Axis bank’s Q1FY15 performance has been in line with expectations barring for sluggish other income which has de‐grown by 5% YoY. Asset quality showed a slight blip but was well within guidance. Maintain buy

1.
Axis Bank
July 23, 2014
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Q1FY15 Result Update
Reasonable performance; valuations still favourable ‐ BUY
Pritesh Bumb
priteshbumb@plindia.com
+91‐22‐66322232
Rating BUY
Price Rs2,016
Target Price Rs2,200
Implied Upside 9.1%
Sensex 26,026
Nifty 7,768
(Prices as on July 22, 2014)
Trading data
Market Cap. (Rs bn) 947.3
Shares o/s (m) 469.8
3M Avg. Daily value (Rs m) 5025.8
Major shareholders
Promoters 29.17%
Foreign 48.38%
Domestic Inst. 11.15%
Public & Other 11.30%
Stock Performance
(%) 1M 6M 12M
Absolute 8.0 69.6 68.0
Relative 4.4 47.6 38.9
How we differ from Consensus
EPS (Rs) PL Cons. % Diff.
2015 150.5 151.1 ‐0.4
2016 180.9 180.3 0.4
Price Performance (RIC: AXBK.BO, BB: AXSB IN)
Source: Bloomberg
0
500
1,000
1,500
2,000
2,500
Jul‐13
Sep‐13
Nov‐13
Jan‐14
Mar‐14
May‐14
Jul‐14
(Rs)
Axis bank’s Q1FY15 performance has been in line with expectations barring for
sluggish other income which has de‐grown by 5% YoY. Asset quality showed a
slight blip but was well within guidance. FY15 PPOP growth challenges remain on
fees and margins sustainability, but we believe Axis bank’s valuations at 1.7x Mar‐
16 book are still favourable and could move to 2x considering well diversified asset
book now, best in class liability franchise and better underwriting standards.
 Sluggish fees drags down PPOP performance: Axis bank’s PPOP performance
was almost flat on sluggish fees driven down by slowdown in large corporate
loan book resulting in lower fee growth. NII growth of 15% YoY has been up to
expectations as NIMs held up well at ~3.9% in Q1FY15. Margins sustainability
now looks questionable but management has guided NIMs to remain above
3.5% going ahead and expected fees recovery to only come at end of FY15 which
creates challenge for higher PPOP growth in FY15. We expect PPOP growth of
16% in FY15.
 Asset quality – Some blips but well within guidance: Bank’s Gross slippages and
restructuring at ~Rs11bn was well within guidance (Rs65bn FY15 guidance which
remains unchanged) leading to ~70bps of specific credit losses. Bank clarified
largely mid‐corporate segment contributed to slippages in Q1FY15. It has
provided about Rs470m for un‐hedged forex exposures and SMA accounts,
while it has ~Rs8.0bn of specific provisions buffer on its books (not included in
credit costs) which provides comfort on credit losses. As highlighted from our
previous updates, we have been buoyant on Axis Bank’s asset quality and
continue to do so on better underwriting and now tilt towards secured assets.
 Valuations still reasonable; Remains preferred sector pick: Axis has been able
to successfully diverse its business mix from ~25% to 38% retail (after
reclassification of agri book) in last 2 years which has offset the corporate book
slowdown. Upbeat liability franchise, better underwriting and stable asset
quality has been reason for multiples to rerate from 1.1x in FY13 to 1.7x in FY14
on 1yr fwd book, but we believe valuations are still reasonable and could move
upto 2x 1yr fwd book and hence maintain BUY with increased PT of Rs2,200.
Key financials ( Y/e March) 2013 2014 2015E 2016E
Net interest income (Rs m) 96,663 119,516 136,138 157,739
Growth (%) 20.6 23.6 13.9 15.9
Operating profit (Rs m) 93,031 114,561 132,904 153,935
PAT (Rs m) 51,794 62,177 70,688 85,002
EPS (Rs) 110.7 132.3 150.5 180.9
Growth (%) 7.8 19.6 13.7 20.2
Net DPS (Rs) 18.0 20.0 23.0 26.5
Profitability & Valuation 2013 2014 2015E 2016E
NIM (%) 3.09 3.30 3.24 3.14
RoAE (%) 18.5 17.4 17.2 17.9
RoAA (%) 1.65 1.72 1.68 1.69
P / BV (x) 2.8 2.5 2.2 1.9
P / ABV (x) 2.8 2.5 2.2 1.9
PE (x) 18.2 15.2 13.4 11.1
Net dividend yield (%) 0.9 1.0 1.1 1.3
Source: Company Data; PL Research

2.
