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Axis Bank
BUY
On track, aiming higher INDUSTRY BANKS
The strong 4Q performance bolsters our stance on higher yielding retail, and particularly unsecured loans CMP (as on 25 Apr 2019) Rs 741
meaningful change at the bank. Maintain BUY with a TP (~17% of the retail book).
of Rs 896 (2.8x Mar21E ABV of Rs 310+Rs 30 for subs) Target Price Rs 896
Fees grew 23/15% to ~Rs 30bn led by a 37% growth in
Nifty 11,642
HIGHLIGHTS OF THE QUARTER retail fees (61% of fees). Card fees grew ~40/15%. Corp
Slippages dipped QoQ (~2.48% vs. 3.22%) led by a fees grew ~12% QoQ. Fee income is expected to grow, Sensex 38,731
reduction in corp (3% ann.) and retail (40bps) driven by product mix (rise in share of unsecured retail) KEY STOCK DATA
slippages. Only a single corp a/c (Rs 3.35bn) slipped and strategy changes (focus on increasing corp wallet Bloomberg AXSB IN
outside the BB and below rated book. Exposure to BB share). We model fee income growth of 15% CAGR No. of Shares (mn) 2,572
and below rated advances was ~2% of the book. As the over FY19-21E.
pool of identified stress moderates, we expect MCap (Rs bn) / ($ mn) 1,906/27,129
slippages to trend down over FY19-21E (~1.9%).
Near term outlook: Impressive performance across 6m avg traded value (Rs mn) 7,158
parameters (esp. asset quality) should keep the stock
NPA provisions dipped ~87/67%, even as PCR in the limelight. STOCK PERFORMANCE (%)
improved. Std asset provisions jumped to ~Rs 7bn due 52 Week high / low Rs 789/479
to a change in a/c policy (see Page 2). Consequently, STANCE 3M 6M 12M
our provisions increase to ~1.6% vs. 1.1% earlier over The appointment of a transformational leader at the helm
Absolute (%) 10.6 32.1 48.7
FY19-21E, to accommodate higher provisions on std along with a near complete top mgt rejig make AXSB
stand out vs. peers. This is supported by change in credit/ Relative (%) 3.1 17.1 36.4
assets. Our NPA provision assumptions remain largely
unchanged (1.46%). Further, a sustained increase in risk practices. (1) Improving margins, (2) Reduction in LLPs SHAREHOLDING PATTERN (%)
coverage (+200bps QoQ to ~62% calc.) is a positive. and (3) Improving operating efficiency will facilitate the Dec-18 Mar-19
Advances grew ~13/4% driven by ~18/6% growth in the achievement of the guided RoEs (~18%) by FY21E. While Promoters 23.7 18.7
domestic book. Retail growth at ~19/6% continued to numerous strategic changes and the qtr’s performance FIs & Local MFs 17.7 19.6
outpace corporate growth at ~5/2%. Retail loans lend credibility to this target, we have conservatively FPIs 45.9 49.6
constituted ~50% of the book (+80 bps QoQ). We factored in RoAEs of 15.5% over FY19-21E. AXSB remains
Public & Others 12.7 12.6
expect a loan CAGR of 17% over FY19-21E, driven by our preferred bet amongst pvt banks.
Pledged Shares Nil Nil
FINANCIAL SUMMARY
Source : BSE
(Rs mn) 4QFY19 4QFY18 YoY (%) 3QFY19 QoQ (%) FY18 FY19P FY20E FY21E
Net Interest Income 57,056 47,305 20.6% 56,037 1.8% 186,177 217,082 253,356 296,480
PPOP 50,144 36,722 36.6% 55,247 -9.2% 155,945 190,051 220,089 261,948
PAT 15,051 (21,887) NA 16,809 -10.5% 2,757 46,766 89,576 128,470
Darpin Shah
EPS (Rs) 5.9 (8.5) NA 3.1 90.4% 1.1 18.2 34.2 49.1
darpin.shah@hdfcsec.com
ROAE (%) 0.5 7.2 12.4 15.5
+91-22-6171-7328
ROAA (%) 0.04 0.63 1.05 1.33
Adj. BVPS (Rs) 183 215 261 309
P/ABV (x) 3.90 3.30 2.72 2.30 Aakash Dattani
P/E (x) 662.2 39.1 20.8 14.5
aakash.dattani@hdfcsec.com
Source: Bank, HDFC sec Inst Research +91-22-6171-7337
HDFC securities Institutional Research is also available on Bloomberg HSLB <GO> & Thomson Reuters
AXIS BANK : RESULTS REVIEW 4QFY19
Std Asset Provisioning Policy Change: AXSB reversed With the entire PL book consisting of salaried
contingent provisions of ~Rs 6bn made in 3Q to customers, asset quality is not a pressing concern.
