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. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

Aditya Birla Fashion and Retail / Equity Bottom-Up

Aditya Birla Fashion and Retail (ABFRL IN)

<ul><li>Resilient growth amid headwinds: Despite a challenging environment, the company’s consolidated revenue grew by 3% YoY, driven by strong performances in Ethnic (up 7% YoY), TMRW (up 26% YoY), and a 13% YoY increase in Luxury retail.</li><li>Additionally, ABLBL reported double-digit growth across its brands, with Lifestyle growing 12% YoY.</li><li>Gross margins improved by 171bps YoY to 58.2%, while EBITDA stood at Rs 635 Cr, up 14.8% YoY, with EBITDA margins at 14.7%, up 147bps YoY, driven by channel rationalisation, stringent inventory management, and cost control.</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.

Resilient growth amid headwinds: Despite a challenging environment, the company’s consolidated revenue grew by 3% YoY, driven by strong performances in Ethnic (up 7% YoY), TMRW (up 26% YoY), and a 13% YoY increase in Luxury retail.Additionally, ABLBL reported double-digit growth across its brands, with Lifestyle growing 12% YoY.Gross margins improved by 171bps YoY to 58.2%, while EBITDA stood at Rs 635 Cr, up 14.8% YoY, with EBITDA margins at 14.7%, up 147bps YoY, driven by channel rationalisation, stringent inventory management, and cost control.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.

Aditya Birla Fashion & Retail Ltd - Margins Beat Expectations; Maintain HOLD

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

CG Power and Industrial Solutions / Event-Driven

CG Power and Industrial Solutions (CGPOWER IN)

<ul>
<li>We see 7 stocks moving from MidCap to LargeCap, 11 stocks moving from LargeCap to MidCap, 4 stocks from SmallCap to MidCap, and 11 stocks from MidCap to SmallCap.</li>
<li>From the new listings, 4 stocks are expected to be added to Large Cap, 3 stocks to Mid Cap, and multiple stocks to Small Cap.</li>
<li>There are multiple stocks among the AMFI changes that will be changes for the <a href="https://www.smartkarma.com/entities/nse-nifty-next-50-index" target="_blank" data-smartkarma-citation="entities:36053:1" rel="noopener">NSE Nifty Next 50 Index (NIFTYJR INDEX)</a> and/or Nifty Midcap 150 Index in March.</li>
</ul>


We see 7 stocks moving from MidCap to LargeCap, 11 stocks moving from LargeCap to MidCap, 4 stocks from SmallCap to MidCap, and 11 stocks from MidCap to SmallCap.
From the new listings, 4 stocks are expected to be added to Large Cap, 3 stocks to Mid Cap, and multiple stocks to Small Cap.
There are multiple stocks among the AMFI changes that will be changes for the NSE Nifty Next 50 Index (NIFTYJR INDEX) and/or Nifty Midcap 150 Index in March.


AMFI Stock Reclassification Preview (Dec 2024): Recent Large IPOs Lead to Big Downward Shift

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

<ul>
<li>In this insight, we present our top investment ideas in the Apparel &amp; Fashion retail sector, analyzing recent earnings results and key insights from company earnings calls.</li>
<li>Names discussed include <a href="https://www.smartkarma.com/entities/page-industries-ltd" target="_blank" data-smartkarma-citation="entities:4940:1" rel="noopener">Page Industries (PAG IN)</a>, <a href="https://www.smartkarma.com/entities/vedant-fashions-limited" target="_blank" data-smartkarma-citation="entities:34260:1" rel="noopener">Vedant Fashions (MANYAVAR IN), </a><a href="https://www.smartkarma.com/entities/aditya-birla-fashion-and-retail-ltd" target="_blank" data-smartkarma-citation="entities:19048:1" rel="noopener">Aditya Birla Fashion and Retail Ltd (ABFRL IN)</a><a href="https://www.smartkarma.com/entities/vedant-fashions-limited" target="_blank" data-smartkarma-citation="entities:34260:1" rel="noopener">, </a><a href="https://www.smartkarma.com/entities/arvind-fashions" target="_blank" data-smartkarma-citation="entities:28960:1" rel="noopener">Arvind Fashions (ARVINDFA IN)</a><a href="https://www.smartkarma.com/entities/vedant-fashions-limited" target="_blank" data-smartkarma-citation="entities:34260:1" rel="noopener"> and </a><a href="https://www.smartkarma.com/entities/go-fashion-india-private-limited" target="_blank" data-smartkarma-citation="entities:36625:1" rel="noopener">Go Fashion India (GOCOLORS IN)</a><a href="https://www.smartkarma.com/entities/vedant-fashions-limited" target="_blank" data-smartkarma-citation="entities:34260:1" rel="noopener">.</a> </li>
<li>We have a bearish stance on all names except <a href="https://www.smartkarma.com/entities/page-industries-ltd" target="_blank" data-smartkarma-citation="entities:4940:1" rel="noopener">Page Industries (PAG IN)</a>.  </li>
</ul>


In this insight, we present our top investment ideas in the Apparel &amp; Fashion retail sector, analyzing recent earnings results and key insights from company earnings calls.
Names discussed include Page Industries (PAG IN), Vedant Fashions (MANYAVAR IN), Aditya Birla Fashion and Retail Ltd (ABFRL IN), Arvind Fashions (ARVINDFA IN) and Go Fashion India (GOCOLORS IN). 
We have a bearish stance on all names except Page Industries (PAG IN).  


