AXIS BANK Announces Quarterly Results (3QFY21); Net Profit Down 36.4%

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AXIS BANK Announces Quarterly Results (3QFY21); Net Profit Down 36.4%
Thu, 28 Jan

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

AXIS BANK Quarterly Financials

No. of Mths
Qtr. Ending
3
Dec-19*
3
Sep-20*
3
Dec-20*
QoQ ChangeYoY Change
Operating incomeRs m157,083160,629154,984-3.5%-1.3%
Other incomeRs m37,86638,07237,760-0.8%-0.3%
Total revenuesRs m194,949198,701192,744-3.0%-1.1%
InterestRs m92,55387,36881,256-7.0%-12.2%
Gross Profit Rs m64,53073,26173,7280.6%14.3%
Other expensesRs m44,96942,35650,53319.3%12.4%
Profit before taxRs m22,71823,17014,912-35.6%-34.4%
TaxRs m5,1486,3433,746-40.9%-27.2%
Profit after taxRs m17,57016,82711,166-33.6%-36.4%
Gross profit margin %41.145.647.6
Effective tax rate%22.727.425.1
Net profit margin%11.210.57.2
* 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 fell 1.3% on a year-on-year (YoY) basis. The interest expended was down by 12.2% YoY during the same period.
  • The bank's operating profit increased by 14.3% YoY during the quarter. Consequently, operating profit margins witnessed a growth and stood at 47.6% in 3QFY21 as against 41.1% in 3QFY20.
  • Other income declined by 0.3% YoY during the quarter.
  • Net profit for the quarter declined by 36.4% YoY. Net profit margins during the quarter declined from 11.2% in 3QFY20 to 7.2% in 3QFY21.
Quarter-on-Quarter Performance:
  • The bank's operating income (interest earned) during the quarter fell 3.5% on a quarter-on-quarter (QoQ) basis. The interest expended was down by 7.0% QoQ during the same period.
  • The bank's operating profit increased by 0.6% QoQ during the quarter. Consequently, operating profit margins witnessed a growth and stood at 47.6% in 3QFY21 as against 45.6% in 2QFY20.
  • Net profit for the quarter declined by 33.6% QoQ, while net profit margins declined from 10.5% in 2QFY20 to 7.2% in 3QFY21.

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 737.1 to Rs 657.3, registering a Loss of Rs 79.8 or around 10.8%.

Meanwhile, the S&P BSE BANKEX is trading at Rs 34,014.7 (down 0.9%). Over the last one year it has moved down from 35,161.2 to 34,014.7, a gain of 1,146 points (down 3.3%).

Overall, the S&P BSE SENSEX is up 14.0% over the year.

Current Valuations

At the current price of Rs 657.3, the price to earnings (P/E) ratio of AXIS BANK stands at 62.2 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 1.8 times.

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