Geojit is bullish on IndusInd Bank has recommended buy rating on the stock with a target price of Rs 1137 in its research report dated August 02, 2021.
Broker Research
August 10, 2021 / 02:07 PM IST
An Edelweiss research report for Q4FY21 says road tonnage continued to improve, evident in e-way bill generation (up 6% QoQ) and improved core trucking rentals. “We estimate tonnage would increase by three–five percent for truckers. Asset-light plays Mahindra Logistics and TCI Express remain our preferred picks due to their ability to scale up/down as the environment demands,” the report said. Edelweiss is bullish on Blue Dart Express due to the pandemic-induced boom in e-commerce and its leaner cost structure. It has retained a ‘buy’ call on Mahindra Logistics, TCI Express and Blue Dart Express.
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Geojit’s research report on IndusInd Bank
IndusInd Bank (IIB), a part of the Hinduja Group, provides loans for vehicles, property, etc. in its consumer finance division, while the corporate banking division offers a wide range of products to SMEs and large enterprises. For Q1FY22 standalone, NII income reached Rs. 3,564cr (7.7% YoY, 0.8% QoQ) with NIM of 4.06% (-22bps YoY, -7bps QoQ). CASA ratio reached 42.0% (vs 41.7% in Q4FY21). Loan book stood at Rs. 210,727cr (-0.8% QoQ), Deposits grew to Rs. 267,233cr (4.3% QoQ). GNPA/NNPA climbed to 2.88%/0.84% (vs. 2.67%/0.69% in Q4FY21) respectively. The interest spreads are expected to improve over long-term due to higher yields from advances. Also, the bank is well capitalised to handle any stress from loan losses or moderate asset quality deterioration.
Outlook
Hence we retain our rating to BUY with a revised target price of Rs. 1,137 using 1.6x FY23.
For all recommendations report, click here
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