Q3 FY21 Result Update - IndusInd Bank - YES Securities

(Rating: BUY, TP: Rs 1,070, Upside 26.5%)

- Improving confidence around deposit franchise and credit cost trajectory

- We raise ABV estimates by 2-3% assuming better-than-earlier growth and credit cost outcomes.

- We believe that RoA delivery in FY22/23 could positively surprise on the current consensus estimates, and this could come from a strong recovery in vehicle finance (29% of adv.) and Microfinance (11%) portfolios.

- Based on increased confidence around the deposits franchise and credit cost trajectory, we upgrade rating to BUY (from ADD) and raise 12m PT to Rs1,070.

Shares of INDUSIND BANK LTD. was last trading in BSE at Rs.846.25 as compared to the previous close of Rs. 802.6. The total number of shares traded during the day was 640391 in over 16920 trades.

The stock hit an intraday high of Rs. 860.5 and intraday low of 816.7. The net turnover during the day was Rs. 538725800.

Source : Equity Bulls

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