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

Motilal Oswal

External broker reports(aggregated public sources)

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 / Equity Bottom-Up

Aditya Birla Fashion and Retail (ABFRL IN)

<ul><li>Aditya Birla Fashion and Retail (ABFRL)’s revenue growth remained muted at ~3% YoY (in line) in 3QFY25.</li><li>The growth was driven mainly by Ethnic and TMRW (to be part of demerged ABFRL), whereas growth remained muted in Lifestyle Brands (robust LTL offset by weak wholesale) and Pantaloons (shift in Pujo dates).</li><li>EBITDA was up 15% YoY (11% beat), driven by broad-based improvement in profitability, with ~150bp YoY expansion in consolidated EBITDA margin.</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 revenue growth remained muted at ~3% YoY (in line) in 3QFY25.The growth was driven mainly by Ethnic and TMRW (to be part of demerged ABFRL), whereas growth remained muted in Lifestyle Brands (robust LTL offset by weak wholesale) and Pantaloons (shift in Pujo dates).EBITDA was up 15% YoY (11% beat), driven by broad-based improvement in profitability, with ~150bp YoY expansion in consolidated EBITDA margin.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 - GM Expansion Drives Beat; Near-Term Focus on Demerge

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, 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

<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

<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 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 and Retail - GM Expansion Drives Beat; Near-Term Focus on Demerge

Aditya Birla Fashion and Retail (ABFRL)’s revenue growth remained muted at ~3% YoY (in line) in 3QFY25. The growth was driven mainly by Ethnic and...

Motilal Oswal

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

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

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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