Karur Vysya Bank (KVB, CMP: Rs 44.5 M Cap: Rs 3,560 crore) saw a steady improvement in all operating parameters in Q4 FY22 — be it asset quality, interest margin, or business growth. The guidance for FY23 seems achievable in the context of the improved performance. The stock has underperformed the Nifty and the Bank Nifty in the past six months, despite the improved show, thereby making the valuation extremely attractive at 0.4X FY24e adjusted book. We see enough...