External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

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External broker reports(aggregated public sources)

Axis Bank’s Toxic Call to Staff to Fight, Abuse, and Undermine One Another in Pursuit of Business

Equity Bottom-Up

<p>We tweak our FY22 and FY23 earnings forecasts by 3% and 5% respectively to factor in the rising pricing power on both sides of the balance sheet. Maintain BUY with a revised TP of INR 825 (earlier INR 758). Having further stabilised both sides of the balance sheet during a year marred by a pandemic and lockdowns, Axis Banks FY21 annual report points at a franchise that is selectively upping its tech investments (79% growth in spend over 24m), which is reflecting in its enhanced business productivity.</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

We tweak our FY22 and FY23 earnings forecasts by 3% and 5% respectively to factor in the rising pricing power on both sides of the balance sheet. Maintain BUY with a revised TP of INR 825 (earlier INR 758). Having further stabilised both sides of the balance sheet during a year marred by a pandemic and lockdowns, Axis Banks FY21 annual report points at a franchise that is selectively upping its tech investments (79% growth in spend over 24m), which is reflecting in its enhanced business productivity.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

アクシス銀行（年次報告書分析）：安定した事業基盤で将来への備えを強化。買い推奨を維持

Axis Bank Ltd

アクシス銀行（年次報告書分析）：安定した事業基盤で将来への備えを強化。買い推奨を維持