Buy IDFC, target price Rs 59: Yes Securities

Yes Securities has buy call on IDFC with a target price of Rs 59.0. The current market price of IDFC is Rs 52.15.
IDFC Ltd., incorporated in the year 1997, is a Mid Cap company (having a market cap of Rs 8325.01 Crore) operating in Term Lending Institutions sector.

Financials
For the quarter ended 31-12-2020, the company reported a Consolidated Total Income of Rs 106.18 Crore, up 15.99 % from last quarter Total Income of Rs 91.54 Crore and down -12.63 % from last year same quarter Total Income of Rs 121.53 Crore. Company reported net profit after tax of Rs 23.15 Crore in latest quarter.

Investment Rationale
With a sustained move above short-term averages, the stock has witnessed a positive breakout through the recent consolidation. Positive follow-up action could continue the ongoing rally.