Accumulate IndusInd Bank; target of Rs 1900: Dolat Capital

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26 Aug, 2025 12:21

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Dolat Capital's research report on IndusInd Bank

NII, in - line, albeit lower than loan growth (25% YoY) grew 20% YoY ( at ` 1 8 , 94 8 mn during Q3FY18 led by a ccelerati ng retail loan growth (24%  YoY).  Subsequently, NIM remained stable at 4% in Q3FY18.  ▪ Advances during Q3FY18 grew 25% YoY at ` 1 , 285bn led by robust  d isbursement in Vehicle  Finance  at  34% YoY and Commercial  Vehicle  at 39% YoY.  The b ank continues to focus on non - vehicle loans (current share 18% ; targeted share 20% by FY20). ▪ Other income grew 17% YoY at ` 11 , 868mn for the quarter driven by  c ore fee income that reported 22% YoY  growth.  Treasury gains stood tepid for the quarter given the hardening of yields. ▪ Net profit grew 25% YoY (in - line with our expectation) driven by core fee income stood at ` 9 , 362mn  and lower provisions which came down  20% QoQ; moderately up 9% YoY at  ` 2 , 362mn.

Outlook
At CMP, the stock trades at 3.8 x P/ABV FY 19 E. We introduce FY20E and envisage 29% earnings CAGR over FY18 - FY20E .
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