Sharekhan's research report on Axis Bank
Operational performance was in line with expectations; PAT hit by elevated provisions and slower growth in advances. Asset quality improved q-o-q; front-loading of Provisions (on proforma basis) augurs well for long term; aggregate basis provision coverage is at 116% of GNPA. Management’s growth commentary on FY22E growth offers confidence; stock trades at 2x / 1.8x FY2022E / FY2023E ABVPS.
We maintain a Buy rating on stock with a revised price target (PT) of Rs. 800.
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