Shares of IndusInd Bank on Thursday jumped nearly 9 per cent after the company reported a 73 per cent rise in its consolidated net profit for the second quarter ended September 30.
After opening the trade in the green, the stock further gained 8.75 per cent to its 52-week high of Rs 1,241.85 on BSE.
On NSE, it jumped 8.70 per cent to its 52-week high of Rs 1,242. The private sector lender on Wednesday reported a 73 per cent rise in its consolidated net profit to Rs 1,146.73 crore for the second quarter ended September 30.
The bank had posted a net profit of Rs 663.08 crore in the year-ago period. Total income during the July-September quarter rose to Rs 9,488.06 crore from Rs 8,731.52 crore a year ago, IndusInd Bank said in a regulatory filing.
Interest income moved up at Rs 7,650.36 crore from Rs 7,177.21 crore.
On a standalone basis, the net profit increased by 72 per cent to Rs 1,113.53 crore from Rs 647.04 crore. And the total income rose to Rs 9,487.56 crore against Rs 8,731.05 crore.
Bank's provisions for bad loans and contingencies fell to Rs 1,703.36 crore for the quarter from Rs 1,964.44 crore reserved for the year-ago period.
Check what brokerage houses are saying:
ICICI Securities: The firm has a buy call on IndusInd Bank with a target price of Rs 1420. The current market price of IndusInd Bank Ltd. is Rs 1199.8. The time given by the analyst is one year when IndusInd Bank Ltd. price can reach the defined target, according to The Economic Times.
Yes Securities: It has also given a buy call on IndusInd Bank with a target price of Rs 1250. The current market price of IndusInd Bank Ltd. is Rs 1183.8. However, the time given by the analyst is Intra Day when IndusInd Bank Ltd's price can reach a defined target.
Arihant Capital: It hasa positive view on the stock on the back of strong improvement in its liability profile, re-accelerating credit growth, strong capital ratio (CAR at 17.4%), improving return profile and reasonable valuations (1.5x FY24E P/ABV), accoring to Moneycontrol.
Bank is expected to deliver 1.5%/13% RoA/RoE by FY24E. We roll forward our estimates to FY24E and maintain our ‘Accumulate’ rating on the stock with a revised target price of Rs 1,322 (earlier Rs 1,095), based on 1.7x FY24E ABV.
Motilal Oswal: It expects bank to deliver a FY23E RoA/RoE of 1.8%/15.1%. We roll forward our estimates to Sep’23E and maintain our Buy rating with a target price of Rs 1,400 per share (1.9x 1HFY24E ABV).
(With PTI Inputs)