AxisBank Angel 271014

8/10/2019 AxisBank Angel 271014

1/10

Please refer to important disclosures at the end of this report 1

Particulars ( cr) 2QFY15 1QFY15

chg (qoq)

2QFY14

chg (yoy)

NII 3,525 3,310

6.5

2,937

20.0

Pre-prov. profit 3,162 2,896 9.2 2,750 15.0

PAT 1,611 1,667 (3.4) 1,362 18.2

Source: Company, Angel Research

Axis Bank reported a good set of numbers for 2QFY2015 with an earnings

growth of 18.2% yoy at `1610.7cr, mainly on account of healthy growth in net

interest income.

Retail business continues to drive loan growth and fee income growth; Slippages

plus incremental restructuring on lower side: During 2QFY2015, the bank

reported an advance growth of 20.3% yoy, while deposits grew by 11.1% yoy.The growth in the loan book has outpaced the industry loan growth, primarily due

to strong traction witnessed in the Retail loan book, which grew by 27% yoy, and

accounted for 38% of the advances as compared to 35% in 2QFY2014. The SME

book grew at a steady pace of 15% yoy. Within retail, (88% of the domestic retail

lending book is secured) 53% of advances were accounted by Home loans, 15%

by Retail agricultural loans, 9% by Auto loans, and 9% by Personal Loans and

Credit Cards. Focus on retail franchise continued to benefit the bank with CASA

deposits registering a growth of 15.4% yoy, within which savings deposits grew by

20.1% yoy and current deposits growing by 8.2% yoy. The CASA ratio improved

by 167bp yoy to 44.5%, which improved the NIM by 18bp yoy to 3.97%.

Domestic and International NIM improved by 10bp qoq each to 4.3% and 1.7%

respectively in 2QFY2015. Going forward, the Management has indicated at theNIM moderating slightly due to a 10bp cut in the base rate with 85-90% of loans

being linked to the base rate. During the quarter, the bank witnessed slippages of

`911cr (annualized slippage rate of 1.5%) as against `626cr in 1QFY2015

(annualized slippage rate of 1.09%). Overall, slippages and fresh restructuring

taken together amounted to `1,481cr which is lower as compared to `1,649cr

reported during 2QFY2014. The bank has maintained its guidance of `6,500cr

of addition to stressed assets in FY2015.

Outlook and valuation:Healthy pace of branch expansion, leading to a robust

distribution network, continues to be the driving force for the banks retail

business. Going forward, the bank will continue to focus on retail loans and will

change its retail loans mix to a higher return business. With improvement in the

economic environment, it is well positioned to grow by at least a few percentagepoints higher than the average industry growth rate. The Management has given

a guidance of stressed assets at`6,500cr for FY2015 and with the stressed assets

coming at `2,587cr in 1HFY2015, we believe that slippages and incremental

restructuring for FY2015 will be lower than what has been guided by the bank.

We maintain our Buy rating on the stock with a target price of 501.

Key financials (Standalone)

Y/E March ( cr) FY2013 FY2014 FY2015E FY2016E

NII 9,666 11,952

14,175 16,701

% chg 20.6 23.6 18.6 17.8

Net profit 5,179 6,218

7,219 8,487

% chg 22.1 20.0 16.1 17.6NIM (%) 3.2 3.4 3.6 3.6

EPS (

) 22.1 26.5 30.7 36.1

P/E (x) 17.9 15.0 12.8 10.9P/ABV (x) 2.8 2.4 2.1 1.8RoA (%) 1.7 1.7 1.8 1.8RoE (%) 18.5 17.4 17.6 18.0

Source: Company, Angel Research; Note: CMP as of October 17, 2014

BUY

CMP `402

Target Price `501

Investment Period 12 Months

Vaibhav Agrawal

022 3935 7800 Ext: 6808

[email protected]

Umesh Matkar

022 3935 7800 Ext: [email protected]

Stock Info

Sector

Bloomberg Code

Shareholding Pattern (%)

