Indusind Bank Ltd. - Choice

Q2 FY18 RESULT UPDATE

Indusind Bank Ltd.

Buy

‘Robust performance; merger to remain margin accretive’

Nov 10, 2017

Indusind Bank Ltd. (IndusB) Q2FY18 result came in line with our estimates, Rating Matrix reporting strong growth in operational and financial parameters, also maintaining Rs1,670 stable margin and assets quality. IndusB has announced merger with Bharat CMP Financial Inclusion (BFL) which we find margin accretive for the merger entity. Rating Buy Potential Price Rs2,100 Q2FY18 Result Analysis: IndusB continued to witness strong growth in NII which grew by 24.7% YoY and 2.6% QoQ driven by strong credit growth and decline in cost Holding Period 12-18 Months of funds. In low interest rate scenario, while yield on advances declined by 19 bps to Upside Potential 25.7% 9.13%, cost of funds also reduced by the same points to 5.13% leading to stable NIM Rs1,818/1,038 at 4% in Q2FY18, same in the previous quarter. OPEX grew by 19.7% YoY and 1.6% 52 week H/L Rs10 QoQ, despite this C/I ratio reduced by 3 bps QoQ to 45.7% also supported by strong Face value other income growing by 22.4% YoY and 1.7% QoQ during the reported quarter. Sector Banking P&C increased by 37.3% YoY and coverage ratio stood at 60.0%. IndusB has exposure to 6 a/c worth of Rs3,850 mn out of 40 a/c introduced under the first & Shareholding Pattern second list of NCLT. However, the bank has maintained 65% of provisions against these assets and thus easing the risk of high credit cost going forward. Overall, net Particulars Sep'17 Jun'17 Mar'17 profit of the bank increased by 25% YoY and 5.2% QoQ in the quarter under review. Promoters 16.8% 16.8% 16.8% 62.4% 62.5% 62.4% Business continued to grow at higher pace with deposits increasing by 25.9% YoY Inst. and advances by 24.5% YoY. During the quarter, retail advances rose by 22.0% YoY FPIs 48.3% 48.3% 48.6% on the back of strong traction in high yielding unsecured retail loans. The bank is Non. Inst. 20.9% 20.7% 20.8% also witnessing strong growth in the corporate and SME portfolio; IndusB is taking benefit of shifting share from PSBs to private banks especially in this segment. Focusing on enhancing the liability franchise, the bank has opened 46 branches in Relative Capital Market Strength Q2FY18 taking the total to 1,250 braches. Slippage rate reduced to 0.4% to Rs4,980 220 mn v/s 0.6% in Q1FY18 and after R&U of Rs4,240 mn, the net addition to GNPA was 200 Rs740 mn, a way lower than previous quarter addition of Rs2,170 mn. GNPA and 180 NNPA stood at 1.08% and 0.44% in Q2FY18 v/s 1.09% and 0.44% in Q1FY18.

3-Oct-17

3-Aug-17

3-Jun-17

3-Apr-17

3-Feb-17

3-Oct-16

3-Jun-16

3-Aug-16

3-Apr-16

12.4% 11.6% 10.6% 10.0% 9.7% 16.1% 15.0% 16.4% 18.2% 20.1%

CASA(%)

35.2% 36.9% 39.3% 42.0% 44.9%

P/ABV (x)

4.3

3.7

3.1

IndusB Recommended…

Satish Kumar | Desk Phone: 022 - 6707 9913 | [email protected]

1

2-Oct-17

2-Aug-17

2-Jun-17

2-Apr-17

2-Feb-17

2,100 1,900 1,700 1,500 1,300 1,100 900 700 500 2-Oct-16

We retain ‘buy’ rating on stock with revised potential price of Rs2,100 (Rs1,780 earlier). At our recommended potential price, the stock is available at FY20E P/ABV multiple at 3.9(x) and FY19E P/ABV multiple at 4.7(x).

