Monday, April 25, 2011

AXIS BANK = Q4 & FY 2011 RESULTS = EXCELLENT GROWTH ON ALL FRONTS = Q4 NPT UP 33.37% YoY = FUTURE MORE PROMISING


Axis Bank Limited

NSE Symbol AXISBANK

AXIS BANK has declared excellent results for the FY 2011 (both consolidated and non-consolidated).

The consolidated annual results are compared below with the 2 previous years of FY 2010 and FY 2009. However, as of now – there is not much difference between consolidated and stand alone Results.

Interest on Advances for FY 2011 is Rs. 10403.10 cr -  which is higher than FY 2010 by 30.26% and higher than FY 2009 by 39.46%

Income on Investments for FY 11 is Rs.4438.69 cr – which is higher than FY 10 by 29.47% and higher than FY 09 by 45.46%.

NII for FY 11 is Rs.6566.25 cr – which is higher than FY 10 by  31.16% and higher than FY 09 by 78.42%.

Total Income for FY 11 is at Rs.19826.31 cr – which is higher than FY 10 by  27.07% and higher than FY 09 by 44.24%.

Operating Profit  for FY 11 is Rs.6377.23 cr – which is higher than FY 10 by 22.45% and higher than FY 09 by 71.32%.

Provisions  for FY 11 amount to Rs.1280.03 cr- against Rs.1389.19 cr in FY 10; and Rs.939.68 cr in FY 09.

Profit before tax for FY 11 is Rs.5097.20 cr – which is higher than FY 10 by  33.47% and higher than FY  09 by 83.18%      

Net Profit for FY 11 is Rs.3344.68 cr  - which is higher than FY 10 by 34.97% and higher than FY 09 by 84.49%.

The Consolidated Net Profit for FY 11 is Rs.3339.91 cr -  which is higher than FY 10 by 34.77% and higher than FY 09 by 84.23%.

Paid-up Equity is Rs.410.55 cr – but reserves now amount to a huge Rs.18484.06 Cr.

Face Value of the equity share is Rs.10 and dividend in last 2 years was 120% in FY 10; and 100% in FY 09. For FY 11, a dividend of 140% is proposed.

Capital Adequacy Ratio     at the end of FY 11 is 12.65 – against 15.8 in FY 10 and 13.69 in FY 09.

Basic EPS has shot up to Rs.81.77  for FY 11 – compared to Rs.64.83 9 (or 26.13% increase) in FY 10 and Rs.50.54 (or, 61.79% increase) in FY 09 . On stand alone basis, the same is Rs.82.95 (FY 11); Rs.65.78 (FY 10) and Rs.50.61 (FY 09).

% of Gross/Net NPA is 0.26 at the end of FY 11 – against 0.36 in FY 10 and 0.35 in FY 09.

Return on Assets in FY 11 is 1.68 – against 1.67 in FY 10 and 1.44 in FY 09.
Thus, Axis Bank has turned out a sterling performance in FY 11 in comparison to the last 2 years.

QUARTERLY RESULTS COMPARISON


You will find below a comparison of the Q4 actual achievement with the previous 4 quarters (in percentage terms mostly), giving you clearly the rate of growth on all parameters.


Interest on Advances for Q4 FY 11 is Rs.3062.64 cr – up by 17.77& from Q3 FY 11; by 26.08% from Q2 FY 11; By 32.53% from Q1 FY 10; and by 47.6% from Q4 FY 10.

Income on Investments for Q4 FY 11 is Rs. 1213.06 cr – up by 3.96% from Q3 FY 11; by 7.97% from Q2 FY 11;  by 29.7% from Q1 FY 11; and  by 41.71% from Q4 FY 10.

NII for Q4 FY 11 is Rs.1701.00 cr – down by 1.85% from Q3 FY 11; up by 5.32% from Q2 FY 11; up by 12.37% from Q1 FY 11; and up by 16.5% from Q4 FY 10.

Total Income is Rs.5817.06 c – up by  16.67% from Q3 FY 11;  By 24.9% from Q2 FY 11;  BY 34.46% from Q1 FY 11; and By  48.32% from Q4 FY 10.