ensure consistency with the new a/c policy. In line
with the new policy, it made further provisions of ~Rs
TDs Lead Deposit Growth: Overall deposit growth
was robust (+21/7%) at a time when deposit
1.6bn against std exposures to stressed sectors.
mobilisation is a systemic hurdle. This growth was
Consequent to the change in a/c policy, provisions
driven by TD (+45/10%) as CASA deposits grew a
were higher for FY19, by ~Rs 3.78bn.
mere 3% QoQ, flat YoY. Average CASA balance was
Mandated Provision On Acquired Land: The bank down to ~41% (lowest in the past 10 qtrs).
acquired land parcels of ~Rs 21bn pursuant to a debt Canabalisation of existing SA contributed to the
swap deal in June-16 and Mar-17. As mandated by above. CASA + Retail TDs contributed to ~81% of
the RBI, it provided for ~Rs 5.35bn via the P&L in deposits. The bank has recently constituted a
4QFY19. The remainder (~Rs 16bn) was adjusted separate retail liabilities vertical to step up retail
against reserves in the qtr. This amt will be charged deposit mobilisaiton.
to the P&L over the next 3 qtrs.
CoF Rise and CD Ratio Drop Weigh On NIMs: Even as
Provisions Against SRs: The co conservatively the share of high yielding retail advances and overall
provided ~Rs 2.2bn against o/s SRs of ~Rs 29bn. domestic advances continued to grow, NIMs (3.44%,
Overseas Book Run-off: The overseas book shrank flat QoQ) were weighed down by the rising
~29/13% to ~Rs 381bn due to higher repayments and CoF(+58/25bps). As the bank consciously focuses on
provisions. The mgt expects the book to stabilize over TD mobilisation, the benefit of higher yields may
the next two quarters. continue to be offset by higher CoF. The CD ratio
increased ~670/220bps YoY/QoQ. We have factored
High yielding unsecured products drive retail in NIMs of 3.38% over FY19-21E.
growth: Domestic book growth was retail driven.
Unsecured products such as PL (+43/15%) and Cards Corporate Slippages: The bank suffered a singular
(+49/6%) were the main drivers. With ample corp slippage from outside the BB and below rated
opportunity (lower penetration in the existing book in the Electrical Engineering sector. Other corp
customer base) and strategic reorientation, we slippages were from the Real Estate, Infra, Power and
expect these segments to continue to drive growth. Shipping sectors.
Page | 2
AXIS BANK : RESULTS REVIEW 4QFY19
SOTP
Rs bn Per Share Rationale
Axis Bank – Standalone 2,228 866.5 2.8xFY21E ABV of Rs 309
Axis Finance (NBFC) 57 22.2 3xFY21E BV
Axis AMC* (Asset Management) 17 6.5 20x FY21E PAT
Axis Capital (IB and Institutional Broking) 12 4.5 15x FY21E PAT
