By Aditya Raghunath
Investing.com — AXIS Bank Ltd (NS:) reported a net profit of Rs 2,677 crore for the March 2021 quarter compared to a loss of Rs 1,387.3 crore in the corresponding period the previous year. Its net interest income grew 11% from Rs 6,807.7 crore in March 2020 to Rs 7,555 crore in March 2021.
Brokerage firms are bullish on the stock and have recommended a buy on it. The stock is trading at Rs 692 at the time of this report.
Motilal Oswal Financial Services Ltd (NS:) has given a target price of Rs 925 to Axis Bank . It said moderation in fresh slippages, combined with improved underwriting and an increasing retail mix, would help maintain strong credit cost control.
Sharekhan has said the company’s results beat its expectations. It said that its normalized collection efficiency, improvement in business across segments, and digital prowess indicate a strong outlook. It has maintained its target price of Rs 900 for Axis Bank.
Foreign firm Jefferies has raised its target price to Rs 910 from Rs 840 after the results. It said, “The profit was ahead of estimate with lower provisions & higher treasury, while operating profit growth was weaker than peers, reflecting slower loan growth.”
CLSA has raised its target price to Rs 1,000 after the results and said that Axis Bank remains one of its top picks.