Promoters 28.9

MF / Banks / Indian Fls 10.8

FII / NRIs / OCBs 47.5

Indian Public / Others 12.8

Abs. (%) 3m 1yr 3yr

Sensex 1.8 26.5 79.9

Axis Bank 2.8 83.6 53.3

Beta 1.6

Banking

Market Cap (`cr) 94,851

52 Week High / Low 423/202

Avg. Daily Volume 17,634

Face Value (`) 2

BSE Sensex 26,109

Nifty 7,780

Reuters Code AXBK.BO

AXSB@IN

Axis Bank

Performance Highlights

2QFY2015 Result Update | Banking

October 20, 2014


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Axis Bank | 2QFY2015 Result Update

October 20, 2014 2

Exhibit 1:2QFY2015 performance summary (Standalone)

Particulars ( cr) 2QFY15 1QFY15

chg (qoq)

2QFY14

chg (yoy)

FY2014 FY2013

chg

Interest earned 8,602 8,289

3.8

7,609

13.1

30,641 27,183

12.7

- on Advances / Bills 6,256 6,085 2.8 5,394 16.0 21,950 19,166 14.5- on investments 2,205 2,102 4.9 2,143 2.9 8,343 7,747 7.7

- on balance with RBI & others 54 56 (2.5) 35 55.7 167 111 49.9

- on others 87 46 89.5 37 134.5 181 158 14.4

Interest Expended 5,078 4,979 2.0 4,672 8.7 18,690 17,516 6.7

Net Interest Income 3,525 3,310 6.5 2,937 20.0 11,952 9,666 23.6

Other income 1,948 1,691

15.2

1,766

10.3

7,405 6,551

13.0

Other income excl. treasury 1,677 1,431 17.2 1,559 7.5 6,478 5,796 11.8

- Fee Income 1,591 1,378 15.5 1,432 11.1 5,985 5,521 8.4

- Trading gains 271 260 4.2 207 30.9 927 755 22.8

- Others 86 53 61.4 127 (32.6) 493 275 79.0

Operating income 5,472 5,002 9.4 4,703 16.4 19,357 16,217 19.4

Operating expenses 2,310 2,106 9.7 1,953 18.3 7,901 6,914 14.3

- Employee expenses 786 752 4.6 644 22.1 2,601 2,377 9.4

- Other Opex 1,524 1,354 12.6 1,309 16.4 5,299 4,537 16.8

Pre-provision Profit 3,162 2,896

9.2

2,750

15.0

11,456 9,303

23.1

Provisions & Contingencies 725 387

87.5

687

5.5

2,107 1,750

20.4

- Provisions for NPAs - 335 (100.0) 287 (100.0) 1,295 1,138 13.8

- Other Provisions 725 52 1,305.1 400 81.0 812 612 32.7

PBT 2,437 2,509 (2.9) 2,062 18.2 9,349 7,553 23.8

Provision for Tax 827 842 (1.9) 700 18.1 3,131 2,373 31.9

PAT 1,611 1,667

(3.4)

1,362

18.2

6,218 5,179

20.0



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October 20, 2014 3

Exhibit 2:2QFY2015 performance analysis (Standalone)

Particulars 2QFY15 1QFY15

chg (qoq)

2QFY14

chg (yoy)

Balance sheet

Advances (`cr) 2,42,198 2,30,535 5.1 2,01,303 20.3

Deposits (`cr) 2,83,728 2,72,004 4.3 2,55,365 11.1

Credit-to-Deposit Ratio (%) 85.4 84.8 61bp 78.8 653bp

Current deposits (`cr) 46,492 40,659 14.3 42,965 8.2

Saving deposits (`cr) 79,875 74,583 7.1 66,494 20.1

CASA deposits (`cr) 1,26,367 1,15,242 9.7 1,09,459 15.4

CASA ratio (%) 44.5 42.4 217bp 42.9 167bp

CAR (%)* 15.9 16.1 (19)bp 15.9 5bp

Tier 1 CAR (%)* 12.6 12.6 (7)bp 11.7 89bp

Profitability Ratios ( )

Cost of funds 6.2 6.2 (2)bp 6.3 (6)bpReported NIM 3.97 3.9 9bp 3.8 18bp

Cost-to-income ratio 42.2 42.1 11bp 41.5 69bp

Asset quality

Gross NPAs (`cr) 3,613 3,463 4.3 2,734 32.1

Gross NPAs (%) 1.3 1.3 0bp 1.2 15bp

Net NPAs (`cr) 1,180 1,114 6.0 838 40.7

Net NPAs (%) 0.4 0.4 0bp 0.4 7bp

Provision Coverage Ratio (%) 78.0 77.0 100bp 80.0 (200)bp

Slippage ratio (%) 1.5 1.1 42bp 1.2 28bp

Loan loss prov. to avg. assets (%) 0.7 0.4 31bp 0.3 33bp

Source: Company, Angel Research *Basel III excluding profits

Advance growth remains healthy

During 2QFY2015, the bank reported an advance growth of 20.3% yoy, while the

growth in deposits came in lower at 11.1% yoy. The growth in the loan book was

primarily aided by strong traction witnessed in the Retail loan book, which grew by

