Buy

Axis Bank (Axis) reported ~13% rise in Q4FY25 net profit to INR 71.2bn (flattish YoY; 8% beat) on the back of ~2% rise in PPOP (in-line). Provisions declined sharply, led by INR 8bn reversals on government-backed SR.

SBI Life reported an impressive performance for Q4FY25/FY25 with VNB margin at 30.5%/27.8%, respectively, clocking in 7.2% VNB growth for FY25.

Axis Bank reported Q4FY25 results slightly below our estimates in terms of advances growth (marginal miss by 0.5%), mainly due to slow growth in the retail advances. However, deposits reported an improvement with a growth of 7% QoQ (1.2% above our estimates).

We maintain our BUY recommendation on the stock

We maintain our BUY recommendation on the stock

We maintain our BUY rating on the stock.

We maintain our BUY recommendation on the stock.

We remain optimistic about the company's long-term prospects. With a 10% upside potential from the CMP, we maintain our BUY rating on the stock.

Moderate APE growth of 2% YoY in Q4FY25, 9% YoY in FY25; while VNB margins expand ~200bps YoY in Q4

4QFY25 sales were in line, but EBITDA 2% ahead of Bloomberg consensus