Result Update

IndusindBank - Q3FY19 Result Update


We believe IndusInd Bank will continue to show sustainable progress across operational parameters except IL&FS account. We have factored in higher provisioning in our estimates on account of IL&FS. Pressure on asset quality and rise in cost of funds will be the key risk areas going ahead. IndusInd Bank is well capitalised and ready to take advantage of market share in era of liquidity tightening issues on NBFCs sector. At CMP of Rs. 1566 the stock is trading at 3(x) its FY20E ABV. We have a Hold rating on the bank with a price target of Rs 1720 based on 3.3(x) its FY 20E ABV. That is an upside of 10%.

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