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Indusind Bank

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INDUSIND BANK
Reco price/date: Rs 343.6/11th July; 
Current/target price: Rs 341/Rs 362.7
continued record an impressive performance in the quarter ended June, despite challenging times, reflecting the bank's strong and dynamic business model. Analysts estimate during FY12-FY14, the bank would report earnings per share (compound annual growth rate, or CAGR) of 32.9 per cent. The adjusted book value is estimated to grow 21 per cent CAGR during the same period. Analysts believe with the recent deregulation of the savings rate, the improving branch productivity and the bank's aggressive branch expansion plans, its liability profile is likely to turn stronger. Analysts have increased their earnings estimates by 3.8 per cent for FY13. Downgrade from 'Buy' to 'Accumulate' due to limited upside from current levels.

Aditya Birla Mone

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