Axis Securities (Retail Broking and Cross Sell) 10 3.7 12x FY21E PAT
Total Value of Subsidiaries 95 37.0
Less : 20% Holding Discount 19 7.4
Total SOTP Value 2,304 896
Current Value 1,916 745
Upside (%) 20% 20%
Source: HDFC sec Inst Research; * AXSB holds 74.99% stake
100 0.8
0 0.3
Apr-11
Apr-12
Apr-13
Apr-14
Apr-15
Apr-16
Apr-17
Apr-18
Apr-19
Apr-11
Apr-12
Apr-13
Apr-14
Apr-15
Apr-16
Apr-17
Apr-18
Apr-19
Source : Company, HDFC sec Inst Research
Page | 3
AXIS BANK : RESULTS REVIEW 4QFY19
Optically slower loan growth Advances Grew 13/4% YoY/QoQ Share Of Retail Advances Grows ~80 bps QoQ
Retail SME Corporate
due to ~29/13% YoY/QoQ Advances (Rs bn) Growth (YoY, %) %
%
decline in the overseas book; 5,200 Rs bn 25.0
domestic loans grew ~18/6% 4,800 23.0
4,400 40 40 40 41 42 42 43 45 45 45 46 47
21.0 48 49 49 50
4,000
The retail book grew ~19/6% 3,600 19.0
YoY/QoQ to form ~50% of 3,200 17.0 13 13 13 13 13 13 12
13 12 13 13 13 13
13 13 13
total advances 2,800 15.0
2,400
13.0 46 46 47 46 46 45 44 42 42 42 41 40 39
2,000 38 38 37
SME loans grew ~12/5% to 1,600 11.0
form ~13.3% of the loan book 1,200 9.0
and corp loans were up
1QFY16
2QFY16
3QFY16
4QFY16
1QFY17
2QFY17
3QFY17
4QFY17
1QFY18
2QFY18
3QFY18
4QFY18
1QFY19
2QFY19
3QFY19
4QFY19
1QFY16
2QFY16
3QFY16
4QFY16
1QFY17
2QFY17
3QFY17
4QFY17
1QFY18
2QFY18
3QFY18
4QFY18
1QFY19
2QFY19
3QFY19
4QFY19
~5/2%, the share of corp
loans declined to ~37.1% (vs.
~39.4% YoY) Source: Bank, HDFC sec Inst Research Source: Bank, HDFC sec Inst Research
Within retail loans, robust Retail Loan Mix: Rising Proportion Of High Yielding Loans
growth was witnessed in (%) 2QFY16 3QFY16 4QFY16 1QFY17 2QFY17 3QFY17 4QFY17 1QFY18 2QFY18 3QFY18 4QFY18 1QFY19 2QFY19 3QFY19 4QFY19
Housing 48 47 45 46 45 47 44 44 43 42 40 40 39 39 38
small business (+66% YoY),
PL & CC 10 11 11 11 12 12 12 13 13 14 14 14 15 16 17
education (+41%), PL (~42%)
Auto 8 8 9 9 9 10 10 10 10 10 11 11 11 11 11
and CC (~41%) Non -
11 11 10 10 10 8 10 10 10 12 12 13 13 12 11
Schematic
Retail Agri 15 15 17 16 15 14 16 15 15 14 15 14 13 14 14
The shift towards higher LAP 8 8 8 8 9 9 8 8 9 8 8 8 9 8 9
yielding assets both overall Source : Bank, HDFC sec Inst Research
and in the retail book is Deposit Mix: CASA Ratio At ~44.4%; -140bps QoQ; Avg. CASA Was Down 300bps to 41%
evident (%) 2QFY16 3QFY16 4QFY16 1QFY17 2QFY17 3QFY17 4QFY17 1QFY18 2QFY18 3QFY18 4QFY18 1QFY19 2QFY19 3QFY19 4QFY19
CA 16.6 15.8 17.8 15.4 16.3 15.7 21.0 18.2 19.2 17.2 21.1 15.3 16.7 16.4 16.3
Deposit growth was driven by SA 27.7 27.4 29.6 28.0 28.4 31.8 30.4 31.0 31.3 32.1 32.7 31.6 31.0 29.4 28.1
Retail TDs at ~44/14% Retail
35.5 35.6 34.1 36.4 35.8 33.8 29.9 33.7 32.3 34.4 30.4 33.8 34.0 34.0 36.3
