Sharekhan's research report on IndusInd Bank
IndusInd Bank (IIB) posted positive performance for Q3FY2021 with above expectation operational performance and asset quality improving on a sequential basis (reported). Moreover, even on normalised basis (proforma basis), the asset quality was well contained. Collections efficiency (CE) has been recovering; overall vehicles CE was at 96.9% and MFI was at 94.4%, which is encouraging. IIB has total provisions at 188% of GNPAs and 111% of proforma GNPA are a cushion in the present environment.
Outlook
At 1.5x/1.3x its FY2022E/FY2023E BVPS, we maintain Buy on the stock with an unchanged PT of Rs. 1,000.
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