27% yoy. The SME book witnessed a steady growth of 15% yoy. Within retail, 53%

of advances were accounted by Home loans, 15% by Retail agricultural loans, and

9% by Auto loans. Further, within the retail segment, the bank will concentrate on

growing the higher yielding segments like Personal loans, Credit cards etc. TheCorporate loan book picked up pace with growth of 13.1% yoy in 2QFY2015; the

Management has indicated at the Corporate book growing at the same pace for

FY2015 on account of working capital funding and refinancing. The Management

expects the overall loan book to grow by 20% for FY2015, aided by a 25% growth

in retail loans.

CASA deposits registered a growth of 15.4% yoy, aided by a strong growth of

20.1% yoy in savings deposits, even as growth in current deposits came in weak at

8.2% yoy. On a daily average basis, the overall CASA deposits grew by 16% yoy,

within which, saving deposits grew by 19% yoy. The CASA and retail term deposits

constituted 79% of the total deposits of the bank compared to 73% a year ago.The cost of funds fell by 6bp yoy to 6.19% which resulted in a 18bp increase in

NIM to 3.97%. Going forward, the Management has guided for slight moderation

in NIM on account of 10bp reduction in the base rate.


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October 20, 2014 4

Exhibit 3:Average CASA deposits grew by 16% yoy


Exhibit 4:Period-end CASA ratio at 44.5%


Exhibit 5:Cost of funds stable at 6.2% qoq


Exhibit 6:NIM at 3.97%


Moderate growth in non-interest income (excluding treasury

profits)

During 2QFY2015, other income (excl treasury profits) for the bank grew weak at

7.5% yoy, which was largely due to low growth of 7% yoy in corporate banking

fee. Retail fee income, the largest contributor to overall fee income, grew by 24%,

led by processing fee on lending and distribution of investment products. Going

forward, the fee income is expected to grow in low double digits, according to the

bank, with a pick up expected in the corporate loan book.

Stressed assets lower during quarter

During the quarter, the bank witnessed slippages of`911cr (annualized slippage

rate of 1.5%) as against `626cr in 1QFY2015 (annualized slippage rate of

1.09%). During the quarter, the bank restructured advances worth `570cr as

compared to `480cr in 1QFY2015, thereby taking its outstanding restructured

book to `6,690cr. Overall, slippages and fresh restructuring taken together

amounted to `1,481cr, much lower than `1,649cr reported during 2QFY2014.

The Management has maintained its guidance of an impairment of `6,500cr inFY2015. Due to higher slippage in the current quarter, the Gross NPA ratio

increased by 15bp yoy to 1.34% whereas the Net NPA ratio rose by 7bp yoy

0.44%.

14 14

16 16 16

10

15

20

2QFY14 3QFY14 4QFY14 1QFY15 2QFY15

Reported yoy growth in average CASA balances (%)

42.9 42.6

45.0

42.4

44.5

30.0

32.0

34.0

36.0

38.0

40.0

42.044.0

46.0


(%)

6.25 6.29 6.20 6.2 6.2

3.5

4.5

5.5

6.5


(%)

3.793.71

3.89 3.93.97

2.4

2.7

3.0

3.3

3.6

3.9

4.2


(%)


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October 20, 2014 5

Exhibit 7:Slippages ratio higher qoq and yoy


Exhibit 8:Trends in NPA ratios

Source: Company, Angel Research; Note: PCR including tech. write-offs

Exhibit 9:Steady Network expansion continues

Source: Company, Angel Research;

Exhibit 10:Cost-to-income ratio steady at 42.2%


1.231.11

0.52

1.09

1.50

-

0.40

0.80

1.20

1.60


(%)

1.

2

1.

3

1.

2

1.

34

1.

34

0.

4

0.

4

0.