July 23, 2014 2
Axis Bank
Exhibit 1: Q1FY15 – PPOP performance dragged by de‐growth in other income; asset
quality remains relatively stable
1Q14 4Q14 1Q15 YoY QoQ
Interest income 72,778 79,652 82,894 13.9% 4.1%
Interest expenses 44,126 47,995 49,789 12.8% 3.7%
Net interest income 28,652 31,658 33,105 15.5% 4.6%
Other income 17,813 22,134 16,911 ‐5.1% ‐23.6%
Operating expenses 18,030 21,314 21,059 16.8% ‐1.2%
Pre prov profit 28,436 32,477 28,957 1.8% ‐10.8%
Provisions 7,122 5,052 3,866 ‐45.7% ‐23.5%
Profit before tax 21,313 27,425 25,091 17.7% ‐8.5%
Provision for tax 7,224 9,002 8,423 16.6% ‐6.4%
Profit after tax 14,089 18,423 16,668 18.3% ‐9.5%
NIM 3.86% 3.89% 3.88% 0.02% ‐0.01%
Cost to Income 38.8% 39.6% 42.1% 3.30% 2.48%
Tax rate 33.9% 32.8% 33.6% ‐0.32% 0.75%
Balance sheet data
Advances 1,981,513 2,300,668 2,305,352 16.3% 0.2%
Deposits 2,384,406 2,798,768 2,720,042 14.1% ‐2.8%
Credit to Deposit 83.1% 82.2% 84.8% 1.7% 2.6%
CASA Ratio 42.4% 45.2% 42.4% 0.0% ‐2.8%
Asset Quality
Gross NPA 24,897 31,464 34,633 39.1% 10.1%
Net NPA 7,897 10,246 11,135 41.0% 8.7%
NPA coverage (%) 68.3% 67.4% 67.8% ‐0.4% 0.4%
Gross NPA (%) 1.10 1.22 1.34 0.24 0.12
Net NPA (%) 0.35 0.40 0.44 0.09 0.04
LLP/Loans 1.20 1.06 0.70 (0.50) (0.37)
Gross slippages 6810 3,010 6260 ‐8.1% 108.0%
Recoveries+ Up gradations 720 1,490 970 34.7% ‐34.9%
Write offs 5130 140 2120 ‐58.7% 1414.3%
Gross Slippages 1.37% 0.52% 1.09% ‐0.3% 0.6%
O/s Restructured Loans 42,110 60,790 62,890 49.3% 3.5%
% of Loans 2.13% 2.64% 2.73% 0.6% 0.1%
Additions in the Qtr 6,860 11,150 4,800 ‐30.0% ‐57.0%
Source: Company Data, PL Research
Upbeat NIM performance has resulted in
NII growth of ~16% YoY
Core fee income was weak mainly from
slowing corporate loan book. Retail fees
has been sole contributor to growth –
Management indicated corporate fees
growth of 15‐20% in Q3‐Q4 onwards which
will help overall fee growth of 10‐13% YoY
Opex growth up slightly on employee
expenses – There are enough levers to
control costs as per the management
Balance sheet growth has largely been
aided by retail growth with corporate book
slowdown continuing. Adjusting to FCNR
core retail grew at 28% YoY
Slippages + incremental restructuring at
Rs11bn for Q1 (within guidance of run‐
rate) was in line with expectation –
Slippages of Rs6bn (lower from Q1FY14)
were largely from mid‐corporate segment

3.
July 23, 2014 3
Axis Bank
Key Q1FY15 Concall Highlights:
Growth:
 Reported loan growth at 16.3% driven by retail book growth of ~35% YoY.
Adjusted to FCNR loans core retail advances have grown by 28% YoY.
 Corporate loan book growth can grow in lower double digits by end of FY15.
