Buy HDFC Bank, target price Rs 1800: Prabhudas Lilladher

For the quarter ended June 30, 2022, the company has reported a consolidated total income of Rs 44202.32 Crore, up 0.55 % from last quarter Total Income of Rs 43960.45 crore and up 13.53 % from last year same quarter Total Income of Rs 38933.63 Crore.

Buy HDFC Bank, target price Rs 1800: Prabhudas Lilladher
HDFC BANK

Prabhudas Lilladher has buy call on HDFC Bank with a target price of Rs 1800. The current market price of HDFC Bank is Rs 1520.70. Time period given by analyst is two years when its price can reach defined target.

HDFC Bank, incorporated in the year 1994, is a banking company (having a market cap of Rs 836765.60 Crore).

HDFC Bank key products/revenue segments include interest & discount on advances & bills, income From investment, interest on balances with RBI and other inter-bank funds and interest for the year ended March 31, 2022.

Investment Rationale

Standalone NIM may gradually improve (4.2% in FY22), as share of retail would rise that may also protect NIM owing to lower PSL requirements. Opex could remain elevated over the medium term. As the brokerage slightly raise NII for FY24E/25E, their PAT increases by average 2.5%. Hence they raise SOTP based TP from Rs1740 to Rs1800 basis Sep’24 core ABV but maintain ‘BUY’.

Financials

For the quarter ended June 30, 2022, the company has reported a consolidated total income of Rs 44202.32 Crore, up 0.55 % from last quarter Total Income of Rs 43960.45 crore and up 13.53 % from last year same quarter Total Income of Rs 38933.63 Crore. The bank has reported net profit after tax of Rs 9579.11 Crore in latest quarter.

Promoter/FII Holdings

Promoters held 25.73 per cent stake in the company as of 30-Jun-2022, while FIIs owned 40.26 per cent, DIIs 19.16 per cent.

(Disclaimer: Views and recommendations given in this section are the analysts' own and do not represent those of TheStreetPress.com. Please consult your financial adviser before taking any position in the stock/s mentioned.)

Source: The Economic Times