4

0.

44

0.

44

80.0 78.0 78.0 77 78

55.0

62.5

70.0

77.5

85.0

-

0.3

0.5

0.8

1.0

1.3


Gross NPAs (%) Net NPAs (%) NPA coverage (%, RH

2,

225

2,

321

2,

402

2421

2505

11,796 12,32812,922 12,930 13,146

-

2,500

5,000

7,500

10,000

12,500

15,000

400

800

1,200

1,600

2,000

2,400

2,800


Branches ATMs (RHS)

1,

309

1,

358

1,

472

1,

354

1,

524

644

655

659

752

786

41.5

43.5

39.6

42.1 42.2

25.

30.

35.

40.

45.

-

500

1,000

1,500

2,000

2,500


Other opex (` cr) Staff costs (` cr) CIR (%, RHS)


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October 20, 2014 6

Outlook and valuation: Healthy pace of branch expansion, leading to a robust

distribution network, continues to be the driving force for the banks retail business.

Going forward, it will continue to focus on retail loans and will change its retail

loans mix to a higher return business. With improvement in the economicenvironment, the bank is well positioned to grow by at least a few percentage

points higher than the average industry growth rates. The Management have given

a guidance of stressed assets at`6,500cr for FY2015 and with the stressed assets

coming at `2,587cr in 1HFY2015, we believe that slippages and incremental

restructuring for FY2015 will be lower than what has been guided by the bank. We

maintain our Buy rating on the stock with a target price of 501.

Exhibit 11:Recommendation summary

Company Reco.

CMP

()

Tgt. price

()

Upside

( )

FY2016E

P/ABV (x)

FY2016E

Tgt. P/ABV (x)

FY2016E

P/E (x)

FY2014-16E

EPS CAGR ( )

FY2016E

RoA ( )

FY2016E

RoE ( )

HDFCBk Accumulate 885 962 8.7 3.5 3.8 16.2 24.5 2.0 23.2

ICICIBk* Buy 1,506 1,881 24.9 1.9 2.5 13.1 16.2 1.5 15.6

YesBk Buy 598 742 24.2 1.8 2.3 10.3 13.9 1.6 19.0

AxisBk Buy 402 501

24.7

1.9 2.4 11.1 16.8 1.8 18.0

SBI* Buy 2,522 2,974 17.9 1.4 1.4 10.4 29.0 0.8 13.9

FedBk Neutral 136 - - 1.4 - 10.8 13.1 1.2 13.2

SIB Buy 26 36 36.8 0.9 1.2 6.1 6.8 0.9 15.0

BOB Buy 872 1,021 17.1 0.9 1.0 6.2 15.5 0.8 14.2

PNB Buy 919 1,134 23.4 0.8 1.0 5.6 33.5 0.9 14.6

UcoBk Buy 79 101 27.5 0.6 0.8 4.1 13.1 0.6 14.0

BOI Buy 258 317 23.2 0.6 0.7 4.3 19.5 0.6 12.9

UnionBk Accumulate 217 235 8.1 0.7 0.8 4.9 25.2 0.6 13.5

CanBk Accumulate 384 410 6.9 0.7 0.7 5.1 19.1 0.6 12.4

IDBI# Buy 62 76 23.6 0.4 0.5 4.6 38.7 0.5 8.9

DenaBk Buy 59 75 28.2 0.5 0.6 3.8 22.0 0.6 11.5

Source: Company, Angel Research; Note:*Target multiples=SOTP Target Price/ABV (including subsidiaries), #Without adjusting for SASF

Company Background

Axis Bank is India's third-largest private sector bank after ICICI Bank and HDFC

Bank. The bank is promoted by government institutions, led by UTI (SUUTI holds

12% stake currently). The bank has an extensive network of 2,505 branches and

13,146 ATMs spread across 1686 centers (~48% in metro and urban regions).

The bank's strong growth has been backed by robust retail branch expansion,

strong corporate relationships and a wide range of fee income products.