Assets & Liability franchise:
 Retail book – Now 38% of advances is retail book adjusted to FCNR loans (incl
Agri reclassification) with desire to take it to 45% of advances in next 3‐4 years
 Have re‐organized existing agri business into retail & SME. Shifted Rs133bn
loans to retail advances and Rs29bn loans to SME from Agri loans segment
 Housing loans/LAP – Has been decent and seeing no large pressures. 40% of
portfolio qualifies for affordable housing and of this two‐third is PSL (of 40%)
 Auto loans – Market share improving but overall disbursement has been in 12‐
14% range
 Existing liability customers contribute to two‐thirds of business. Average CASA
has been very stable in Q1FY15
NIMs:
 Better asset‐liability mix has resulted in better margins in Q1. Maintain NIMs to
remain +3.5% going ahead also.
 Composition ‐ Domestic at 4.18% and International NIMs at 1.62%
Fees:
 Lower projects/capex has impacted corporate fees. Expect corporate fees to
pick up by Q4FY15, which will also support for 10‐12% growth in overall fee
income
 Miscellaneous income had repatriation of profits in Q1FY14 which was not done
in Q1FY15. Surplus profits for repatriation have not been exhausted yet from
overseas branches.
 Enough diversification there in retail fees for growth. Only some products are
loan growth linked but other are payment driven from cards, remits etc.
Opex & Branches:
 Opex growth at 16% YoY. Have enough room for bringing down costs ahead also
but will have to look at right avenues to cut costs.
 Planning to add 200‐300 branches in FY15. Branch composition will be more on
metro & urban as RBI’s dispensation has been exhausted on rural branches.

4.
July 23, 2014 4
Axis Bank
Asset Quality:
 Slippages ‐ Rs6.26bn, Recoveries & Upgrades Rs970m and Write‐offs –
Rs2.12bn. Mid‐corporate mainly contributed to slippages in Q1FY15
 Provisions break‐up – NPA ‐ Rs3.35bn, Invt Depreciation Rs (150)m and Std
Assets –Rs680m of which Rs470m provided for Un‐hedged forex exposure and
Rs170m for SMA accounts. Cumulative provisions of Rs9.5bn held against
restructured assets. Also have ~Rs8bn of provision buffer on specific provisions
 Guidance for stressed assets remains at Rs65bn for FY15 as there has been no
change in credit environment. Will review after H2FY14.
 Reported Credit cost – 58bps in Q1FY15 v/s 115bps in Q1FY14
 Sold Rs110m to ARCs but on absolute cash basis
Others:
 Tier I capital at 16.1% (incl profits of Q1FY15). Un‐hedged exposure impact of
18bps on Tier I.
Exhibit 2: Retail/SME/Agri drives loan growth; corporate book growth remains muted
1Q14 4Q14* 1Q15 YoY QoQ
Total Advances 1,981,513 2,300,668 2,305,352 16.3% 0.2%
Large Corporate 990,756 1,022,380 1,018,410 2.8% ‐0.4%
SME 307,139 355,020 374,710 22.0% 5.5%
Retail 676,240 707,450 912,230 34.9% 28.9%
‐ Housing loan 493,655 509,364 556,460 12.7% 9.2%
‐ Personal loans 54,099 56,596 65,681 21.4% 16.1%
‐ Cards 13,525 14,149 16,420 21.4% 16.1%
‐ Auto loans 81,149 84,894 91,223 12.4% 7.5%
‐ Retail Agri 109,180 0 136,835 25.3% ‐
‐ Others 33,812 42,447 45,612 34.9% 7.5%
Source: Company Data, PL Research * on reclassification of Agri loans, QoQ not comparable
Exhibit 3: Retail fees supporting overall fee growth, corporate fees sluggish
Fees breakdown 1Q14* 4Q14 1Q15* YoY QoQ
Retail banking 3,951 5,950 5,099 29.0% ‐14.3%
Business banking 1,317 1,424 1,378 4.6% ‐3.2%
Agri & SME banking 659 1,424 490 ‐25.6% ‐65.6%
Treasury 3,293 3,560 3,307 0.4% ‐7.1%
Large & Mid corp 3,819 5,380 3,445 ‐9.8% ‐36.0%
Total 13,170 17,800 13,780 4.6% ‐22.6%
Source: Company Data, PL Research *reclassified Agri fees in retail & SME fees
Fees picked up in Q4FY14 but disappointed
in Q1FY15 on slowing corporate fees. Retail
fees have been sole contributor to growth.
Bank has adjusted Agri & SME fees on
reclassification

5.
