Sharekhan's research report on Axis Bank
The analyst meet gave confidence that Axis Bank’s risk framework and cultural changes in the last few years are likely to ensure resiliency through cycles and help in becoming an all-weather franchise. Bank is confident of growing franchise sustainably with a clear focus on identifying the right opportunities with better risk-adjusted returns through cycles with consistent market share gains. Key message was that the bank is looking to compete in the market with the strategy of customer obsession and empowering employees along with relentless focus on execution. We see Axis Bank as a strong player in this leg of the cycle.
Outlook
We maintain a Buy with an unchanged PT of Rs. 1,140. Stock trades at 1.9x/1.6x its FY2024E/FY2025E core BV estimates.
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