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Banks: IndusInd Bank (INBK.BO, Buy, on our Conviction List)
• While current valuations reflect a turnaround, we believe there is scope for more potential upside on high growth/restructuring. We estimate
550 branches by FY13E vs. the current 224 (company is targeting 700, our estimate is lower than guidance as we take into account risks on
execution and RBI granting licenses)
• We believe the focus from here is to: (1) increase retail/ low-cost liabilities (CASA ratio at 35.7% by FY2013E), (2) cross-sell fee income
products (CAGR 30%) and (3) grow loans at 32% yoy vs. industry growth of 18%-20%
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