Axis Bank

₹1029.1 4 | 0.4%

WEBSITE BSE:532215 NSE : AXIS BANK 28 Sep, 16:01

Market Cap ₹316850 Cr.

Stock P/E 25.3

P/B 2.3

Current Price ₹1029.1

Book Value ₹ 440

Face Value 2

52W High ₹1047.5

Dividend Yield 0.1%

52W Low ₹ 710.9

Edit Ratio

Axis Bank Research see more...

Equity Research Report: Axis Bank-Q4FY23

Equity Research Report: Axis Bank

Equity Research: Axis Bank Ltd

Overview Inc. Year: 1993Industry: Bank - Private

Axis Bank Limited (the Bank) gives commercial banking operations for retail and corporate customers. The Bank's segments consist of Treasury, Retail Banking, Corporate/Wholesale Banking and Other Banking Business. Its Treasury operations consist of investments in sovereign and company debt, equity and mutual funds, trading operations, derivative buying and selling and forex operations on the proprietary account and for clients. Its Retail Banking constitutes lending to individual people/small companies and activities include legal responsibility products, card services, Internet banking, mobile banking and financial advisory offerings, among others. Its Corporate Banking includes company relationships not covered under Retail Banking, company advisory offerings, placements and syndication, venture value determinations, capital market associated services and cash management services. Its Other Banking Business includes para banking activities, such as third party product distribution and banking transactions.

Axis Bank Share Price

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Peer Comparison

Axis Bank Quarterly Results

#(Fig in Cr.)	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023
Interest Earned	15840	16302	16683	17653	18209	19193	20783	22843	24630	26246
Other Income	5188	3984	4284	4438	4792	3493	4476	5241	5496	5648
Total Income	21028	20285	20967	22091	23001	22686	25259	28084	30126	31894
Interest Expense	8128	8367	8598	8795	9162	9565	10150	11094	12580	13972
Operating Expenditure	5620	5177	6065	6631	6952	6855	6989	7225	7900	8671
Provisions and contingencies	3324	3557	1763	1363	984	384	547	1446	308	1060
Operating Profit	3957	3184	4542	5301	5903	5883	7573	8319	9336	8192
Profit Before Tax	3957	3184	4542	5301	5903	5883	7573	8319	-3153	8192
Provision for Tax	997	809	1159	1328	1469	1494	1947	2110	2218	2093
Profit After Tax	2960	2375	3383	3973	4434	4389	5625	6209	-5371	6099
Adjustments	-19	-18	5	-16	-16	-9	-13	-22	9	-8
Profit After Adjustments	2941	2357	3388	3957	4418	4381	5612	6187	-5362	6091
Adjusted Earnings Per Share	9.6	7.7	11	12.9	14.4	14.3	18.3	20.1	-17.4	19.8

Axis Bank Profit & Loss

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
Interest Earned	27202	30736	35727	41409	45175	46614	56044	63716	64397	68846	87448	94502
Other Income	6833	7766	8838	9955	12422	11863	14189	16342	13577	17268	18706	20861
Total Income	34035	38502	44566	51364	57597	58477	70232	80058	77974	86114	106155	115363
Interest Expense	17513	18703	21341	24344	26789	27604	33883	37996	34627	34923	43389	47796
Operating Expenditure	7141	8210	9610	10611	12726	14788	16720	18066	19175	24824	41227	30785
Provisions and contingencies	1756	2110	2330	3719	12128	15519	12037	18716	14422	7438	2917	3361
Operating Profit	7625	9480	11284	12690	5954	566	7592	5280	9750	18929	18621	33420
Profit Before Tax	7625	9480	11284	12690	5954	566	7592	5280	9750	18929	18621	20931
Provision for Tax	2391	3171	3836	4332	1987	102	2545	3401	2498	4765	7769	8368
Profit After Tax	5234	6309	7448	8358	3967	464	5047	1879	7252	14164	10853	12562
Adjustments	113	1	-1	-8	-14	-8	-9	-26	-57	-45	-34	-34
Profit After Adjustments	5347	6310	7448	8350	3953	456	5039	1853	7196	14119	10818	12528
Adjusted Earnings Per Share	22.9	26.9	31.4	35	16.5	1.8	19.6	6.6	23.5	46	35.2	40.8