July 23, 2014 5
Axis Bank
Exhibit 4: Margins remain upbeat at ~3.9%
3.10
3.20
3.30
3.40
3.50
3.60
3.70
3.80
3.90
4.00
2Q12
3Q12
4Q12
1Q13
2Q13
3Q13
4Q13
1Q14
2Q14
3Q14
4Q14
1Q15
Net Interest Margin (%)
Source: Company Data, PL Research
Exhibit 5: CASA performance has been stable especially SA
25.0
30.0
35.0
40.0
45.0
50.0
2Q12
3Q12
4Q12
1Q13
2Q13
3Q13
4Q13
1Q14
2Q14
3Q14
4Q14
1Q15
Source: Company Data, PL Research
Exhibit 6: Opex growth remains under control
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
40.0%
2Q12
3Q12
4Q12
1Q13
2Q13
3Q13
4Q13
1Q14
2Q14
3Q14
4Q14
1Q15
Staff Expense Other Opex
Source: Company Data, PL Research
Exhibit 7: Stressed assets accretion of Rs11bn in Q1FY15 was lower than that of Q4FY14
3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15
Gross slippages 5,410 3,980 6,810 6,180 5,890 3,010 6,260
Recoveries+ Up gradations 1,800 2,050 720 2,660 1,220 1,490 970
Write‐offs 2,800 750 5,130 1,070 1,930 1,40 2,120
Slippages (%) 1.23% 0.85% 1.38% 1.24% 1.14% 0.52% 1.09%
O/s Restructured book 42,570 43,680 42,110 48,070 49,000 60,790 62,890
Addition in the qtr 3,680 7,910 6,860 10,310 6,700 11,150 4,800
% of loan book 2.37% 2.22% 2.13% 2.41% 2.37% 2.64% 2.73%
Source: Company Data, PL Research
Opex leverage still available with the Bank,
but have balance for right avenues to cut
cost

6.
July 23, 2014 6
Axis Bank
Exhibit 8: GNPAs inch up on slippages from mid‐corporate but well within guidance
0.0
0.2
0.4
0.6
0.8
1.0
1.2
1.4
1.6
2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15
% of Gross NPAs % of Net NPAs
Source: Company Data, PL Research
Exhibit 9: Improvement in AAA rating by 1bps but increase in <BBB rating by 2bps
6% 8% 6% 7% 7% 9% 12% 11% 11% 11%
23% 19% 18% 16% 16% 16% 14% 15% 14% 15%
41% 40% 40% 39% 38% 37% 37% 36% 37% 35%
27% 30% 33% 34% 34% 32% 31% 32% 31% 30%
3% 3% 3% 4% 5% 6% 6% 6% 7% 9%
0%
20%
40%
60%
80%
100%
120%
3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14
AAA AA A BBB <BBB or unrated
Source: Company Data, PL Research
Exhibit 10: Some rating downgrade at lower level in SME 4‐7 ratings
5% 5% 5% 7% 6% 6% 6% 7% 7% 6%
18% 18% 18% 19% 16% 16% 16% 16% 15% 16%
57% 57% 59% 56% 58% 58% 58% 58% 58% 56%
12% 12% 10% 10% 12% 12% 13% 12% 13% 14%
8% 8% 8% 8% 8% 8% 7% 7% 7% 8%
0%
20%
40%
60%
80%
100%
120%
4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15
SME 1 SME 2 SME 3 SME 4 SME 5‐7
Source: Company Data, PL Research

7.
