Karur Vysya Bank: Valuation deserves a closer look

Karur Vysya Bank's valuation offers downside support

June 25, 2021 / 08:26 AM IST
Karur Vysya Bank: Valuation deserves a closer look

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 51, M Cap: Rs 4072 crore) has underperformed Nifty as well as the Bank Nifty in the past four months, although the result of the final quarter of FY21 was better than anticipated, especially on the asset quality front. The concern about the underperformance centres around two issues — Is the possible higher stress on small businesses, due to the second Covid wave, keeping investors on tenterhooks? Or is it the sticky cost structure...

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