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>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

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>We recently interacted with numerous store managers and companies to assess the festive performance and demand in discretionary categories</li><li>Despite a promising start to the festive season, most categories (excluding jewellery and travel) seem to have hit the snooze button</li><li>Several factors contribute to this, including (1) the normalisation of ticket sizes and purchase frequencies, (2) weak footfalls (on a per sq foot basis), and (3) a trend towards downtrading</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 recently interacted with numerous store managers and companies to assess the festive performance and demand in discretionary categoriesDespite a promising start to the festive season, most categories (excluding jewellery and travel) seem to have hit the snooze buttonSeveral factors contribute to this, including (1) the normalisation of ticket sizes and purchase frequencies, (2) weak footfalls (on a per sq foot basis), and (3) a trend towards downtradingContent 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.

Festive temperature check: Festive mood sombre

<ul><li>ONGC: We maintain our ADD rating on ONGC with a target price of INR 208, based on oil and gas production growth at 6/9% CAGR over FY24-26E, attractive valuation of 4.7x Mar-25 EPS, a ~10% discount to 5-year average P/E of 5.2x, 0.7x Mar-25 P/Bv with RoE of ~16%, and a dividend yield of ~6%</li><li>However, this is offset by limited earnings potential, owing to the levy of a windfall tax on crude oil prices and a decline in the price of domestically produced APM gas</li><li>Q2FY24 reported EBITDA at INR 184bn (-2% YoY, -6% QoQ), coming in marginally below our estimate, owing to higher-than-expected statutory levies and other expenses</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.

ONGC: We maintain our ADD rating on ONGC with a target price of INR 208, based on oil and gas production growth at 6/9% CAGR over FY24-26E, attractive valuation of 4.7x Mar-25 EPS, a ~10% discount to 5-year average P/E of 5.2x, 0.7x Mar-25 P/Bv with RoE of ~16%, and a dividend yield of ~6%However, this is offset by limited earnings potential, owing to the levy of a windfall tax on crude oil prices and a decline in the price of domestically produced APM gasQ2FY24 reported EBITDA at INR 184bn (-2% YoY, -6% QoQ), coming in marginally below our estimate, owing to higher-than-expected statutory levies and other expensesContent 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: ONGC, Eicher Motors, Trent, Berger Paints, BSE,

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

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

Festive temperature check: Festive mood sombre

We recently interacted with numerous store managers and companies to assess the festive performance and demand in discretionary categories

HDFC Securities

HSIE Results Daily: ONGC, Eicher Motors, Trent, Berger Paints, BSE,

We maintain our ADD rating on ONGC with a target price of INR 208, based on oil and gas production growth at 6/9% CAGR over FY24-26E, attractive...

HDFC Securities

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