Share Broker In Karur
IndusInd Bank Ltd Company Update
We believe that despite ~35% appreciation in the stock price of IndusInd Bank Ltd (IIB) since our IC, dated May 4th, 2017, the growth story is still intact. We retain a buy with a revised target price of ₹2482 (3.7x FY21E Adj P/Bv) over the period of 24 months. We have not factored in the upside risk from the merger of Bharat Financial Inclusion & IL&FS Securities Services Ltd, which are sizeable investments. We estimate the advances to grow at a CAGR of 27.3% to ₹2,99,229.7 crore by FY21E. The NII & PAT are expected to grow at a CAGR of 24% & 26.7% to ₹14,368.9 crore & ₹7329.6 crore, respectively, by FY21E. The primary driver of this growth would be the pickup in the corporate business,
which has been sluggish in the recent past, continued momentum in the retail business & market share gains from public sector banks.
For better investment contact
MR.K.P.PRABHAGHARAN,
KKP CAPITAL, 9894333189
Stocksandshareanalyst @ https://bit.ly/2JHOzJw
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