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October 20, 2014 7

Income statement (Standalone)

Y/E March ( cr) FY10 FY11 FY12 FY13 FY14 FY15E FY16E

Net Interest Income 5,004 6,563 8,018 9,666 11,952 14,175 16,701

- YoY Growth (%) 35.8 31.1 22.2 20.6 23.6 18.6 17.8

Other Income 3,946 4,632 5,420 6,551 7,405 8,104 9,209

- YoY Growth (%) 39.2 17.4 17.0 20.9 13.0 9.4 13.6

Operating Income 8,950 11,195 13,438 16,217 19,357 22,279 25,910

- YoY Growth (%) 37.3 25.1 20.0 20.7 19.4 15.1 16.3

Operating Expenses 3,710 4,779 6,007 6,914 7,901 9,216 10,754

- YoY Growth (%) 29.8 28.8 25.7 15.1 14.3 16.6 16.7

Pre - Provision Profit 5,241 6,416 7,431 9,303 11,456 13,063 15,155

- YoY Growth (%) 43.1 22.4 15.8 25.2 23.1 14.0 16.0

Prov. & Cont. 1,389 1,280 1,143 1,750 2,107 2,208 2,392

- YoY Growth (%) 58.5 (7.9) (10.7) 53.1 20.4 4.8 8.4

Profit Before Tax 3,851 5,136 6,288 7,553 9,349 10,855 12,763

- YoY Growth (%) 38.3 33.3 22.4 20.1 23.8 16.1 17.6

Prov. for Taxation 1,337 1,747 2,046 2,373 3,131 3,637 4,276

- as a % of PBT 34.7 34.0 32.5 31.4 33.5 33.5 33.5

PAT 2,515 3,388 4,242 5,179 6,218 7,219 8,487

- YoY Growth (%) 38.5 34.8 25.2 22.1 20.0 16.1 17.6


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October 20, 2014 8

Balance sheet (Standalone)

Y/E March (

cr) FY10 FY11 FY12 FY13 FY14 FY15E FY16E

Share Capital 405 411 413 468 470 470 470

Reserve & Surplus 15,639 18,588 22,395 32,640 37,751 43,366 49,974Deposits 141,300 189,238 220,104 252,614 280,945 3,23,086 3,94,165

- Growth (%) 20.4 33.9 16.3 14.8 11.2 15.0 22.0

Borrowings 10,014 19,275 23,498 31,412 38,065 41,421 49,928

Tier 2 Capital 7,156 6,993 10,574 12,540 12,226 12,095 11,793

Other Liab. & Prov. 6,134 8,209 8,643 10,888 13,789 15,575 19,224

Total Liabili ties 180,648 242,713 285,628 340,561 383,245 4,36,014 5,25,554

Cash Balances 9,482 13,886 10,703 14,792 17,041 16,154 19,708

Bank Balances 5,722 7,522 3,231 5,643 11,197 10,900 13,139

Investments 55,975 71,992 93,192 113,738 113,548 1,22,303 1,43,270

Advances 104,341 142,408 169,760 196,966 230,067 2,73,779 3,34,011

- Growth (%) 27.9 36.5 19.2 16.0 16.8 19.0 22.0

Fixed Assets 1,222 2,273 2,259 2,356 2,410 2,660 3,110

Other Assets 3,906 4,632 6,483 7,067 8,981 10,217 12,316

Total Assets 180,648 242,713 285,628 340,561 383,245 4,36,014 5,25,554

- Growth (%) 22.3 34.4 17.7 19.2 12.5 13.8 20.5


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October 20, 2014 9

Ratio analysis (Standalone)

Y/E March FY10 FY11 FY12 FY13 FY14 FY15E FY16E

Profitability ratios ( )

NIMs 3.1 3.2 3.1 3.2 3.4 3.6 3.6

Cost to Income Ratio 41.4 42.7 44.7 42.6 40.8 41.4 41.5

RoA 1.5 1.6 1.6 1.7 1.7 1.8 1.8

RoE 19.2 19.3 20.3 18.5 17.4 17.6 18.0

B/S ratios ( )

CASA Ratio 46.7 41.1 41.5 44.4 45.0 46.7 47.4

Credit/Deposit Ratio 73.8 75.3 77.1 78.0 81.9 84.7 84.7

CAR 15.8 12.7 13.7 17.0 16.9 16.1 15.0

- Tier I 11.2 9.4 9.4 12.2 12.6 12.9 12.3

Asset Quality ( )

