For Q3FY2019, Axis Bank reported PAT of 1,681 Cr, which is the highest in past 11 quarters. This was supported by steady NII growth (18.4% yoy), and recovery of `998cr from written off accounts. Outlook & Valuation: Axis Bank currently trades at 2.1x its FY2021E price to book value (after adjusting value of subsidiaries). We