Hot Chips - IDFC
Ali On Content / 22 Jun 2009
For FY09, the company has been able to register a decent topline growth. As per a leading broker, the counter could be considered for medium to long-term investment with a target price of Rs 165.
IDFC
BSE Code: 532659
Volume: 38755852
CMP: 135.20
With a stable government at the centre that is expected to pay special attention to infrastructure development, a company like the IDFC can be banked upon to be one of the beneficiaries from such proactive policies. For FY09, the company has been able to register a decent topline growth. However, its bottomline grew marginally owing to unfavourable industry conditions. IDFC recorded a growth of 33 per cent in its NII due to a rise in its infrastructure lending and treasury income.
The asset management business recorded a massive YoY growth of 314 per cent despite all odds. Meanwhile, in spite of the rise in the costs for FY09, IDFC managed to improve its spread by 20 basis points. The net NPAs for IDFC stood at 0.2 per cent and that’s quite noteworthy. As per a leading broker, the counter could be considered for medium to long-term investment with a target price of Rs 165.
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