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Anand Rathi Report
With steady loan growth, higher treasury income and favorable asset quality, Axis Bank Ltd. reported 17% profit after tax growth QoQ. Deeper branch penetration, focus on granularisation and an agile management would drive ~17% operating profit growth over FY24-26.
Due to greater consistency, we retain a 'Buy'. At our target price, the stock would trade at 1.8 times price/book value on its FY26e book unchanged, with the subsidiaries valued at Rs 57 a share.
Risks:
Lumpy growth in deposits; higher-than-expected capital usage.
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