TD
YoY/QoQ, wholesale TDs grew Others 20.2 21.2 18.6 20.1 19.5 18.6 18.7 17.1 17.3 16.3 15.9 19.3 18.3 20.2 19.4
~48/2% Source : Bank, HDFC sec Inst Research
Page | 5
AXIS BANK : RESULTS REVIEW 4QFY19
NIMs were stable QoQ Cost And Yield Movement- NIMs Stable QoQ
% 2QFY16 3QFY16 4QFY16 1QFY17 2QFY17 3QFY17 4QFY17 1QFY18 2QFY18 3QFY18 4QFY18 1QFY19 2QFY19 3QFY19 4QFY19
despite a lumpy impact of
NIM 3.85 3.79 3.97 3.79 3.64 3.43 3.83 3.63 3.45 3.38 3.33 3.46 3.36 3.47 3.44
recoveries in 3Q (5bps)
CoF 5.99 5.86 5.84 5.81 5.68 5.51 5.42 5.24 5.18 5.08 5.11 5.23 5.34 5.44 5.69
YoF 9.20 9.01 9.10 8.95 8.80 8.46 8.22 7.96 7.84 7.96 7.66 8.03 8.20 8.36 8.29
Faster TD and muted CASA CD
92.0 93.2 94.6 96.4 92.9 93.6 90.0 97.9 98.5 102.9 96.9 98.7 95.1 92.4 90.2
growth led to a sharp rise in Ratio
CoF Source: Bank, HDFC sec Inst Research
1QFY16
2QFY16
3QFY16
4QFY16
1QFY17
2QFY17
3QFY17
4QFY17
1QFY18
2QFY18
3QFY18
4QFY18
1QFY19
2QFY19
3QFY19
4QFY19
1QFY16
2QFY16
3QFY16
4QFY16
1QFY17
2QFY17
3QFY17
4QFY17
1QFY18
2QFY18
3QFY18
4QFY18
1QFY19
2QFY19
3QFY19
4QFY19
Source : Bank, HDFC sec Inst Research Source : Bank, HDFC sec Inst Research
Page | 6
AXIS BANK : RESULTS REVIEW 4QFY19
C-I Ratio Deteriotared ~320bps QoQ Optically Provisions Dip ~11% QoQ
Slippages dipped to ~Rs 30bn
Opex/Other income (x) C-I ratio (%, RHS) Other provision (Rs bn, RHS) % Operating Profit
(-20% QoQ) i.e. 2.48% ann. 1.60 55.0 200.0 90.0
1.40 53.0 180.0 80.0
Corp slippages of ~Rs 13.7bn 51.0 160.0
1.20 70.0
incl. one Eng exposure Rs 49.0 140.0
1.00 60.0
3.35bn (outside the BB and 47.0 120.0
0.80 45.0 50.0
below rated pool) 100.0
40.0
0.60 43.0 80.0
41.0 60.0 30.0
72% vs. 98% QoQ of corp 0.40
39.0 40.0 20.0
slippages in 4Q were from the 0.20 37.0 20.0 10.0
BB and below rated book; the 0.00 35.0 0.0 -
size of this book was ~Rs 75bn
1QFY16
2QFY16
3QFY16
4QFY16
1QFY17
2QFY17
3QFY17
4QFY17
1QFY18
2QFY18
3QFY18
4QFY18
1QFY19
2QFY19
3QFY19
4QFY19
1QFY16
2QFY16
3QFY16
4QFY16
1QFY17
2QFY17
3QFY17
4QFY17
1QFY18
2QFY18
3QFY18
4QFY18
1QFY19
2QFY19
3QFY19
4QFY19
(down ~2% QoQ)
Source : Bank, HDFC sec Inst Research Source : Bank, HDFC sec Inst Research
Net retail and SME slippages
dipped ~56% and 20% QoQ
respectively Provision Break-up: NPA Provisions Dip ~86/67% YoY/QoQ; STD Assets Provisions Jump
2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
Rs bn
FY16 FY16 FY16 FY17 FY17 FY17 FY17 FY18 FY18 FY18 FY18 FY19 FY19 FY19 FY19
BB and below rated book mix: NPA 6.2 6.3 6.1 18.2 36.5 35.8 18.3 20.9 33.4 27.5 81.3 30.7 26.9 33.5 11.2
-Power (30%) % Loan
0.85 0.82 0.74 2.13 4.18 4.08 2.04 2.21 3.35 2.65 7.56 2.79 2.40 2.88 0.92
-Infra (21%) (Ann.)
