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

<div><div><div><div><ul><li>The lower salience of the high-margin general merchandise and apparel category impacted its overall profitability growth in Q3FY23.</li><li>We believe the company’s overall quality of sales and margin profile is likely to recover in FY24 as the company passes on the RM benefits through price reduction and increase grammage as well as due to the RBI’s intervention to curtail overall inflation which will lead to the overall improvement in throughput.</li><li>We recommend a wait-and-watch approach as we look for demand recovery triggers</li></ul></div></div></div></div><p><em>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.</em></p>

The lower salience of the high-margin general merchandise and apparel category impacted its overall profitability growth in Q3FY23.We believe the company’s overall quality of sales and margin profile is likely to recover in FY24 as the company passes on the RM benefits through price reduction and increase grammage as well as due to the RBI’s intervention to curtail overall inflation which will lead to the overall improvement in throughput.We recommend a wait-and-watch approach as we look for demand recovery triggersContent 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.

Avenue Supermarts (DMART) - Discretionary Yet to Recover Fully

<div><div><div><div><ul><li>DMART Q2FY23 reported consolidated revenue growth of ~37% YoY (21% on a 3-Year CAGR basis) to Rs 10,683 Cr, a trend which we continue to see for three quarters.</li><li>The growth was primarily led by FMCG and staples segment, while the general merchandise and apparel segment grew slower.</li><li>The management highlighted that the recovery in the discretionary items in the non- FMCG segment was still below pre-Covid levels as inflationary pressure is more acute at lower price points of the discretionary non-FMCG category. </li></ul></div></div></div></div><p><em>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.</em></p>

DMART Q2FY23 reported consolidated revenue growth of ~37% YoY (21% on a 3-Year CAGR basis) to Rs 10,683 Cr, a trend which we continue to see for three quarters.The growth was primarily led by FMCG and staples segment, while the general merchandise and apparel segment grew slower.The management highlighted that the recovery in the discretionary items in the non- FMCG segment was still below pre-Covid levels as inflationary pressure is more acute at lower price points of the discretionary non-FMCG category. 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.

Avenue Supermarts (DMART) - Discretionary Yet To Recover Fully; Maintain HOLD

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.

<div><div><div><ul><li>Q1FY23 highlights: Revenue grew 94,9% to INR98.07bn (FY19-22 CAGR: 19.3%).</li></ul><div><div><ul><li>Revenue/LTL EBITDA per sq. ft came in at INR32.4k/3.2k per sq. ft (88/85% of pre-pandemic base), partly attributable to pick-up in store additions and their larger sizes (added 110 stores over past three years; store count: 294; 10 added in Q1).</li><li>However, given higher-than-pre-pandemic AoVs, cuts in bills/store are likely to run deeper.</li></ul></div></div></div></div></div><p><em>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.</em></p>

Q1FY23 highlights: Revenue grew 94,9% to INR98.07bn (FY19-22 CAGR: 19.3%).Revenue/LTL EBITDA per sq. ft came in at INR32.4k/3.2k per sq. ft (88/85% of pre-pandemic base), partly attributable to pick-up in store additions and their larger sizes (added 110 stores over past three years; store count: 294; 10 added in Q1).However, given higher-than-pre-pandemic AoVs, cuts in bills/store are likely to run deeper.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.

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory 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.

<p>Consensus (continues to) believe that DMart is a linear and secular growth story. We disagree. This analyst's &gt;20 years Consumer experience suggests that in India, nuances matter more. We disagree with consensus' over-enthusiasm of BAAP. SELL. Watch-out for DMart (and modern retail) potentially getting disrupted like how India skipped wireline penetration and jumped directly to wireless.</p><div class="content-highlight"><em>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.</em></div>

Consensus (continues to) believe that DMart is a linear and secular growth story. We disagree. This analyst's &gt;20 years Consumer experience suggests that in India, nuances matter more. We disagree with consensus' over-enthusiasm of BAAP. SELL. Watch-out for DMart (and modern retail) potentially getting disrupted like how India skipped wireline penetration and jumped directly to wireless.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.

Not a BAAP story (please allow us to repeat an acronym which we coined in July 2020)

<p>Robust store operating metrics (breakeven in 18-24 months of its operations and one of industry best revenue per sq ft: Rs 32000+) Q2FY22 Results: Operating performance better than consensus estimates as...</p><div class="content-highlight"><em>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.</em></div>

Robust store operating metrics (breakeven in 18-24 months of its operations and one of industry best revenue per sq ft: Rs 32000+) Q2FY22 Results: Operating performance better than consensus estimates as...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.

Avenue Supermarts: Strong Performance; Rich Valuations Limit Upside

India

Avenue Supermarts Limited, operating as D-Mart, is an Indian retail corporation that runs a chain of hypermarkets and supermarkets. The company offers a wide range of basic home and personal products, including food, groceries, toiletries, beauty products, garments, kitchenware, and home appliances. Avenue Supermarts was founded in 2000 and is headquartered in Mumbai, Maharashtra, India.

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Avenue Supermarts (DMART IN)

Avenue Supermarts (DMART) - Discretionary Yet to Recover Fully

The lower salience of the high-margin general merchandise and apparel category impacted its overall profitability growth in Q3FY23.

Axis Direct

Avenue Supermarts (DMART) - Discretionary Yet To Recover Fully; Maintain HOLD

DMART Q2FY23 reported consolidated revenue growth of ~37% YoY (21% on a 3-Year CAGR basis) to Rs 10,683 Cr, a trend which we continue to see for...

Axis Direct

Avenue Supermarts - Broadly in Line

D-MART’s unit economics, while catching up, remains below pre-pandemic levels. Q1 print was broadly in line. Revenue grew 19.3% CAGR to INR98bn in...

HDFC Securities

Not a BAAP story (please allow us to repeat an acronym which we coined in July 2020)

Consensus (continues to) believe that DMart is a linear and secular growth story. We disagree. This analyst's >20 years Consumer experience...

ICICI Securities Limited

Avenue Supermarts: Strong Performance; Rich Valuations Limit Upside

Robust store operating metrics (breakeven in 18-24 months of its operations and one of industry best revenue per sq ft: Rs 32000+) Q2FY22 Results:...

ICICI Securities Limited

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Avenue Supermarts (DMART) - Discretionary Yet to Recover Fully

The lower salience of the high-margin general merchandise and apparel category impacted its overall profitability growth in Q3FY23.

Axis Direct

Avenue Supermarts (DMART) - Discretionary Yet To Recover Fully; Maintain HOLD

DMART Q2FY23 reported consolidated revenue growth of ~37% YoY (21% on a 3-Year CAGR basis) to Rs 10,683 Cr, a trend which we continue to see for...

Axis Direct

Avenue Supermarts - Broadly in Line

D-MART’s unit economics, while catching up, remains below pre-pandemic levels. Q1 print was broadly in line. Revenue grew 19.3% CAGR to INR98bn in...

HDFC Securities

Not a BAAP story (please allow us to repeat an acronym which we coined in July 2020)

Consensus (continues to) believe that DMart is a linear and secular growth story. We disagree. This analyst&#x27;s >20 years Consumer experience...

ICICI Securities Limited

Avenue Supermarts: Strong Performance; Rich Valuations Limit Upside

Robust store operating metrics (breakeven in 18-24 months of its operations and one of industry best revenue per sq ft: Rs 32000+) Q2FY22 Results:...

ICICI Securities Limited

Consensus (continues to) believe that DMart is a linear and secular growth story. We disagree. This analyst's >20 years Consumer experience...