IDFC First Bank Ltd., incorporated in the year 2014, is a banking company (having a market cap of Rs 34187.23 Crore).
Financials
For the quarter ended 31-03-2021, the company reported a Consolidated Total Income of Rs 4834.19 Crore, down -.03 % from last quarter Total Income of Rs 4835.86 Crore and up 6.17 % from last year same quarter. Total Income of Rs 4553.07 Crore. The bank reported net profit after tax of Rs 136.93 Crore in latest quarter.
Investment Rationale
In terms of business, the bank seems to be on be on track in its long-term objectives of shifting the loan mix in retail favour and higher retailisation of liability franchisee. The second wave of the pandemic could keep credit cost elevated in the next two to three quarters. Asset quality in the near term and opex structure in the medium term would be key monitorables. The brokerage values the bank at ~1.65x FY23E ABV and revises target price to Rs 65 (Rs 52 earlier).
Promoter/FII Holdings
Promoters held 40 per cent stake in the company as of March 31, 2020, while FIIs held 13.56 per cent, DIIs 9.85 and public and others 36.59 per cent.
