External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund 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.

Thematic (Sector/Industry)

<ul><li>ABB India: ABB India Ltd (ABB) delivered a strong quarter with revenue/EBITDA/PAT beat by +11.4/15.9/15.7% respectively</li><li>The EBITDA margin stood at 19.5% (440.5/98.5bps YoY/QoQ, the highest ever), a beat to our estimate of 18.8%</li><li>ABB’s Q4CY24 order inflow (OI) stood at INR 26.95bn (-14/-19%YoY/QoQ), while the backlog (OB) stood at INR 93.8bn, providing visibility for the next four quarters</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.

ABB India: ABB India Ltd (ABB) delivered a strong quarter with revenue/EBITDA/PAT beat by +11.4/15.9/15.7% respectivelyThe EBITDA margin stood at 19.5% (440.5/98.5bps YoY/QoQ, the highest ever), a beat to our estimate of 18.8%ABB’s Q4CY24 order inflow (OI) stood at INR 26.95bn (-14/-19%YoY/QoQ), while the backlog (OB) stood at INR 93.8bn, providing visibility for the next four quartersContent 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.

HSIE Results Daily: ABB India, Aditya Birla Fashion and Retail

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.

Equity Bottom-Up

Aditya Birla Fashion and Retail Ltd / Equity Bottom-Up

<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

External broker reports(aggregated public sources), Axis Direct

Axis Direct

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.

<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

<ul><li>Cummins: Cummins India Ltd (CIL) reported in-line/below performance vs consensus/our estimates with revenue/EBITDA/APAT missing our estimates by 7/13/12%</li><li>Domestic business grew 12% YoY whilst exports declined 22% on the back of weak overseas demand.</li><li>CPCB 4+ implementation seems to be a game changer as it forces demand to move from commodity players to technology players and opens up service opportunities</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.

Cummins: Cummins India Ltd (CIL) reported in-line/below performance vs consensus/our estimates with revenue/EBITDA/APAT missing our estimates by 7/13/12%Domestic business grew 12% YoY whilst exports declined 22% on the back of weak overseas demand.CPCB 4+ implementation seems to be a game changer as it forces demand to move from commodity players to technology players and opens up service opportunitiesContent 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.

HSIE Results Daily: Cummins, Lupin, Shree Cement, Gujarat Gas, Aditya Birla Fashion and Retail

<ul><li>Sluggish consumption demand in the discretionary space: Prolonged heat waves and a lesser wedding season in Q1 have resulted in sluggish consumption demand in the discretionary space.</li><li>The company’s consolidated revenue grew by 7% YoY, led by Ethnic (up 2.6x YoY) and TMRW (up 2x YoY), while the overall demerged business grew strongly by 26% YoY.</li><li>EBITDA stood at Rs 358 Cr, up 22.6% YoY, with EBITDA margins coming in at 10.5%, up by 131 bps YoY due to gross margin expansions and effective cost control measures. </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.

Sluggish consumption demand in the discretionary space: Prolonged heat waves and a lesser wedding season in Q1 have resulted in sluggish consumption demand in the discretionary space.The company’s consolidated revenue grew by 7% YoY, led by Ethnic (up 2.6x YoY) and TMRW (up 2x YoY), while the overall demerged business grew strongly by 26% YoY.EBITDA stood at Rs 358 Cr, up 22.6% YoY, with EBITDA margins coming in at 10.5%, up by 131 bps YoY due to gross margin expansions and effective cost control measures. 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 - Narrative Changing Towards Profitability; Maintain HOLD

India

Aditya Birla Fashion and Retail Ltd provides a wide range of mid-priced garments for men. The Company's collection includes internationally styled formal, elite, casual, party, and wedding apparel.

Aditya Birla Fashion and Retail Ltd (ABFRL IN)

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Aditya Birla Fashion and Retail Ltd (ABFRL IN)

HSIE Results Daily: ABB India, Aditya Birla Fashion and Retail

ABB India Ltd (ABB) delivered a strong quarter with revenue/EBITDA/PAT beat by +11.4/15.9/15.7% respectivelyThe EBITDA margin stood at 19.5% (440.5...

HDFC Securities

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

HSIE Results Daily: Cummins, Lupin, Shree Cement, Gujarat Gas, Aditya Birla Fashion and Retail

Cummins India Ltd (CIL) reported in-line/below performance vs consensus/our estimates with revenue/EBITDA/APAT missing our estimates by 7/13/12%

HDFC Securities

Aditya Birla Fashion & Retail Ltd - Narrative Changing Towards Profitability; Maintain HOLD

Sluggish consumption demand in the discretionary space: Prolonged heat waves and a lesser wedding season in Q1 have resulted in sluggish...

Axis Direct

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