-shipping/transport/logistics MTM 0.7 (0.2) (0.2) (0.2) (0.4) (0.0) 2.6 0.4 (1.4) (0.1) (1.1) 1.4 1.4 (3.2) 3.5
(6%) Others 0.2 1.0 5.8 3.1 0.1 2.2 4.9 2.1 (0.6) 0.7 (8.4) 1.3 1.1 0.2 12.5
Total 7.1 7.1 11.7 21.2 36.2 38.0 25.8 23.4 31.4 28.1 71.8 33.4 29.3 30.5 27.1
YoY % -2% 41% 65% 89% 412% 433% 121% 11% -13% -26% 178% 43% -7% 9% -62%
AXSB reversed contingent
Source: Bank, HDFC sec Inst Research
provisions of ~Rs 6bn created
in 3Q, made additional std GNPA Movement: Slippages Lower Sequentially; Recoveries Rise
asset provisions of ~Rs1.6bn, 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
Rs bn
~Rs 5.35bn worth of FY16 FY16 FY16 FY17 FY17 FY17 FY17 FY18 FY18 FY18 FY18 FY19 FY19 FY19 FY19
provisions against land Opening 42.5 44.5 57.2 60.9 95.5 163.8 204.7 212.8 220.3 274.0 250.0 342.5 326.6 309.4 308.5
Slippages 24.0 20.8 14.7 36.4 87.7 45.6 48.1 35.2 89.4 44.3 165.4 43.4 27.8 37.5 30.1
parcels and ~Rs 2.2bn
% ann. 3.30 2.72 1.80 4.26 10.05 5.21 5.34 3.71 8.98 4.26 15.37 3.94 2.48 3.22 2.48
towards SRs
Upgrade/ Recovery 1.8 1.6 7.8 1.4 10.7 3.5 28.0 3.1 10.5 40.1 34.0 29.2 21.9 16.2 23.8
Write-off 20.2 6.5 3.3 0.3 8.7 1.2 11.9 24.6 25.2 28.2 38.9 30.1 23.2 22.1 17.0
Closing 44.5 57.2 60.9 95.5 163.8 204.7 212.8 220.3 274.0 250.0 342.5 326.6 309.4 308.6 297.9
Source: Bank, HDFC sec Inst Research
Page | 7
AXIS BANK : RESULTS REVIEW 4QFY19
1QFY16
2QFY16
3QFY16
4QFY16
1QFY17
2QFY17
3QFY17
4QFY17
1QFY18
2QFY18
3QFY18
4QFY18
1QFY19
2QFY19
3QFY19
4QFY19
1QFY16
2QFY16
3QFY16
4QFY16
1QFY17
2QFY17
3QFY17
4QFY17
1QFY18
2QFY18
3QFY18
4QFY18
1QFY19
2QFY19
3QFY19
4QFY19
Source : Bank, HDFC sec Inst Research Source : Bank, HDFC sec Inst Research
Page | 8
AXIS BANK : RESULTS REVIEW 4QFY19
Page | 9
AXIS BANK : RESULTS REVIEW 4QFY19
Key Ratios
FY17 FY18 FY19P FY20E FY21E FY17 FY18 FY19P FY20E FY21E
VALUATION RATIOS ASSET QUALITY
EPS (Rs) 15.4 1.1 18.2 34.2 49.1 Gross NPLs (Rsm) 212,862 342,544 297,954 251,457 219,831
Earnings Growth (%) (55.3) (92.5) 1,596.4 91.5 43.4 Net NPLs (Rsm) 86,266 165,917 112,756 90,429 77,657
BVPS (Rs) 232.8 247.2 259.3 295.8 339.1 Gross NPLs (%) 5.04 6.77 5.26 4.35 3.25
Adj. BVPS (Rs) 196.8 182.6 215.4 261.2 309.5 Net NPLs (%) 2.11 3.40 2.06 1.57 1.15
DPS (Rs) 5.0 0.0 1.0 2.6 4.9 Slippages (%) 6.12 8.22 2.97 2.05 1.70
ROAA (%) 0.7 0.0 0.6 1.1 1.3 Coverage Ratio (%) 59.5 51.6 62.2 64.0 64.7
ROAE (%) 6.8 0.5 7.2 12.4 15.5 Provision/Avg. Loans (%) 3.13 4.08 2.19 1.69 1.24
P/E (x) 46.3 662.2 39.1 20.8 14.5 ROAA TREE
P/ABV (x) 3.61 3.90 3.30 2.72 2.30 Net Interest Income 3.21% 2.88% 2.91% 2.98% 3.06%
P/PPOP (x) 1.9 2.3 1.9 1.7 1.4 Non Interest Income 2.07% 1.70% 1.76% 1.66% 1.65%
Dividend Yield (%) 0.7 - 0.1 0.3 0.7 Treasury Income 0.56% 0.21% 0.13% 0.10% 0.10%
PROFITABILITY Operating Cost 2.17% 2.16% 2.12% 2.05% 2.01%
Yield On Advances (%) 9.31 8.40 8.84 9.19 9.33 Provisions 2.15% 2.39% 1.61% 1.15% 0.87%
Yield On Investment (%) 7.67 7.06 6.90 7.10 7.10 Provisions For NPAs 1.98% 2.57% 1.37% 1.07% 0.80%
Cost Of Funds (%) 5.42 4.85 5.11 5.35 5.49 Tax 0.32% -0.02% 0.31% 0.39% 0.50%
