Buy IDFC, target price Rs 92: Axis Securities

Axis Securities has buy call on IDFC with a target price of Rs 92. The current market price of IDFC Ltd. is Rs 76.4 .

IDFC Ltd., incorporated in the year 1997, is a Mid Cap company (having a market cap of Rs 12189.25 Crore) operating in Term Lending Institutions sector.

IDFC Ltd. key Products/Revenue Segments include Interest for the year ending 31-Mar-2021.


Financials
For the quarter ended 30-06-2022, the company reported a Consolidated Total Income of Rs 22.37 Crore, up 292.46 % from last quarter Total Income of Rs 5.70 Crore and down -79.95 % from last year same quarter Total Income of Rs 111.56 Crore. Company reported net profit after tax of Rs 29.24 Crore in latest quarter.


Investment Rationale
Multi-months resistance breakout at 70 levels and sustaining above 20,50, 100 and 200 Day SMAs.

Promoter/FII Holdings
Promoters held 0 per cent stake in the company as of 30-Jun-2022, while FIIs owned 20.58 per cent, DIIs 12.49 per cent.