Sensex

Rs bn FY16 FY17 FY18E FY19E FY20E 45.2 60.6 75.7 97.3 118.4 32.1% 34.2% 24.9% 28.6% 21.6% 3.9% 4.1% 4.1% 4.2% 4.2% 41.4 54.5 68.7 86.2 110.5 22.9 28.7 36.5 47.2 61.7

2-Aug-16

Existing relationship of IndusB with BFI and focus on high yielding low risky loans has initiated the merger talk between these two organizations. 100 branches of BFI had been working as a business correspondent for banks over the last few years. IndusB has strong presence in urban+semi urban areas whereas BFI has extended footprints in rural India. Merger entity with 3,600 of financial outlet would have well geographical presence across India. We think the merger will remain accurative for IndusB in terms of following factors • Reduction in cost of funds as there has been remained 4-4.5% spread in cost of funds for bank and MFI. Entire business of entity will get re-priced through reducing the cost of funds for BFI thus providing boost to RoE. • BFI’s entire portfolio is eligible for priority sector loan and thereby after the merger bank is likely to generate high fee income through selling more PSLC. • Post the merger, IndusB’s high yielding low risky portfolio will increase to Rs110 bn which corresponds to 8% of the bank’s loan book. Merger will increase the retail credit book to 46% closer to the bank’s aim to balance the retail and corporate loan mix at 50:50. • Reduction in risk weight as risk-weights on MFI loans stands at 75% for a bank v/s 100% for NBFC • Cross selling opportunities for bank to the BFI’s current clients which in turn will boost the return of the bank • The merger is margin accretive with likely improvement in NIM, RoE and RoA

Particulars NII Gr. (%) NIM PPOP A.PAT Eq./As. (%) RoE (%)

2-Jun-16

•

2-Apr-16

•

3-Feb-16

•

As the merger will be implemented through stock transction of BFI into IndusB, swap ratio was set at 639 share of IndusB for every 1000 shares of BFI. The bank will transfer BFI’s business into a proposed wholly owned subsidiary of IndusB, subsequently all branches infrastructure and employees of BFI will be transferred to this proposed subsidiary. IndusB IndusB’s broad has approved preferential allotment of convertible warrants to the promoters to restore their shareholding back to 15%. Key Financials Merger date is set at Jan 1, 2018 and the entire process will take 6-9 months

2-Feb-16

•

3-Dec-16

Silent features of merger

160 140 120 100 80

2-Dec-16

IndusB announced merger with Bharat Financial Inclusion

Dec'16 16.8% 62.3% 48.4% 20.9%

Indusind Bank Ltd.

Banking Five Quarters at a Glance Particulars (Rs mn) Q2FY17 Interest Earned 34,693.0 Interest Expended 20,089.9 NII 14,603.1 Operating Expenditure 11,490.8 Pre- Prov Operating Profit 12,816.5 Provisions and contigencies 2,138.8 (incl NPA) Other Income 9,704.2 Core fee income 8,255.6 PBT 10,677.7 Tax 3,635.1 Net Profit 7,042.6 Outstanding Shares 602.4 Dil. EPS 11.7 Balance Sheet items/ratios Deposits 1,123,133.1 CA Deposits 204,670.0 SB Deposits 205,670.0 CASA 410,340.0 Advances 989,490.0 CD Ratio (%) 88.1% CASA Share (%) 36.5% CAR(%) 15.3% Tier 1 (%) 14.7% Profatibilitiy Cost of funds (%) 5.5% NIM(%) Reported 4.00% Cost-Income Ratios (%) 47.3% Tax Rate (%) 34.0% Assets Quality Gross NPA 8,990.1 Net NPA 3,691.1 Gross NPA (%) 0.90% Net NPA (%) 0.37% Coverage Ratio(%) 58.9% RoA(%) (annualized) 1.9% Slippages O/s Restructured book 4,353.8 Restructured assets % of loan 0.4% book Gross slippages 2,610.0 Recoveries+ Up gradations 2,230.0 Slippages (Net Addition to 380.0 GNPAs) Slippages (%) 0.29% Advances Break-Out Total Advances 989,498.0 Corporate Credit 275,880.0 SME 308,030.0 Retail Advances 405,588.0 Retail Advances Break-Out Equipment Financing 35,970.0 Credit Card% 14,080.0 Vehicle loans 275,400.0 Loans agaist property 58,720.0 Others (Personal Loans & GL 21,418.0 & BL) Network ATMs 1,935 Branches 1,035 Business per branch (Rs mn) 2,041.2 Advances Break-Out (%) Corporate Credit 27.9% SME 31.1% Retail Advances 41.0%