External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Aditya Birla Fashion and Retail (ABFRL)’s consol. revenue grew 13% YoY,driven by TCNS consolidation and improvement in Lifestyle’s LTL growth.</li><li>ABFRL’s EBITDA was up 12% YoY (4% beat) as improvement in Pantaloons’profitability was offset by ~300bp YoY margin contraction in Lifestyle.</li><li>ABFRLposted a net loss of INR2.1b in 2Q (INR13.6b cumulative loss since 4QFY23).</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.

Aditya Birla Fashion and Retail (ABFRL)’s consol. revenue grew 13% YoY,driven by TCNS consolidation and improvement in Lifestyle’s LTL growth.ABFRL’s EBITDA was up 12% YoY (4% beat) as improvement in Pantaloons’profitability was offset by ~300bp YoY margin contraction in Lifestyle.ABFRLposted a net loss of INR2.1b in 2Q (INR13.6b cumulative loss since 4QFY23).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.

Aditya Birla Fashion and Retail - Revenue In-Line

<ul><li>Resilient growth amid headwinds: Despite a challenging environment marked by reduced footfalls due to inauspicious periods and extreme weather, the company’s consolidated revenue grew by ~13% YoY, driven by strong performances in Ethnic (up 3x YoY), TMRW (up 2x YoY), and a 9% YoY increase in Luxury retail.</li><li>Gross margins improved by 308bps YoY to 56.5%, supported by a sharp recovery in its demerged ABFRL business, which grew by 31% YoY. EBITDA stood at Rs 361 Cr, up 11.8% YoY, with EBITDA margins at ~10%, a slight decline of 11bps YoY due to higher expenses.</li><li>Management highlighted EBITDA margin improvements across ABFRL segments (Lifestyle &amp; Pantaloons) and expects strong performance in H2, driven by early recovery signs fueled by the festive and wedding season.</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.

Resilient growth amid headwinds: Despite a challenging environment marked by reduced footfalls due to inauspicious periods and extreme weather, the company’s consolidated revenue grew by ~13% YoY, driven by strong performances in Ethnic (up 3x YoY), TMRW (up 2x YoY), and a 9% YoY increase in Luxury retail.Gross margins improved by 308bps YoY to 56.5%, supported by a sharp recovery in its demerged ABFRL business, which grew by 31% YoY. EBITDA stood at Rs 361 Cr, up 11.8% YoY, with EBITDA margins at ~10%, a slight decline of 11bps YoY due to higher expenses.Management highlighted EBITDA margin improvements across ABFRL segments (Lifestyle &amp; Pantaloons) and expects strong performance in H2, driven by early recovery signs fueled by the festive and wedding season.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.

Aditya Birla Fashion & Retail Ltd - Looking for Sustained Signs of Recovery

India

Aditya Birla Fashion and Retail Limited (ABFRL) is an Indian fashion retail company offering a diverse portfolio of apparel and non-apparel accessories, including casual wear, formal wear, ethnic wear, and footwear. The company operates prominent brands like Louis Philippe, Van Heusen, Allen Solly, Peter England, and Pantaloons. ABFRL is headquartered in Mumbai, Maharashtra, India, and was founded in 2015.

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Aditya Birla Fashion and Retail (ABFRL IN)

Aditya Birla Fashion & Retail Ltd - Margins Beat Expectations; Maintain HOLD

Despite a challenging environment, the company’s consolidated revenue grew by 3% YoY, driven by strong performances in Ethnic (up 7% YoY)

Axis Direct

AMFI Stock Reclassification Preview (Dec 2024): Recent Large IPOs Lead to Big Downward Shift

There could be 33 migrations in January, 4 new listings in LargeCap, 3 in MidCap and multiple in SmallCap. Some of the AMFI changes will have...

Brian Freitas

Top Ideas in Apparel & Fashion Retail

In this Insight, we present our top investment ideas in the Apparel & Fashion Retail Industry, We have a bearish stance on all except Page...

Pranav Bhavsar

Aditya Birla Fashion and Retail - Revenue In-Line

Aditya Birla Fashion and Retail (ABFRL)’s consol. revenue grew 13% YoY,driven by TCNS consolidation and improvement in Lifestyle’s LTL growth.

Motilal Oswal

Aditya Birla Fashion & Retail Ltd - Looking for Sustained Signs of Recovery

Management highlighted EBITDA margin improvements across ABFRL segments (Lifestyle & Pantaloons) and expects strong performance in H

Axis Direct

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Aditya Birla Fashion & Retail Ltd - Margins Beat Expectations; Maintain HOLD

Despite a challenging environment, the company’s consolidated revenue grew by 3% YoY, driven by strong performances in Ethnic (up 7% YoY)

Axis Direct

AMFI Stock Reclassification Preview (Dec 2024): Recent Large IPOs Lead to Big Downward Shift

There could be 33 migrations in January, 4 new listings in LargeCap, 3 in MidCap and multiple in SmallCap. Some of the AMFI changes will have...

Brian Freitas

Top Ideas in Apparel & Fashion Retail

​In this Insight, we present our top investment ideas in the Apparel & Fashion Retail Industry, We have a bearish stance on all except Page...

Pranav Bhavsar

Aditya Birla Fashion and Retail - Revenue In-Line

Aditya Birla Fashion and Retail (ABFRL)’s consol. revenue grew 13% YoY,driven by TCNS consolidation and improvement in Lifestyle’s LTL growth.

Motilal Oswal

Aditya Birla Fashion & Retail Ltd - Looking for Sustained Signs of Recovery

Management highlighted EBITDA margin improvements across ABFRL segments (Lifestyle & Pantaloons) and expects strong performance in H

Axis Direct

In this Insight, we present our top investment ideas in the Apparel & Fashion Retail Industry, We have a bearish stance on all except Page...