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    Axis Bank: Welcome caution in troubled times

    Madhuchanda Dey
    April 29, 2020 / 05:30 PM IST
    Axis Bank: Welcome caution in troubled times

    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

    Highlights - Asset quality improves in Q4FY20 but troubles ahead - Substantial provisions led to losses in Q4 - Business parameters healthy; traction in deposits and granular retail advances - De-risking of book in the past should yield good results - FY21 to be soft, but will emerge stronger post crisis - Accumulate gradually on deep cuts in the market Axis Bank (CMP: Rs 455, Market cap: Rs 128,548 crore) showed its prudence by creating significant provisions for probable COVID-19 led asset quality stress and reported a...

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