Q3FY17 36,993.3 21,209.1 15,784.2 12,318.8 13,633.4 2,168.5 10,168.0 8,848.4 11,464.9 3,958.5 7,506.4 602.4 12.5

Q4FY17 38,300.1 21,625.6 16,674.5 13,065.2 15,722.3 4,301.3 12,113.0 9,970.0 11,421.0 3,904.9 7,516.1 603.7 12.5

Q1FY18 41,355.1 23,614.5 17,740.6 13,527.9 15,885.3 3,099.7 11,672.6 9,740.0 12,785.6 4,420.1 8,365.5 603.6 13.9

Q2FY18 42,083.5 23,873.6 18,209.9 13,750.6 16,335.0 2,937.5 11,875.7 10,130.0 13,397.5 4,596.5 8,801.0 605.3 14.5

YoY 21.3% 18.8% 24.7% 19.7% 27.5% 37.3% 22.4% 22.7% 25.5% 26.4% 25.0% 0.5% 24.4%

QoQ 1.8% 1.1% 2.6% 1.6% 2.8% -5.2% 1.7% 4.0% 4.8% 4.0% 5.2% 0.3% 4.9%

1,192,180.0 189,870.0 251,750.0 441,620.0 1,027,700.0 86.2% 37.0% 15.3% 14.7%

1,265,722.2 196,090.0 270,370.0 466,460.0 1,130,805.1 89.3% 36.9% 15.3% 14.7%

1,336,730.0 189,450.0 315,560.0 505,010.0 1,164,070.0 87.1% 37.8% 16.2% 15.7%

1,414,405.8 196,180.0 401,570.0 597,750.0 1,231,808.2 87.1% 42.3% 15.6% 15.1%

25.9% -4.1% 95.2% 45.7% 24.5%

5.8% 3.6% 27.3% 18.4% 5.8%

5.3% 4.00% 47.5% 34.5%

5.2% 3.99% 45.4% 34.2%

5.3% 4.00% 46.0% 34.6%

5.1% 4.00% 45.7% 34.3%

9,716.2 4,007.2 0.94% 0.39% 58.8% 1.9%

10,548.7 4,389.1 0.93% 0.39% 58.4% 1.7%

12,716.8 5,082.6 1.09% 0.44% 60.0% 1.9%

13,452.8 5,368.9 1.08% 0.44% 60.1% 1.9%

49.6% 45.5%

5.8% 5.6%

4,213.6 0.4% 2,810.0 2,090.0 720.0 0.29%

4,184.0 0.4% 6,340.0 5,500.0 840.0 0.62%

1,978.9 0.2% 6,080.0 3,910.0 2,170.0 0.56%

1,970.9 0.2% 4,980.0 4,240.0 740.0 0.44%

-54.7%

94.7%

-0.4% -5.9% -18.1% 8.4% -65.9%

1,027,700.0 282,440.0 316,610.0 428,650.0

1,130,810.0 314,770.0 360,750.0 455,290.0

1,164,070.0 330,450.0 362,670.0 470,950.0

1,231,810.0 361,280.0 375,880.0 494,650.0

24.5% 31.0% 22.0% 22.0%

5.8% 9.3% 3.6% 5.0%

38,750.0 15,190.0 288,440.0 64,290.0 21,980.0

40,976.1 16,845.7 300,628.0 70,570.0 26,270.2

43,810.0 19,440.0 305,380.0 73,030.0 29,290.0

46,030.0 21,600.0 318,890.0 75,490.0 32,640.0

28.0% 53.4% 15.8% 28.6% 52.4%

5.1% 11.1% 4.4% 3.4% 11.4%

1,960 1,075 2,065.0

2,036 1,200 1997.1

2,090 1,210 2066.8

2,146 1,250 2117.0

10.9% 20.8% 3.7%

2.7% 3.3% 2.4%

27.5% 30.8% 41.7%

27.8% 31.9% 40.3%

28.4% 31.2% 40.5%

29.3% 30.5% 40.2%

-63.6% 90.8% 90.1%

Source: Choice Broking Research

2

Indusind Bank Ltd.

