Buy Axis Bank, target price Rs 900: ICICI Direct

ICICI Direct has buy call on Axis Bank with a target price of Rs 900. The current market price of Axis Bank Ltd. is Rs 635.75. Time period given by analyst is one year when Axis Bank Ltd. price can reach defined target.

Axis Bank Ltd., incorporated in the year 1993, is a banking company (having a market cap of Rs 196248.98 Crore).

Axis Bank Ltd. 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-2021.



Financials
For the quarter ended 31-03-2022, the company reported a Consolidated Total Income of Rs 23000.69 Crore, up 4.12 % from last quarter Total Income of Rs 22091.19 Crore and up 9.38 % from last year same quarter Total Income of Rs 21028.45 Crore. The bank reported net profit after tax of Rs 4417.73 Crore in latest quarter.

Investment Rationale
Axis Bank’s share price has corrected in the past one year (by ~15%). The brokerage believes its healthy capitalisation and provision buffer would aid smooth earnings traction.

Promoter/FII Holdings
Promoters held 9.7 per cent stake in the company as of 31-Mar-2022, while FIIs owned 51.01 per cent, DIIs 26.42 per cent.