Over the past few years, Axis Bank has proven its competitive advantages over other private banks through well-managed low-cost deposit franchisees, better geographical diversification and higher fee income generation capabilities along with well-managed asset quality. We believe strong growth in core earnings along with better loan underwriting will help the bank to come out of current challenging scenario. We have introduced FY18E estimates for the bank and expect PAT of Rs97bn and Rs114bn in FY17E and FY18E, respectively. Further, we have reduced our adjusted book value estimates due to sharp increase in net NPA along with increase in exposure...