Axis Bank posted a loss of Rs.1.12bn due to a one-time impact of deferred tax asset (DTA) in the P&L; on account of corporate tax rate cut. Adjusted for DTA; PAT would have grown by 157% YoY to Rs.20.26bn. NII grew by 17% YoY led by improvement in NIMs at 3.51% (highest in last 9 quarters). PPoP has grown significantly, driven by 45% YoY growth in noninterest income. Gross slippages came in as a key negative, given the quantum was a 5-Qtr high figure at Rs49.8bn; however decline in BB & Below book was positive. With most of the asset quality issues behind and senior management in place, we remain confident of the structural growth story of the bank. Hence, we retain our BUY rating on the stock and revise...