External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

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Equity Bottom-Up

Biocon Ltd., is an integrated biotechnology enterprise with a presence in biopharmaceuticals, enzymes, custom research and clinical research. The Company's pharmaceutical products include statins, immunosuppressants and anti-diabetic drugs. Biocon also manufactures specialty enzymes and new enzyme applications besides providing clinical and custom research services.

<ul><li>Revenue grew by 3.8% YoY, majorly driven by Biosimilars (+12.2% YoY) while Generic and Research Services grew by 0.3% and -7.8% YoY respectively.</li><li>Gross margins improved by 24bps QoQ as the product mix is more favourable towards Biosimilars.</li><li>The company reported EBITDA margins of 23.4%, improving by 442bps QoQ due to higher operating profitability and lower other expenses.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Revenue grew by 3.8% YoY, majorly driven by Biosimilars (+12.2% YoY) while Generic and Research Services grew by 0.3% and -7.8% YoY respectively.Gross margins improved by 24bps QoQ as the product mix is more favourable towards Biosimilars.The company reported EBITDA margins of 23.4%, improving by 442bps QoQ due to higher operating profitability and lower other expenses.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Biocon Ltd - More Challenges Ahead; Gaining Market Share

Jyothy Laboratories Limited develops and manufactures household products.

<ul><li>Missed the estimates: Jyothy Labs’ results were below our estimates.</li><li>Revenue grew 7% YoY, led primarily by volume growth. Stable growth was witnessed across categories and channels barring Household Insecticides which de-grew by ~10% YoY.</li><li>Despite increased competitive intensity, the company’s continued focus on increasing/scaling up distribution reach (crossed 1.2 Mn direct reach in FY24), digital acceleration, new launches (Ujala &amp; Henko liquid detergents, Margo Neem Naturals) and brand investment aided the overall volume growth.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Missed the estimates: Jyothy Labs’ results were below our estimates.Revenue grew 7% YoY, led primarily by volume growth. Stable growth was witnessed across categories and channels barring Household Insecticides which de-grew by ~10% YoY.Despite increased competitive intensity, the company’s continued focus on increasing/scaling up distribution reach (crossed 1.2 Mn direct reach in FY24), digital acceleration, new launches (Ujala &amp; Henko liquid detergents, Margo Neem Naturals) and brand investment aided the overall volume growth.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Jyothy Labs Ltd - Long Term Outlook Remains Strong; Maintain BUY

Shree Cement Ltd. manufactures cement and cement products. The Company sells its products primarily in Northern India under its own brand names.

<ul><li>Capacity expansion progressing well: The company recently commissioned its Guntur plant in Andhra Pradesh with 1.5 mtpa Clinker and 3 mtpa grinding capacity.</li><li>The work on the capacity expansion program already announced by the company is running as per the schedule.</li><li>We believe these are positive moves and will allow the company to catch up with its larger peers and strengthen its footprint. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Capacity expansion progressing well: The company recently commissioned its Guntur plant in Andhra Pradesh with 1.5 mtpa Clinker and 3 mtpa grinding capacity.The work on the capacity expansion program already announced by the company is running as per the schedule.We believe these are positive moves and will allow the company to catch up with its larger peers and strengthen its footprint. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Shree Cement Limited - Strong Operating Performance Delivered

Colgate Palmolive (India) / Equity Bottom-Up

Colgate-Palmolive (India) Ltd. manufactures consumer products in the oral care and body care area. The Company's products include soaps, cosmetics, toilet preparations, toothpaste, toothbrushes, shaving brushes, and glycerin.

<ul><li>Pricing-led Growth: In Q4FY24, the company recorded a revenue growth of 10.4% YoY, reaching Rs 1481 Cr, slightly below our expectations.</li><li>This growth was primarily attributed to price hikes. Domestic sales also saw a YoY increase of 10.7% in Q4FY24 and 9.5% in FY24, with volume growth expected to remain in the low single digits.</li><li>Notably, rural business outpaced urban growth by 200bps, signalling a positive demand recovery trend in line with other FMCG companies. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Pricing-led Growth: In Q4FY24, the company recorded a revenue growth of 10.4% YoY, reaching Rs 1481 Cr, slightly below our expectations.This growth was primarily attributed to price hikes. Domestic sales also saw a YoY increase of 10.7% in Q4FY24 and 9.5% in FY24, with volume growth expected to remain in the low single digits.Notably, rural business outpaced urban growth by 200bps, signalling a positive demand recovery trend in line with other FMCG companies. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Colgate Palmolive (India) Ltd - Rich Valuation Will Cap Upside Potential

V-Mart Retail Limited owns, operates, and franchises a chain of family lifestyle stores in India. The Company operates medium sized hypermarket format retail stores that sell clothes, accessories, and footwear for men, women, and kids; cosmetics, luggage, toys, and games; and food, non-food, and staple items.

<ul><li>Decent Performance: Revenue grew by 12.6% YoY (in line with our estimates), led by SSSG growth of 6% YoY in Q4FY24.</li><li>This was on account of festive and wedding season-led footfall growth of 25% YoY.</li><li>EBITDA margins stood at 6%, up 216bps, attributed to a 44% YoY reduction in Lime Road losses in Q4FY24. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Decent Performance: Revenue grew by 12.6% YoY (in line with our estimates), led by SSSG growth of 6% YoY in Q4FY24.This was on account of festive and wedding season-led footfall growth of 25% YoY.EBITDA margins stood at 6%, up 216bps, attributed to a 44% YoY reduction in Lime Road losses in Q4FY24. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

V-Mart Ltd - Decent Performance, Lime Road Losses To Reduce; Maintain BUY

Axis Direct
External broker reports(aggregated public sources)

Jyothy Labs Ltd - Long Term Outlook Remains Strong; Maintain BUY

Revenue grew 7% YoY, led primarily by volume growth. Stable growth was witnessed across categories and channels barring Household Insecticides...

Axis Direct

Shree Cement Limited - Strong Operating Performance Delivered

Capacity expansion progressing well: The company recently commissioned its Guntur plant in Andhra Pradesh with 1.5 mtpa Clinker and 3 mtpa grinding...

Axis Direct

Colgate Palmolive (India) Ltd - Rich Valuation Will Cap Upside Potential

Pricing-led Growth: In Q4FY24, the company recorded a revenue growth of 10.4% YoY, reaching Rs 1481 Cr, slightly below our expectations.

Axis Direct

V-Mart Ltd - Decent Performance, Lime Road Losses To Reduce; Maintain BUY

This was on account of festive and wedding season-led footfall growth of 25% YoY. EBITDA margins stood at 6%, up 216bps, attributed to a 44% YoY...

Axis Direct