Growth Rates

#	1 Year	3 Year	5 Year	10 Year
Sales CAGR	27%	11%	13%	12%
Operating Profit CAGR	-2%	52%	101%	9%
PAT CAGR	-23%	79%	88%	8%

#	1 Year	3 Year	5 Year	10 Year
Share Price CAGR	44%	33%	11%	18%
ROE Average	9%	10%	8%	11%
ROCE Average	9%	9%	8%	10%

Axis Bank Balance Sheet

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Shareholder's Funds	33158	38396	44950	53559	56380	64207	67803	86340	103594	118261	129782
Minority's Interest	13	13	31	39	61	70	85	114	174	261	393
Deposits	252149	280541	322244	358302	414983	455658	550746	642157	698303	821165	945825
Borrowings	44105	52739	84394	113848	112455	155767	161250	155180	152249	199778	206214
Other Liabilities & Provisions	11133	14661	15625	20639	27583	28002	34163	44080	46686	56314	62205
Total Liabilities	340558	386350	467243	546387	611462	703703	814046	927872	1001005	1195779	1344418
Cash and balance with RBI	14792	17041	19819	22361	30858	35481	35099	84959	51809	94035	66118
Bank Balance	5708	11541	16673	11342	20108	8430	32905	12841	11616	18309	42590
Investments	113378	113093	118527	131399	129018	153037	174056	155282	225336	274608	288095
Advances	196990	232382	284449	344663	381165	449844	506656	582959	625750	725376	868388
Fixed Assets	2245	2346	2447	3358	3518	3697	3842	3912	4211	4464	4710
Other Assets	7302	9846	25224	33048	46503	52863	61200	87437	82165	78772	74375
Total Assets	340558	386350	467243	546387	611462	703703	814046	927872	1001005	1195779	1344418

Axis Bank Cash Flow

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Opening Cash & Cash Equivalents	13934	20500	28582	36492	33703	50966	43911	68004	97800	63424	112344
Cash Flow from Operating Activities	2573	14464	-15163	-34495	32209	-38390	37125	30416	12633	28137	22075
Cash Flow from Investing Activities	-11332	-14057	-7912	9225	-12443	-10047	-18691	-9659	-54195	-27232	-32694
Cash Flow from Financing Activities	14931	7785	31045	22495	-2487	41342	5643	8865	7279	47894	6641
Net Cash Inflow / Outflow	6173	8191	7970	-2775	17279	-7095	24076	29622	-34283	48799	-3979
Closing Cash & Cash Equivalent	20500	28582	36492	33703	50966	43911	68004	97800	63424	112344	108708

