Axis Bank Ltd. share price target

Despite slower credit growth at 14% YoY/3.5% QoQ, Axis Bank reported 5bps
QoQ margin expansion, mainly on a contained rise in CoF and steady increase
in share of retail portfolio. This, along with higher trading gains, partly offset
by elevated opex & provision, led to a 5% beat on PAT at Rs71.3bn.

Driven by NIM uptick (vs. our estimate of decline), bulky treasury gains and contained opex, Axis Bank (Axis) reported a strong Q4FY24 PAT of INR 71.3bn. Reported RoA came in at a historical high of 2.0%, while asset quality remained comfortable.

Improvement in NIM & other income; poised for growth

POWERIND: In-line quarter but valuations overdone; cut to SELL. FY25 Budget Preview: Focus to remain on consolidation. KMB: NIM intact QoQ; higher provisions dull profits. AXSB: Profits subdued despite strong business growth. HAVL: Slow quarter but summer could bring cheer; maintain BUY. KEII: Decent quarter; maintain HOLD. JKCE: Healthy performance but priced in. GLS: Strong margins make up for subdued revenue growth

Steady set of numbers