Banking

IndusB to witness 14.7% equity expansion post merger Indus's outstanding number of shares (mn) SWAP ratio No. of shares issued to BFI shareholders (mn) BFI's outstanding number of shares (mn) Total number of share of merged entity (mn) Equity expansion Impact of merger on valuation (Rs mn) FY18E IndusB's Net Worth 238,544.2 30,166 BFI's Net Worth (market expectation) Merger entity net worth 268,710.2 BVPS of IndusB (standalone), Rs 398.4 BVPS of merged entity Rs 391.2 Change in BVPS (%) -1.8% IndusB's PAT 36,457.0 4,179 BFI's PAT (market expectation) PAT of merged entity 40,636.0 EPS of IndusB (standalone) Rs 60.9 EPS of merged entity, Rs 59.2 Change in EPS (%) -2.8% Warrant of1.9% of expanded equity to be issued to promoters Warrants issued to promoters (mn) 13.1 Revised number of shares of IndusB (mn) 699.9 Revised EPS of merged entity with warrant issue 58.1 Book value of merger entity after warrant issue (considering IndusB's stock price at Rs1,700 for 290,896.5 warrants conversion) BVPS after warrant conversion, Rs 415.6 Change in BVPS (%) 6.2% Particulars (Rs mn) Interest Earned Interest on advance Income on investments Interest on balances with RBI/ Other banks Other Income Interest Expended

Q2FY18 Expected 42,446.9 32,985.5 8,041.3

Q2FY18 Actual 42,083.5 32,902.8 7,679.4

1,168.2

1,108.0

-5.2%

11,662.2

11,875.7

1.8%

24,839.8

23,873.6

FY18E Old New 75,112.8 75,715.6 37,926.1 36,457.0 14,506.5 14,981.1 1,401,971.0 1,401,971.0 1,567,284.2 1,567,284.2

76.7

100.8

339,735.6

401,664.9

485.4 5.0%

573.9 3.9%

Var. (%) Comments -0.9% In line with our estimates -0.3% In line with our estimates -4.5%

Operating Expenditure 13,932.0 13,750.6 Staff cost 4,716.5 4,450.4 Other Operating expenses 8,965.4 9,300.2 Operating Profit 15,337.2 16,335.0 P&C 2,618.0 2,937.5 PAT 8,646.5 8,801.0 Deposits 1,416,350.0 1,414,405.8 Advances 1,233,855.7 1,231,808.2 Gross NPAs 14,052.6 13,452.8 CHANGE IN ESTIMATES (Rs mn) NII PAT GNPA Advances Deposits

598.7 0.639 88.2 138.0 686.9 14.7% FY19E FY20E 280,074.3 334,338.6 37,475 45,140 317,549.3 379,478.6 467.8 558.4 462.3 552.5 -1.2% -1.1% 47,193.3 61,664.0 6,514 8,911 53,707.3 70,575.0 78.8 103.0 78.2 102.7 -0.8% -0.2%

Strong fee income in Q2FY18 Cost of funds declined by 19 -3.9% bps QoQ to 5.13% -1.3% C/I improved in quarter -5.6% 3.7% 6.5% 12.2% Exposure to 6 a/c in 40 NCLT 1.8% -0.1% In line with our estimates -0.2% In line with our estimates -4.3%

Change

FY19E

FY20E

Var. (%) 0.8% -3.9% 3.3% 0.0% 0.0%

Var. (%) 0.0% -2.8% 5.8% 0.0% 0.0%

Var. (%) 0.0% 0.0% 0.0% 0.0% 0.0%

Source: Choice Broking Research

Satish Kumar Sharma | Desk Phone: 022 - 6707 9913 | [email protected]

3

Indusind Bank Ltd.

Banking

Q2FY18 Con-call highlights: • • • • • • • •

Vehicle finance growth is likely to pick up in the second half of this fiscal CASA ratio at 42.3% by Q2FY18 breached the FY20 target of 40%. The management will revise the target after considering the stability in the CASA. Bank is witnessing loan growth benefit from shifting share of PSBs especially in the corporate and commercial banking segment IndusB has exposure to 6 a/c out of 40 a/c under NCLT with exposure of Rs3,850 mn. Bank is carrying 65% of provision against these assets. Security receipt (SR) book stood at Rs4,070 mn by Q2FY18 Saving deposits rate of bank: 0-10 Lakh – 4%, 10 Lakh - 1 cr - 5%, 1cr-10 cr – 5.5% and above 10 cr- 6% 70% of bank’s branches were 2 years old CASA per branches is increasing at higher pace driven by maturing of branches, home market strategy, acquisitions of portfolios and maintaining good relationship with clients.

