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 Ltd / Equity Bottom-Up

<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

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

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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>Our discretionary universe is expected to grow by ~13.1% YoY in Q4FY24 (ex-jewellery: ~12%)</li><li>Q4 is likely to be the last quarter contending with a high base</li><li>Wedding season hasn’t been as upbeat as expected</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.

Our discretionary universe is expected to grow by ~13.1% YoY in Q4FY24 (ex-jewellery: ~12%)Q4 is likely to be the last quarter contending with a high baseWedding season hasn’t been as upbeat as expectedContent 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.

Consumer Discretionary  - Soft Quarter, Green Shoots Visible in Value Fashion

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)

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

Consumer Discretionary - Soft Quarter, Green Shoots Visible in Value Fashion

Our discretionary universe is expected to grow by ~13.1% YoY in Q4FY24 (ex-jewellery: ~12%). Q4 is likely to be the last quarter contending with a...

HDFC Securities

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