Financial Services neutral on Bandhan Bank; target price Rs 270

Motilal Oswal Financial Services has neutral call on Bandhan Bank with a target price of Rs 270. The current market price of Bandhan Bank Ltd. is Rs 237.95.

Bandhan Bank, incorporated in the year 2014, is a banking company (having a market cap of Rs 38199.80 Crore).

Financials

For the quarter ended 30-09-2022, the company has reported a Standalone Total Income of Rs 4249.87 Crore, down -3.08 % from last quarter Total Income of Rs 4385.05 Crore and up 15.72 % from last year same quarter Total Income of Rs 3672.51 Crore. The bank has reported net profit after tax of Rs 209.27 Crore in latest quarter.

Rationale:
The brokerage has reiterated neutral call on the stock as it awaits more clarity from its 3QFY23 results even as it believes that post recent ~30% correction, the downside in the stock is limited. The brokerage has slashed its FY23/FY24 PAT estimates by 18%/12%. Also, slippages at the bank in the near term are seen to remain high.