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Karur Vysya Bank: Improvement continues, ripe for re-rating

The stock of Karur Vysya Bank offers immense upside because of a valuation rerating once the current market volatility gives way to stability

May 23, 2022 / 09:08 AM IST
Karur Vysya Bank: Improvement continues, ripe for re-rating

PRO Only Highlights
Quarterly performance largely backed by improved realisations
Medium-term triggers China plus and protectionist measures for tyre industry
Valuations not inexpensive; but improved medium-term outlook

Karur Vysya Bank (KVB, CMP: Rs 44.5 M Cap: Rs 3,560 crore) saw a steady improvement in all operating parameters in Q4 FY22 — be it asset quality, interest margin, or business growth. The guidance for FY23 seems achievable in the context of the improved performance. The stock has underperformed the Nifty and the Bank Nifty in the past six months, despite the improved show, thereby making the valuation extremely attractive at 0.4X FY24e adjusted book. We see enough...

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