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

Aditya Birla Fashion and Retail / Equity Bottom-Up

Aditya Birla Fashion and Retail (ABFRL IN)

<ul><li>Muted Demand continues to weigh on Q4 Performance: ABFRL’s Q4FY24resultswere above our estimates on the operating front.</li><li>Its consolidated revenue stood at Rs 3,407Cr, up by 18.3% YoY (vs our estimates 11%YoY).</li><li>This growth was led by new businesses (ethnic, Reebok, TMRW) and a shift from unorganized to organized segment, despite the muted market, marred by prolonged sluggish consumption in the discretionary space coupled with fewer wedding days. </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.

Muted Demand continues to weigh on Q4 Performance: ABFRL’s Q4FY24resultswere above our estimates on the operating front.Its consolidated revenue stood at Rs 3,407Cr, up by 18.3% YoY (vs our estimates 11%YoY).This growth was led by new businesses (ethnic, Reebok, TMRW) and a shift from unorganized to organized segment, despite the muted market, marred by prolonged sluggish consumption in the discretionary space coupled with fewer wedding days. 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. - Long Road to Recovery; Maintain HOLD

<ul><li>Financial Performance: The company’s revenue grew by 16% YoY and the growth was led by network expansion and category expansion.</li><li>Its EBITDA grew by 27% YoY mainly driven by a shift in the festive season and strong measure took on profitability part.</li><li>However, the company’s PAT was negative at 108Cr due to increase in interest cost from higher borrowings. </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.

Financial Performance: The company’s revenue grew by 16% YoY and the growth was led by network expansion and category expansion.Its EBITDA grew by 27% YoY mainly driven by a shift in the festive season and strong measure took on profitability part.However, the company’s PAT was negative at 108Cr due to increase in interest cost from higher borrowings. 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. -Long Road to Recovery; Maintain HOLD

<ul><li>The company’s revenue grew by 11% YoY and the growth was led by network expansion and category expansion.</li><li>Its EBITDA, however, de-grew by 38% YoY owing to negative operating leverage, led by the subdued performance of Pantaloons business and continued investment in TMRW and ethnic business.</li><li>This impacted the company’s PAT and saw a decline of 271% YoY.</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.

The company’s revenue grew by 11% YoY and the growth was led by network expansion and category expansion.Its EBITDA, however, de-grew by 38% YoY owing to negative operating leverage, led by the subdued performance of Pantaloons business and continued investment in TMRW and ethnic business.This impacted the company’s PAT and saw a decline of 271% YoY.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 -Long Road to Recovery; Maintain HOLD

<ul><li>We like the management’s strategy of revamping product strategy through new launches and acquisitions, renewed brand positioning, and digital transformation to increase contribution from online sales (along with next-generation digital-first brands under its technology-led ‘House of D2C Brands’ venture TMRW).</li><li>These would be key growth drivers in the long term. However, all these initiatives will take time to bear fruit.</li><li>Moreover, short-term vagaries such as – 1) slowdown in discretionary spends, 2) Sharp increase in debt, 3) Increase in marketing spends and 4) Investment in TCNS will have a near-term impact on the balance sheet and return ratios.</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.

We like the management’s strategy of revamping product strategy through new launches and acquisitions, renewed brand positioning, and digital transformation to increase contribution from online sales (along with next-generation digital-first brands under its technology-led ‘House of D2C Brands’ venture TMRW).These would be key growth drivers in the long term. However, all these initiatives will take time to bear fruit.Moreover, short-term vagaries such as – 1) slowdown in discretionary spends, 2) Sharp increase in debt, 3) Increase in marketing spends and 4) Investment in TCNS will have a near-term impact on the balance sheet and return ratios.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. - Long Road to Recovery

<ul><li>The company’s revenue grew 26% YoY (16% on a 3-Year CAGR), led by strong LTL growth across businesses and store expansion.</li><li>Its EBITDA de-grew by 48% YoY due to a sharp increase in staff cost and other expenses led by higher strategic investment and higher ad-spends.</li><li>Moreover, the sharp increase in net debt QoQ (Rs 14.2 Bn vs. Rs 3.4 Bn in Dec’22) due to an increase in inventories, investment in subsidiaries (TMRW) and others resulted in an increase in interest cost (up 59% YoY), which further impacted PAT and saw a decline.</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.

The company’s revenue grew 26% YoY (16% on a 3-Year CAGR), led by strong LTL growth across businesses and store expansion.Its EBITDA de-grew by 48% YoY due to a sharp increase in staff cost and other expenses led by higher strategic investment and higher ad-spends.Moreover, the sharp increase in net debt QoQ (Rs 14.2 Bn vs. Rs 3.4 Bn in Dec’22) due to an increase in inventories, investment in subsidiaries (TMRW) and others resulted in an increase in interest cost (up 59% YoY), which further impacted PAT and saw a decline.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 Ltd. - Negative Operating Leverage & Rising Debt

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. - Long Road to Recovery; Maintain HOLD

Muted Demand continues to weigh on Q4 Performance: ABFRL’s Q4FY24resultswere above our estimates on the operating front. Its consolidated revenue...

Axis Direct

Aditya Birla Fashion & Retail Ltd. -Long Road to Recovery; Maintain HOLD

Financial Performance: The company’s revenue grew by 16% YoY and the growth was led by network expansion and category expansion.

Axis Direct

Aditya Birla Fashion & Retail Ltd -Long Road to Recovery; Maintain HOLD

The company’s revenue grew by 11% YoY and the growth was led by network expansion and category expansion. Its EBITDA, however, de-grew by 38% YoY...

Axis Direct

Aditya Birla Fashion & Retail Ltd. - Long Road to Recovery

We maintain HOLD rating on the stock with the inchanged TP of Rs 200/ share to account for near-term challenges, a slowdown in discretionary spends

Axis Direct

Aditya Birla Fashion Ltd. - Negative Operating Leverage & Rising Debt

The company’s revenue grew 26% YoY (16% on a 3-Year CAGR), led by strong LTL growth across businesses and store expansion.

Axis Direct

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