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6 Indian Growth Stocks With Upside: Analysts

Stocks in this article: HDB IBN SLT RDY WNS IGTE

2. HDFC Bank (HDB - Get Report) is one of the biggest private sector banks focusing on retail, wholesale and treasury operations.

HDFC Bank's net profit increased 33% year-over-year in the December quarter, largely driven by income growth and lower provisioning. Loan advances grew 33% year-over-year.

Despite a 10 basis point year-over-year decline, margins remained healthy at 4.2%, supported by low-cost deposit franchises. However, margins could face some pressure, as the bank has to expand its deposit base.

Provisioning expenses were under control and coverage ratio improved to 81%. Asset quality remained healthy and continued to improve, gross and net non-performing loan ratios improved sequentially. Restructured assets stood at 0.3% of loan book.

The stock delivered 25% gains during the last one year. Analysts' consensus estimates project a 30% upside from current level. The stock is trading 3.8 times its estimated 2012 book.

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