AXIS BANK Announces Quarterly Results (1QFY21); Net Profit Down 18.8%

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AXIS BANK Announces Quarterly Results (1QFY21); Net Profit Down 18.8%
Thu, 30 Jul

AXIS BANK has announced its results for the quarter ended June 2020. Here is a detailed performance review of the same:

AXIS BANK Quarterly Financials

No. of Mths
Qtr. Ending
3
Jun-19*
3
Mar-20*
3
Jun-20*
QoQ ChangeYoY Change
Operating incomeRs m152,550162,341165,3891.9%8.4%
Other incomeRs m38,68839,85525,867-35.1%-33.1%
Total revenuesRs m191,237202,196191,256-5.4%0.0%
InterestRs m94,11394,26495,5361.3%1.5%
Gross Profit Rs m58,43768,07769,8532.6%19.5%
Other expensesRs m38,19749,42137,276-24.6%-2.4%
Profit before taxRs m20,782-18,78914,280-31.3%
TaxRs m7,081-4,9113,158-55.4%
Profit after taxRs m13,701-13,87811,122-18.8%
Gross profit margin %38.341.942.2
Effective tax rate%34.126.122.1
Net profit margin%9.0-8.56.7
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster


Year-on-Year Performance:
  • The bank's operating income (interest earned) during the quarter grew 8.4% on a year-on-year (YoY) basis. The interest expended was up by 1.5% YoY during the same period.
  • The bank's operating profit increased by 19.5% YoY during the quarter. Consequently, operating profit margins witnessed a growth and stood at 42.2% in 1QFY21 as against 38.3% in 1QFY20.
  • Other income declined by 33.1% YoY during the quarter.
  • Net profit for the quarter declined by 18.8% YoY. Net profit margins during the quarter declined from 9.0% in 1QFY20 to 6.7% in 1QFY21.
Quarter-on-Quarter Performance:
  • The bank's operating income (interest earned) during the quarter grew 1.9% on a quarter-on-quarter (QoQ) basis. The interest expended was up by 1.3% QoQ during the same period.
  • The bank's operating profit increased by 2.6% QoQ during the quarter. Consequently, operating profit margins witnessed a growth and stood at 42.2% in 1QFY21 as against 41.9% in 4QFY20.
  • Net profit for the quarter increased by 180.1% QoQ, while net profit margins increased from -8.5% in 4QFY20 to 6.7% in 1QFY21.

To see how AXIS BANK has performed over the last eight quarters,please visit here.

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AXIS BANK Share Price Performance

Over the last one year,AXIS BANK share price has moved down from Rs 706.6 to Rs 438.4, registering a Loss of Rs 268.2 or around 38.0%.

Meanwhile, the S&P BSE BANKEX is trading at Rs 25,169.6 (up 0.4%). Over the last one year it has moved down from 32,582.6 to 25,169.6, a loss of 7,413 points (down 22.8%).

Overall, the S&P BSE SENSEX is up 1.7% over the year.

Current Valuations

At the current price of Rs 438.4, the price to earnings (P/E) ratio of AXIS BANK stands at 76.5 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 1.5 times.

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