Buy Axis Bank, target price Rs 1032: LKP Securities

LKP Securities has buy call on Axis Bank with a target price of Rs 1032. The current market price of Axis Bank is Rs 872. Time period given by analyst is a year when Axis Bank price can reach defined target.

Axis Bank, incorporated in the year 1993, is a banking company (having a market cap of Rs 264609.27 Crore).

Axis Bank key Products/Revenue Segments include Interest & Discount on Advances & Bills, Income From Investment, Interest and Interest On Balances with RBI and Other Inter-Bank Funds for the year ending 31-Mar-2022.

Financials
For the quarter ended 31-03-2023, the company has reported a Consolidated Total Income of Rs 30125.55 Crore, up 7.27 % from last quarter Total Income of Rs 28083.94 Crore and up 30.98 % from last year same quarter Total Income of Rs 23000.69 Crore. The bank has reported net profit after tax of Rs -5361.85 Crore in latest quarter.

Investment Rationale
The brokerage values the standalone bank at PBV of 1.8xFY25E Adj. BVPS of ₹574 and arrive at a price target of Rs 1032. The brokerage recommend BUY with potential upside of 20%.

Promoter/FII Holdings
Promoters held 8.16 per cent stake in the company as of 31-Mar-2023, while FIIs owned 49.05 per cent, DIIs 31.92 per cent.