INTERNATIONAL JOURNAL OF ENGINEERING MANAGEMENT AND
SOCIAL SCIENCES

The effects of Mergers and Acquisition on Corporate growth and profitability: evidence from Mergers & Acquisition listed stocks Axis Bank- Acquisition of Citi Consumer Business India

This study examines the effects of the acquisition of Citi Consumer Business India by Axis Bank on corporate growth and profitability to evaluate the financial impact of the merger and acquisition on the acquiring company. Mergers and acquisitions are widely recognized as strategic initiatives that enable organizations to expand their market presence, strengthen their customer base, enhance operational efficiency, and improve long-term financial performance. The study covers a six-year period, including three years before the acquisition (FY2020–21 to FY2022–23) and three years after the acquisition (FY2023–24 to FY2025–26), to assess changes in the company's financial performance. The research evaluates corporate growth and profitability using key financial indicators such as revenue growth, net profit, earnings per share (EPS), return on assets (ROA), return on equity (ROE), and net profit margin. The study is based on secondary data collected from the annual reports of Axis Bank, financial statements, stock exchange filings, company publications, and other reliable financial databases. Descriptive statistics and a paired sample t-test are employed to compare the financial performance of the company before and after the acquisition. The findings determine whether the acquisition has significantly contributed to corporate growth and profitability and enhanced shareholder value. The study provides valuable insights for investors, financial analysts, policymakers, corporate managers, and researchers regarding the effectiveness of mergers and acquisitions in the Indian banking sector.