22/4/2025, 1:05:05 pm

Buy HDFC Bank; target of Rs 2300: Sharekhan

HDFC Bank reported decent Q4FY25 earnings, with NIM rising as a key positive. Asset quality stayed strong. The RBI's 50bps rate cut may pressure future NIMs. Deposits grew well, while loan growth was modest, lowering LDR to 96.5%. The bank is set for FY26E credit growth. It trades at 2.2x/1.9x FY2026E/FY2027E book values. BUY maintained with a target of Rs. 2,300.