Cost Of Deposits (%) 5.09 4.42 4.83 5.16 5.29 ROAA 0.65% 0.04% 0.63% 1.05% 1.33%
Core Spread (%) 3.89 3.55 3.74 3.84 3.85 Leverage (x) 10.3 10.8 11.5 11.8 11.7
NIM (%) 3.64 3.32 3.33 3.37 3.44 ROAE 6.76% 0.46% 7.19% 12.43% 15.46%
OPERATING EFFICIENCY Source: Bank, HDFC sec Inst Research,
Cost/Avg. Asset Ratio (%) 2.2 2.2 2.1 2.0 2.0
Core Cost-Income Ratio (%) 41.0 47.3 45.4 44.2 42.6
BALANCE SHEET STRUCTURE
Loan Growth (%) 10.1 17.8 12.5 16.8 17.3
Deposit Growth (%) 15.8 9.5 20.9 13.9 16.6
C/D Ratio (%) 90.0 96.9 90.2 92.5 93.0
Equity/Assets (%) 9.3 9.2 8.3 8.6 8.5
Equity/Advances (%) 14.9 14.4 13.5 13.4 13.1
CASA (%) 51.4 53.8 44.4 43.1 41.1
Capital Adequacy Ratio (CAR, %) 15.0 16.6 15.8 16.1 15.7
W/w Tier I CAR (%) 11.9 13.0 12.5 12.9 12.8
Page | 10
AXIS BANK : RESULTS REVIEW 4QFY19
RECOMMENDATION HISTORY
Date CMP Reco Target
Axis Bank TP 10-Apr-18 546 NEU 587
900
27-Apr-18 495 NEU 538
850 5-Jun-18 537 NEU 539
800 6-Jul-18 511 NEU 538
750 31-Jul-18 570 NEU 542
9-Oct-18 557 NEU 603
700
1-Nov-18 582 BUY 718
650 3-Nov-18 610 BUY 718
600 8-Jan-19 637 BUY 741
30-Jan-19 661 BUY 743
550
20-Mar-19 756 BUY 894
500 9-Apr-19 754 BUY 894
450 26-Apr-19 741 BUY 896
400
Rating Definitions
Sep-18
Feb-19
Jan-19
Mar-19
Jun-18
Dec-18
Jul-18
Aug-18
Oct-18
Apr-18
May-18
Apr-19
Nov-18
BUY : Where the stock is expected to deliver more than 10% returns over the next 12 month period
NEUTRAL : Where the stock is expected to deliver (-)10% to 10% returns over the next 12 month period
SELL : Where the stock is expected to deliver less than (-)10% returns over the next 12 month period
Page | 11
AXIS BANK : RESULTS REVIEW 4QFY19
Disclosure:
We, Darpin Shah, MBA & Aakash Dattani, ACA, authors and the names subscribed to this report, hereby certify that all of the views expressed in this research report accurately reflect our views about the subject
issuer(s) or securities. HSL has no material adverse disciplinary history as on the date of publication of this report. We also certify that no part of our compensation was, is, or will be directly or indirectly related to
the specific recommendation(s) or view(s) in this report.
Research Analyst or his/her relative or HDFC Securities Ltd. does not have any financial interest in the subject company. Also Research Analyst or his relative or HDFC Securities Ltd. or its Associate may have
beneficial ownership of 1% or more in the subject company at the end of the month immediately preceding the date of publication of the Research Report. Further Research Analyst or his relative or HDFC Securities
Ltd. or its associate does not have any material conflict of interest.
Any holding in stock –No
HDFC Securities Limited (HSL) is a SEBI Registered Research Analyst having registration no. INH000002475.
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AXIS BANK : RESULTS REVIEW 4QFY19
HDFC securities
Institutional Equities
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Senapati Bapat Marg, Lower Parel, Mumbai - 400 013
Board : +91-22-6171 7330 www.hdfcsec.com
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