Valuation: We retain ‘buy’ rating on stock with revised potential price of Rs2,100 (Rs1,780 earlier). At our recommended potential price, the stock is available at FY20E P/ABV multiple at 3.9(x) and FY19E P/ABV multiple at 4.7(x). P/ABV Valuation Adjusted BVPS (Rs) Valuation Parameters P/ABV (x)

FY16 288.3

FY17 334.7

FY18E 384.1

FY19E 449.3

FY20E 534.9

3.92

P/ABV (x)

Avg. P/ABV (x)

5.5 5.0 4.5 4.0 3.5 3.0

Source: Choice Broking Research

4

2-Nov-17

2-Oct-17

2-Sep-17

2-Aug-17

2-Jul-17

2-Jun-17

2-May-17

2-Apr-17

2-Mar-17

2-Feb-17

2-Jan-17

2-Dec-16

2-Nov-16

2-Oct-16

2-Sep-16

2-Aug-16

2-Jul-16

2-Jun-16

2-May-16

2-Apr-16

2-Mar-16

2-Feb-16

2.5

Indusind Bank Ltd.

Banking Financial statements (Standalone, Rs mn) Profit And Loss Statement Particulars Interest Income Growth (%) Interest Expended Growth (%) Net Interest Income Net Interest Margin Other Income % of Interest Income Total Income Growth (%) Operating expenses Pre-Prov. Operating Profit P&C (incl NPA) P&C % of Advances Operating Profit before Tax Growth (%) Pre-tax Margin % Tax % of PBT Reported PAT Net Profit Margin % Extrodinary Income Adjusted PAT Growth (%)

FY16 115,806.6 19.5% 70,640.9 12.6% 45,165.7 3.9% 32,596.8 28.1% 77,762.5 33.5% 36,348.3 41,414.2 6,721.6 0.8% 34,692.6 28.1% 44.6% 11,828.1 34.1% 22,864.5 29.4% 0.0 22,864.5 27.5%

FY17 142,903.3 23.4% 82,277.3 16.5% 60,626.0 4.1% 41,714.9 29.2% 102,340.9 31.6% 47,830.8 54,510.1 10,913.3 1.0% 43,596.8 25.7% 42.6% 14,917.9 34.2% 28,678.9 28.0% 0.0 28,678.9 25.4%

FY18E 176,099.0 23.2% 100,383.3 22.0% 75,715.6 4.1% 50,798.2 28.8% 126,513.9 23.6% 57,795.8 68,718.1 13,202.6 0.9% 55,515.5 27.3% 43.9% 19,058.5 34.3% 36,457.0 28.8% 0.0 36,457.0 27.1%

Balance Sheet FY16 FY17 FY18E ASSETS Cash and balance with 45,210.4 77,487.5 91,800.4 Reserve Bank of India…….. Balances with banks and money at call and short 55,908.5 108,790.8 96,204.8 notice Investments 340,543.1 367,021.4 510,308.7 Advances 884,190.0 1,130,810. 1,401,971.0 Fixed assets 12,553.3 13,352.4 14,593.8 Other assets 90,561.4 89,022.8 127,275.2 TOTAL ASSETS 1,428,966.7 1,786,484 2,242,154.0 CAPITAL AND LIABILITIES Capital Reserves and Surplus Deposits Borrowings Other liabilities and provisions TOTAL CAPITAL AND LIABILITIES…...……

FY19E 223,611.0 27.0% 126,264.4 25.8% 97,346.6 4.2% 61,776.0 27.6% 159,122.6 25.8% 72,936.0 86,186.5 15,722.8 0.9% 70,463.7 26.9% 44.3% 23,270.4 33.0% 47,193.3 29.7% 0.0 47,193.3 29.4%

FY20E 272,291.0 21.8% 153,872.9 21.9% 118,418.1 4.2% 75,104.7 27.6% 193,522.8 21.6% 83,033.7 110,489.1 18,993.0 0.8% 91,496.1 29.8% 47.3% 29,832.0 32.6% 61,664.0 31.9% 0.0 61,664.0 30.7%

FY19E

FY20E

108,916.7

137,066.3

110,598.4

53,342.7

629,523.2 1,774,060.2 16,519.6 168,422.5 2,808,040.7

795,856.7 2,241,145.5 18,136.2 187,007.1 3,432,554.4

5,950.0 5,982.0 5,982.0 5,982.0 5,982.0 171,010.0 200,480.0 232,562.2 274,092.3 328,356.6 930,000.0 1,265,722. 1,567,284.2 1,968,663.1 2,434,031.4 249,958.6 224,536.9 315,692.9 412,343.2 481,309.3 72,048.1

