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Over 50% surge in Q3 profit! Should you buy shares of these performers?

Over 50% surge in Q3 profit! Should you buy shares of these performers?

Brokerage LKP Securities is positive on IndusInd Bank with a target price of Rs 1,473, indicating an upside of 21 per cent from the current market price of Rs 1,210. “Core operating performance of the Indusind Bank remains healthy. A higher contingent buffer is likely to safeguard the bank from credit disruption from various restructuring schemes,” the brokerage said in a report.

Private sector lenders IndusInd Bank and The Federal Bank also posted over a 50 per cent rise in their bottom line figures during the quarter under review. Private sector lenders IndusInd Bank and The Federal Bank also posted over a 50 per cent rise in their bottom line figures during the quarter under review.

A couple of companies from across the sectors have managed to report over 50 per cent growth in their net profit for the quarter ended December 2022 and market analysts are bullish on some of them despite the ongoing uncertainty in the global market.

Starting with popular names in the list, public sector lender Bank of Maharashtra posted around 151 per cent year-on-year (YoY) rise in consolidated net profit at Rs 776.81 crore in Q3FY23. Private sector lenders IndusInd Bank and The Federal Bank also posted over a 50 per cent rise in their bottom line figures during the quarter under review.

Brokerage LKP Securities is positive on IndusInd Bank with a target price of Rs 1,473, indicating an upside of 21 per cent from the current market price of Rs 1,210. “Core operating performance of the Indusind Bank remains healthy. A higher contingent buffer is likely to safeguard the bank from credit disruption from various restructuring schemes,” the brokerage said in a report.

On the other hand, Axis Securities is bullish on The Federal Bank with a target price of Rs 170. Shares of the lender traded at Rs 136 in the afternoon trade on January 20. “Federal Bank remains our most preferred pick amongst mid-sized banks with credit growth visibility remaining strong, well-managed asset quality and improving profitability,” Axis Securities said.

The net profit of Just Dial also zoomed 288.45 per cent to Rs 75.32 crore in Q3FY23. Surya Roshni and Indiamart Intermesh posted 121 per cent and 60.68 per cent, respectively, jump in the bottom line for the quarter ended December 31, 2022.

While sharing its view on Indiamart Intermesh, ICICI Securities said the company is likely to deliver a strong revenue growth trajectory over FY23-FY25E. It is a potential key beneficiary of the strong growth in B2B e-commerce expected over the next few years. ICICI Securities has set a target price of Rs 6,000 for Indiamart Intermesh. Shares of the company traded 1.23 per cent up at Rs 4,531 in the afternoon trade on January 20, while the benchmark BSE Sensex was down 38 points at 60,820.

Net profit of 5Paisa Capital spiked 1,383 per cent to Rs 11.02 crore in Q3FY23 from Rs 0.74 crore in Q3FY22. Anant Raj, Goa Carbon and Stylam Industries also reported 286 per cent, 57 per cent and 54 per cent, respectively, rise in their net profits in Q3FY23.

Also read: Hindustan Zinc shares hit hard as co buys Vedanta's Zinc Int'l assets. Expensive deal, say analysts

Also read: Coforge shares rise 7% after Q3 profit beats expectations

Published on: Jan 20, 2023, 12:40 PM IST
Posted by: Tarab Zaidi, Jan 20, 2023, 12:37 PM IST
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