Indusind is a leading private sector bank with strong presence in vehicle and micro-finance. Exposure to IL&FS, Dewan Housing, Zee promoters and other stressed groups has soured sentiment in the stock but management has largely provided for these bad loans. Exposure to Vodafone is a risk factor on the horizon. Unfortunately, just as the Bank has provided for these large corporate accounts, Covid pandemic hit the economy and NPAs again started rising. The management decided to proactively create reserves for NPAs and recent financials suggest that most of the provisioning is already done. We have a neutral weight rating on the stock despite lower credit costs as loan book growth would be in line with peer group and valuations are attractive but track record has suffered since the ILFS crisis – 29-07-2021 Price : Rs. 991.95 Rating: Neutral Weight Recommendation: Hold
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