July 23, 2014 7
Axis Bank
Exhibit 11: Qtrly ROE tree – ROAs impacted mainly from slowdown in fees/assets
ROA Tree 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15
Net Interest Income/Assets 3.23% 3.42% 3.45% 3.36% 3.41% 3.47%
Fees/Assets 2.15% 1.60% 2.07% 1.81% 2.15% 1.50%
Investment profits/Assets 0.29% 0.52% 0.01% 0.04% 0.23% 0.27%
Net revenues/Assets 5.67% 5.54% 5.52% 5.21% 5.79% 5.25%
Operating Expense/Assets ‐2.27% ‐2.15% ‐2.29% ‐2.27% ‐2.30% ‐2.21%
Provisions/Assets ‐0.72% ‐0.85% ‐0.81% ‐0.23% ‐0.54% ‐0.41%
Taxes/Assets ‐0.79% ‐0.86% ‐0.82% ‐0.91% ‐0.97% ‐0.88%
Total Costs/Assets ‐3.78% ‐3.86% ‐3.92% ‐3.40% ‐3.81% ‐3.50%
ROA 1.89% 1.68% 1.60% 1.81% 1.98% 1.75%
Equity/Assets 9.00% 10.14% 10.44% 10.39% 10.22% 10.26%
ROE 20.96% 16.56% 15.31% 17.37% 19.43% 17.04%
Source: Company Data, PL Research
Exhibit 12: Raise Mar‐15 PT to Rs2200/share valued implied at 2x FY16 ABV
Risk free rate 8.0%
Equity Risk Premium 6.0%
Beta 1.20
Cost of Equity 15.2%
Terminal growth 5.0%
Normalised ROE 21.1%
Stage 2 growth 19.0%
Mar‐15 PT 2200
Implied Mar‐16 P/B 2.02
Implied Mar‐16 P/E 12.0
Source: Company Data, PL Research
Exhibit 13: Valuations still have significant upside on historical basis
0.50
1.50
2.50
3.50
4.50
Jul‐05
Jan‐06
Jul‐06
Jan‐07
Jul‐07
Jan‐08
Jul‐08
Jan‐09
Jul‐09
Jan‐10
Jul‐10
Jan‐11
Jul‐11
Jan‐12
Jul‐12
Jan‐13
Jul‐13
Jan‐14
Jul‐14
Source: Company Data, PL Research

8.
July 23, 2014 8
Axis Bank
Income Statement (Rs m)
Y/e March 2013 2014 2015E 2016E
Int. Earned from Adv. 191,662 219,504 257,039 295,076
Int. Earned from Invt. 77,470 83,431 89,228 103,291
Others 2,694 3,476 3,838 4,272
Total Interest Income 271,826 306,412 350,105 402,638
Interest expense 175,163 186,895 213,967 244,900
NII 96,663 119,516 136,138 157,739
Growth (%) 20.6 23.6 13.9 15.9
Treasury Income 5,818 3,133 6,000 6,000
NTNII 59,693 70,919 80,890 93,520
Non Interest Income 65,511 74,052 86,890 99,520
Total Income 337,337 380,464 436,995 502,159
Growth (%) 23.0 12.8 14.9 14.9
Operating Expense 69,142 79,008 90,125 103,323
Operating Profit 93,031 114,561 132,904 153,935
Growth (%) 25.2 23.1 16.0 15.8
NPA Provisions 14,799 17,810 27,398 27,066
Investment Provisions (1,039) (1,003) — —
Total Provisions 17,501 21,070 27,398 27,066
PBT 75,531 93,490 105,505 126,869
Tax Provisions 23,736 31,313 34,817 41,867
Effective Tax Rate (%) 31.4 33.5 33.0 33.0
PAT 51,794 62,177 70,688 85,002
Growth (%) 22.1 20.0 13.7 20.2
Balance Sheet (Rs m)
Y/e March 2013 2014 2015E 2016E
Par Value 10 10 10 10
No. of equity shares 468 470 470 470
Equity 4,680 4,698 4,698 4,698
Networth 331,079 382,205 440,250 510,712
Adj. Networth 324,037 371,959 424,297 489,878
Deposits 2,526,136 2,809,446 3,278,077 3,951,677
Growth (%) 14.8 11.2 16.7 20.5
Low Cost deposits 1,120,998 1,264,623 1,490,321 1,814,344
% of total deposits 44.4 45.0 45.5 45.9
Total Liabilities 3,405,607 3,832,449 4,582,717 5,456,212
Net Advances 1,969,660 2,300,668 2,691,781 3,230,137
Growth (%) 16.0 16.8 17.0 20.0
Investments 1,137,375 1,135,484 1,290,492 1,508,690
Total Assets 3,405,607 3,832,449 4,582,717 5,456,212
Source: Company Data, PL Research.
