Axis bank's earnings of Rs11.1bn was inline (PLe:10.9bn) mainly driven by NII growth of 19.5% YoY and relatively lower provisioning. Important data point to note was trackable moratorium book was only 9% of loans v/s 2528% in last quarter with basic difference that morat 2.0 was on selected basis v/s opt out in most business segments. Bank has collected for 80% of customer from morat 1.0 which is basically on June dues as Mar-May have been adjusted in respective tenures, while the rest 20% are being collected or will move according to dpd. Tail risks are high from Morat 2.0, few collections from morat 1.0 and those have been given adjustments in tenure...