Operating Profit  is Rs.1820.81 cr for Q4 FY 11 -  up by  9.79% from Q3 Fy 11; By  22.5% from Q2 FY11;   By  25.57% from Q1 FY 11; and  by  31.58% from Q4 FY 10.

Provisions  has come down to Rs.254.39 cr in Q4 FY 11 from Rs.313.88 cr in Q3; from Rs.378.76 cr in Q2; from Rs.333.00 cr in Q1 FY 11; but is slightly up from Rs.201.87 cr of Q4 FY 10.

Profit  before tax  is Rs.1566.42 cr in Q4 FY 11 – up by  16.5% from Q3 FY 11;  by 41.43% from  Q2 FY 11;  By  40.23% from Q1 FY 11;  and By 32.53% from  Q4 FY 10.

Net Profit for Q4 FY 11 is Rs.1020.11 cr – up by     14.44% from Q3 FY 11;   by  38.76% from Q2 FY 11;   By  37.5% from Q1 FY 11;  By  33.37% from Q4 FY 10.

Capital Adequacy Ratio at 12.65 is reasonably good though down from 15.8 of Q4 FY 10.

Basic EPS in Q4 FY 11 shows a good increase to Rs.24.87  from Rs.21.77 in Q3 FY 11 ( up by 14.24%); and Rs,18.01 in Q2 FY 11 ( up by 38.09%);  and Rs.18.26 in Q1 FY 11 ( up by 36.2%) and Rs.18.92 in Q4 FY 11 ( up by 31.45%)

% of Gross/Net NPA is quite LOW at 0.26

Return on Assets is very Good at 1.81.

Thus, Q4 has been very good on all parameters for Axis Bank – which can be expected to improve further on these results in coming quarters.

Current Market Price of Axis shares is Rs.1377. The FY 11 EPS  has been Rs.81.77 (consolidated basis).

But, if we annualize Q4 FY 11 EPS (Q4 x 4), the estimated annual EPS will be 99.48, which means, Axis Bank will easily cross an annual EPS of Rs.100 for FY12 (even without any further progress!).

On the FY 12 anticipated annualized EPS of ( Rs.100 or more ), current price of Rs.1377 is discounted hardly at 13.77,  which leaves HUGE SCOPE for price appreciation.

ANNOUNCEMENTS TO NSE

25-04-2011        the Board of Directors at their meeting held on April 22, 2011 has recommended a dividend of Rs.14/- per share (140%) for the year ended March 31, 2011.  

25-04-2011        " Axis Bank Announces Q4 FY11 Net Profit of Rs1,020 Crores, up by 33% YOY, and FY11 Net Profit of Rs 3,388 Crores, up by 35% YOY".

21-02-2011        the Corporate Office of Axis Bank Limited has been shifted from 13th Floor, Maker Towers 'F' , Cuffe Parade, Colaba, Mumbai - 400 005 to the new premises at the following address, w.e.f. 14/02/2011: Axis Bank Limited, Corporate Office, Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai - 400 025.

18-11-2010        the Board has considered and unanimously approved the acquisition by Axis Securities and Sales Limited ("ASSL"), a wholly owned subsidiary of the Company, of the financial services business of Enam Securities Private Limited ("Enam"), comprising the businesses of investment banking, equity capital markets, debt capital markets, stock broking (retail and institutional) and initial public offering ("IPO") application financing and loans against shares for the purpose of share acquisitions, distribution of third party products (including broking and commission of mutual funds, equity IPOs, capital gain bonds, fixed deposits, RBI bonds] and other financial products, advisory services in relation to the aforesaid and research, conducted by ESPL directly and through its wholly owned subsidiaries in India and overseas, namely, Enam Securities Direct Pvt. Ltd., Enam International Ltd. (UAE), Enam Securities Europe Limited (UK), Enam Finance Pvt. Ltd., (collectively, the "Enam Financial Services Business") by the Company.

18-11-2010        " Axis Bank and Enam combine their investment banking and equities businesses".

02-11-2010        "Pricing of US$500 million 4.750% Senior Unsecured Notes".

28-09-2010        RBI has now approved the appointment of S. K. Chakrabarti, as Deputy Managing Director of the Bank with effect from September 27, 2010. Shri Chakrabarti has accordingly taken over as the Deputy Managing Director of the Bank with effect from September 27, 2010.

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