For Q3FY21, Axis Bank posted a mixed set of results on the operating front as profits were slightly below our estimates owing to higher opex and provisions. Asset quality saw a small blip but the bank has sufficient provisions to absorb any shock and smoothen earnings. Asset quality performance was slightly weak though headline NPA numbers showed improvement, due to Supreme Court order. Proforma NPA increased sequentially reflecting true picture with proforma GNPA and NNPA increasing 27 bps and 16 bps QoQ to 4.55% & 1.19%, respectively....