Axis Bank Ratios

#	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Earnings Per Share (Rs)	22.85	26.86	31.42	35.04	16.51	1.78	19.59	6.57	23.49	45.99	35.16
CEPS(Rs)	23.9	28.45	33.19	37.01	18.76	4.11	22.49	9.52	26.86	49.55	77.99
DPS(Rs)	3.6	4	4.6	5	5	0	1	0	0	1	1
Book NAV/Share(Rs)	141.72	163.44	189.62	224.77	235.41	250.17	263.65	305.99	338.13	384.75	420.42
Yield on Advances	13.81	13.23	12.56	12.01	11.85	10.36	11.06	10.93	10.29	9.49	10.07
Yield on Investments	7.39	7.7	8.01	7.97	10	7.44	6.99	8.67	6.62	5.76	6.24
Cost of Liabilities	5.91	5.61	5.25	5.16	5.08	4.51	4.76	4.77	4.07	3.42	3.77
NIM (Net Interest Margin)	2.93	3.22	3.27	3.35	3.28	2.94	2.96	3.08	3.26	3.05	3.48
Interest Spread	7.9	7.61	7.31	6.86	6.77	5.85	6.3	6.16	6.22	6.07	6.3
ROA(%)	1.67	1.74	1.75	1.65	0.69	0.07	0.67	0.22	0.75	1.29	0.85
ROE(%)	18.75	17.63	17.87	16.97	7.22	0.77	7.65	2.44	7.64	12.78	8.77
ROCE(%)	15.13	15.14	14.08	12.48	7.79	4.62	7.9	5.89	7.16	9.47	9.26
PER(x)	11.39	10.87	17.84	12.69	29.74	286.82	39.61	57.75	29.7	16.54	24.41
Price/Book(x)	1.84	1.79	2.96	1.98	2.08	2.04	2.94	1.24	2.06	1.98	2.04
Dividend Yield(%)	1.38	1.37	0.82	1.12	1.02	0	0.13	0	0	0.13	0.12
EV/Net Sales(x)	3.86	3.95	6.08	5.31	5.09	6.15	6.44	4.12	5.68	6.29	5.38
EV/Core EBITDA(x)	11.19	10.47	15.96	13.39	12.72	17.81	18.38	10.93	15.14	16.43	21.84
Interest Earned Growth(%)	23.67	12.99	16.24	15.9	9.09	3.19	20.23	13.69	1.07	6.91	27.02
Net Profit Growth	24.07	20.55	18.06	12.21	-52.53	-88.3	987.68	-62.78	286.02	95.31	-23.38
Advances Growth	16.04	17.97	22.41	21.17	10.59	18.02	12.63	15.06	7.34	15.92	19.72
EPS Growth(%)	11.89	17.54	16.97	11.53	-52.9	-89.24	1003.2	-66.48	257.61	95.84	-23.56
Loans/Deposits(x)	17.49	18.8	26.19	31.77	27.1	34.19	29.28	24.17	21.8	24.33	21.8
Cash/Deposits(x)	0.06	0.06	0.06	0.06	0.07	0.08	0.06	0.13	0.07	0.11	0.07
Current Ratio(x)	0.45	0.4	0.37	0.37	0.31	0.34	0.32	0.24	0.32	0.33	0.3
Quick Ratio(x)	17.49	18.8	26.19	31.77	27.1	34.19	29.28	24.17	21.8	24.33	21.8
CASA %	44.41	45.06	44.76	47.25	51.22	53.49	44.18	41.01	45.44	44.98	47.12

Axis Bank Shareholding Pattern

#	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023
Promoter	13.25	11.39	11.35	9.5	9.49	9.49	9.48	7.98	7.96	7.95
FII	50.16	51.15	50.11	46.4	45.94	45.55	45.16	48.18	47.86	50.48
DII	22.69	23.65	24.7	29.55	29.85	30.77	31.59	30.7	31.23	29.04
Public	11.4	11.26	11.37	12.36	12.46	11.98	11.7	10.56	10.54	9.62
Others	2.5	2.55	2.47	2.19	2.26	2.21	2.07	2.58	2.42	2.91
Total	100	100	100	100	100	100	100	100	100	100

#	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023
Promoter	40.59	34.92	34.8	29.14	29.14	29.14	29.14	24.55	24.49	24.49
FII	153.68	156.78	153.68	142.34	141.01	139.9	138.74	148.14	147.26	155.48
DII	69.52	72.5	75.73	90.65	91.64	94.52	97.05	94.41	96.09	89.42
Public	34.93	34.5	34.88	37.92	38.24	36.79	35.94	32.46	32.42	29.62
Others	7.65	7.82	7.57	6.72	6.94	6.79	6.37	7.93	7.44	8.97
Total	306.37	306.53	306.66	306.77	306.97	307.14	307.23	307.5	307.69	307.97

Pros

Company has delivered good profit growth of 87% CAGR over last 5 years

Cons

Promoter holding is low: 7.95%.
Company has a low return on equity of 10% over the last 3 years.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.