Gross NPAs 1.3 1.1 1.1 1.2 1.4 1.9 2.2

Net NPAs 0.4 0.3 0.3 0.4 0.4 0.6 0.7

Slippages 2.2 1.4 1.3 1.2 1.1 1.3 1.2

Loan Loss Prov. /Avg. Assets 0.8 0.5 0.3 0.4 0.3 0.4 0.3

Provision Coverage 72.4 80.9 81.0 79.0 76.7 75.0 75.0

Per Share Data ()

EPS 62.1 82.5 102.7 110.7 132.3 30.7 36.1

ABVPS (75% cover.) 393.8 462.5 551.5 705.2 808.4 185.0 213.2

DPS 12.0 14.0 16.0 18.0 20.0 29.0 34.0

Valuation Ratios

PER (x) 24.5 18.4 14.8 13.7 11.5 12.8 10.9

P/ABVPS (x) 3.9 3.3 2.8 2.2 1.9 2.1 1.8

Dividend Yield 0.8 0.9 1.1 1.2 1.3 7.4 8.6

DuPont Analysis

NII 3.0 3.1 3.0 3.1 3.3 3.5 3.5

(-) Prov. Exp. 0.8 0.6 0.4 0.6 0.6 0.5 0.5

Adj. NII 2.2 2.5 2.6 2.5 2.7 2.9 3.0

Treasury 0.4 0.2 0.0 0.2 0.3 0.1 0.1

Int. Sens. Inc. 2.7 2.7 2.6 2.7 3.0 3.0 3.0

Other Inc. 2.0 2.0 2.0 1.9 1.8 1.9 1.9

Op. Inc. 4.6 4.7 4.7 4.6 4.8 4.9 4.9

Opex 2.3 2.3 2.3 2.2 2.2 2.2 2.2

PBT 2.3 2.4 2.4 2.4 2.6 2.7 2.7

Taxes 0.8 0.8 0.8 0.8 0.9 0.9 0.9

RoA 1.5 1.6 1.6 1.7 1.7 1.8 1.8

Leverage 12.5 12.1 12.6 11.2 10.1 10.0 10.2

RoE 19.2 19.3 20.3 18.5 17.4 17.6 18.0

Note: * Stock split from ` 10 TO `2 on July 28, 2014


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October 20, 2014 10

Research Team Tel: 022 - 39357800 E-mail: [email protected] Website: www.angelbroking.com

DISCLAIMER

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such investigations as they deem necessary to arrive at an independent evaluation of an investment in the securities of the companies

referred to in this document (including the merits and risks involved), and should consult their own advisors to determine the merits and

risks of such an investment.

Angel Broking Pvt. Limited, its affiliates, directors, its proprietary trading and investment businesses may, from time to time, make

investment decisions that are inconsistent with or contradictory to the recommendations expressed herein. The views contained in this

document are those of the analyst, and the company may or may not subscribe to all the views expressed within.

Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions and

trading volume, as opposed to focusing on a company's fundamentals and, as such, may not match with a report on a company's

fundamentals.

The information in this document has been printed on the basis of publicly available information, internal data and other reliablesources believed to be true, but we do not represent that it is accurate or complete and it should not be relied on as such, as thisdocument is for general guidance only. Angel Broking Pvt. Limited or any of its affiliates/ group companies shall not be in any wayresponsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report .Angel Broking Pvt. Limited has not independently verified all the information contained within this document. Accordingly, we cannottestify, nor make any representation or warranty, express or implied, to the accuracy, contents or data contained within this document.While Angel Broking Pvt. Limited endeavours to update on a reasonable basis the information discussed in this material, there may beregulatory, compliance, or other reasons that prevent us from doing so.

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Note: Please refer to the important `Stock Holding Disclosure' report on the Angel website (Research Section). Also, please refer to the

latest update on respective stocks for the disclosure status in respect of those stocks. Angel Broking Pvt. Limited and its affiliates may

have investment positions in the stocks recommended in this report.

Disclosure of Interest Statement Axis Bank

1. Analyst ownership of the stock No

2. Angel and its Group companies ownership of the stock No

3. Angel and its Group companies' Directors ownership of the stock Yes

4. Broking relationship with company covered No

Ratings (Returns): Buy (> 15%) Accumulate (5% to 15%) Neutral (-5 to 5%) Reduce (-5% to -15%) Sell (< -15%)

Note: We have not considered any Exposure below`

1 lakh for Angel, its Group companies and Directors

AxisBank Angel 271014

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