Quarterly Financials (Rs m)
Y/e March Q2FY14 Q3FY14 Q4FY14 Q1FY15
Interest Income 76,090 77,891 79,652 82,894
Interest Expense 46,723 48,051 47,995 49,789
Net Interest Income 29,367 29,840 31,658 33,105
Non Interest Income 17,661 16,444 22,134 16,911
CEB 14,320 14,560 17,800 13,780
Treasury 50 350 2,170 2,600
Net Total Income 47,028 46,284 53,792 50,015
Operating Expenses 19,530 20,134 21,314 21,059
Employee Expenses 6,439 6,551 6,593 7,517
Other Expenses 13,090 13,583 14,722 13,541
Operating Profit 27,498 26,150 32,477 28,957
Core Operating Profit 27,448 25,800 30,307 26,357
Provisions 6,875 2,025 5,052 3,866
Loan loss provisions — — — —
Investment Depreciation — — — —
Profit before tax 20,623 24,125 27,425 25,091
Tax 7,000 8,084 9,002 8,423
PAT before EO 13,623 16,041 18,423 16,668
Extraordinary item — — — —
PAT 13,623 16,041 18,423 16,668
Key Ratios
Y/e March 2013 2014 2015E 2016E
CMP (Rs) 2,016 2,016 2,016 2,016
Equity Shrs. Os. (m) 468 470 470 470
Market Cap (Rs m) 943,537 947,348 947,348 947,348
M/Cap to AUM (%) 27.7 24.7 20.7 17.4
EPS (Rs) 110.7 132.3 150.5 180.9
Book Value (Rs) 708 813 937 1,087
Adj. BV (75%) (Rs) 708 812 934 1,083
P/E (x) 18.2 15.2 13.4 11.1
P/BV (x) 2.8 2.5 2.2 1.9
P/ABV (x) 2.8 2.5 2.2 1.9
DPS (Rs) 18.0 20.0 23.0 26.5
Dividend Yield (%) 0.9 1.0 1.1 1.3
Profitability (%)
Y/e March 2013 2014 2015E 2016E
NIM 3.1 3.3 3.2 3.1
RoAA 1.7 1.7 1.7 1.7
RoAE 18.5 17.4 17.2 17.9
Efficiency
Y/e March 2013 2014 2015E 2016E
Cost‐Income Ratio (%) 42.6 40.8 40.4 40.2
C‐D Ratio (%) 78.0 81.9 82.1 81.7
Business per Emp. (Rs m) 129 127 129 135
Profit per Emp. (Rs lacs) 14.8 15.5 15.3 16.0
Business per Branch (Rs m) 2,435 2,407 2,445 2,558
Profit per Branch (Rs m) 28 29 29 30
Asset Quality
Y/e March 2013 2014 2015E 2016E
Gross NPAs (Rs m) 23,934 31,460 48,982 63,968
Net NPAs (Rs m) 7,041 10,246 15,953 20,834
Gr. NPAs to Gross Adv. (%) 1.2 1.4 1.8 2.0
Net NPAs to Net Adv. (%) 0.4 0.4 0.6 0.6
NPA Coverage (%) 70.6 67.4 67.4 67.4
Source: Company Data, PL Research.

9.
July 23, 2014 9
Axis Bank
Prabhudas Lilladher Pvt. Ltd.
3rd Floor, Sadhana House, 570, P. B. Marg, Worli, Mumbai‐400 018, India
Tel: (91 22) 6632 2222 Fax: (91 22) 6632 2209
Rating Distribution of Research Coverage
29.0%
51.4%
19.6%
0.0%
0%
10%
20%
30%
40%
50%
60%
BUY Accumulate Reduce Sell
% of Total Coverage
PL’s Recommendation Nomenclature
BUY : Over 15% Outperformance to Sensex over 12‐months Accumulate : Outperformance to Sensex over 12‐months
Reduce : Underperformance to Sensex over 12‐months Sell : Over 15% underperformance to Sensex over 12‐months
Trading Buy : Over 10% absolute upside in 1‐month Trading Sell : Over 10% absolute decline in 1‐month
Not Rated (NR) : No specific call on the stock Under Review (UR) : Rating likely to change shortly
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information and is not for circulation. This document is not to be reported or copied or made available to others without prior permission of PL. It should not be
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The information contained in this report has been obtained from sources that are considered to be reliable. However, PL has not independently verified the accuracy
or completeness of the same. Neither PL nor any of its affiliates, its directors or its employees accept any responsibility of whatsoever nature for the information,
statements and opinion given, made available or expressed herein or for any omission therein.
Recipients of this report should be aware that past performance is not necessarily a guide to future performance and value of investments can go down as well. The
suitability or otherwise of any investments will depend upon the recipient's particular circumstances and, in case of doubt, advice should be sought from an
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Either PL or its affiliates or its directors or its employees or its representatives or its clients or their relatives may have position(s), make market, act as principal or
engage in transactions of securities of companies referred to in this report and they may have used the research material prior to publication.
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