BQ Blue's special research section collates quality and in-depth equity and economy research reports from across India's top brokerages, asset managers and research agencies. These reports offer BloombergQuint's subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Prabhudas Lilladher Report
Axis Bank Ltd.'s profit after tax of Rs 21.6 billion (our estimate: Rs 23.9 billion) saw a miss (high growth YoY given low base) with elevated provisions.
Core pre provision operating profit grew by 13% y-o-y on back of rebound in other income (fees) and controlled opex with de-growth of 8% QoQ.
Axis Bank's slippages of ~Rs 60 billion plus has been on higher side and should start subsiding materially in H2 FY22.
Provision coverage ratio of 69%, better growth and tech initiatives should reflect in balance sheet ahead.
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