89,763.8 120,632.7

146,960.1

182,875.0

1,428,966.7 1,786,484 2,242,154.0 2,808,040.7 3,432,554.4

Financial Ratios Return / Profitability Ratios (%) Net interest margin Yield on advances Yield on investments (ex. trading profit) EPS (Diluted) (Rs) RoA RoE Cost of Deposits Operating ratios (%) Credit to Deposit Cost to income CASA Investment / Deposit Non interest income / Total income Capitalization Ratios (%) Equity / Assets Loans / Assets Investments / Assets Dividend payout Capital adequacy (%) Tier-1 capital adequacy ratio Tier-2 capital adequacy ratio Total capital adequacy ratio (Basel III) Asset Quality ratios (%) Gross NPA Net NPA Coverage Ratio Slippage Ratio Per Share Data (Rs) EPS (Diluted) DPS BVPS Adjusted BVPS Valuation ratios (x) P/E (x) P/BV (x) P/ABV (x) Growth ratios (%) Advances Deposits Net interest income Interest income PAT Business ratios Profit per branch (Rs mn) Business per branch (Rs mn)

FY16 FY17 FY18E

FY19E

FY20E

3.9% 4.1% 4.1% 11.8% 11.4% 10.7%

4.2% 11.0%

4.2% 10.5%

6.4% 6.7%

7.6%

7.2%

7.3%

38.0 47.5 1.8% 1.8% 16.1% 15.0% 6.8% 6.3%

60.2 1.8% 16.4% 5.9%

78.0 1.9% 18.2% 5.9%

101.9 2.0% 20.1% 5.7%

95.1% 89.3% 46.7% 46.7% 35.2% 36.9% 36.6% 29.0%

89.5% 45.7% 39.3% 32.6%

90.1% 45.8% 42.0% 32.0%

92.1% 42.9% 44.9% 32.7%

41.9% 40.8% 40.2%

38.8%

38.8%

12.4% 11.6% 61.9% 63.3% 23.8% 20.5% 11.9% 12.6%

10.6% 62.5% 22.8% 10.0%

10.0% 63.2% 22.4% 10.0%

9.7% 65.3% 23.2% 10.0%

15.2% 14.7% 13.7% 0.6% 0.6% 0.6%

13.3% 0.6%

13.1% 0.6%

15.8% 15.3% 14.3%

13.9%

13.6%

0.9% 0.9% 0.4% 0.4% 56.8% 58.4% 1.1% 1.4%

1.1% 0.4% 59.7% 1.4%

1.1% 0.5% 60.5% 1.4%

1.2% 0.5% 61.1% 1.3%

38.0 47.5 60.2 4.5 6.0 6.0 293.8 342.0 394.1 288.3 334.7 384.1

78.0 7.8 462.7 449.3

101.9 10.2 552.4 534.9

44.0 5.7 5.8

27.7 4.2 4.3

21.4 3.6 3.7

16.4 3.0 3.1

24.0% 23.8% 24.9% 23.2% 27.1%

26.5% 25.6% 28.6% 27.0% 29.4%

26.3% 23.6% 21.6% 21.8% 30.7%

35.2 4.9 5.0

28.5% 27.9% 25.4% 36.1% 32.1% 34.2% 19.5% 23.4% 27.5% 25.4%

22.9 23.9 26.0 27.8 30.8 1,814. 1,997. 2,120.9 2,201.6 2,337.6 2 1 Source: Choice Broking Research

© CHOICE INSTITUTIONAL RESEARCH

5

Choice’s Rating Rationale The price target for a large cap stock represents the value the analyst expects the stock to reach over next 12 months. For a stock to be classified as Outperform, the expected return must exceed the local risk free return by at least 5% over the next 12 months. For a stock to be classified as Underperform, the stock return must be below the local risk free return by at least 5% over the next 12 months. Stocks between these bands are classified as Neutral. BUY

Absolute Return >15%

Accumulate

Absolute Return Between 10-15%

Hold

Absolute Return Between 0-10%

Reduce

Absolute Return 0 To Negative 10%

Sell

Absolute Return > Negative 10% IndusB

Recommended Potential Price

2,000 1,500 1,000

es

500

2-Nov-17

2-Oct-17

2-Sep-17

2-Aug-17

2-Jul-17

2-Jun-17

2-Apr-17

2-May-17

2-Feb-17

2-Mar-17

2-Jan-17

2-Dec-16

2-Nov-16

2-Oct-16

2-Sep-16

2-Jul-16

2-Aug-16

2-Jun-16

2-Apr-16

2-May-16

2-Mar-16

2-Feb-16

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