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

<ul><li>BATA result was better than our estimates.</li><li>Revenue grew by 10% YoY (8% on a 3-Year CAGR), largely led by store expansion and casual footwear but the mass portfolio (~22% of sales) continued to remain under pressure.</li><li>The premium portfolio (MRP &gt; Rs 1,500) continues to remain strong led by Sneakers and Hush Puppies.</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.

BATA result was better than our estimates.Revenue grew by 10% YoY (8% on a 3-Year CAGR), largely led by store expansion and casual footwear but the mass portfolio (~22% of sales) continued to remain under pressure.The premium portfolio (MRP &gt; Rs 1,500) continues to remain strong led by Sneakers and Hush Puppies.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.

Bata India - Premiumisation Driving Growth; Maintain BUY

<ul><li>BATA result was a miss on all fronts. Revenue grew by only 7% YoY (3% on a 3-Year CAGR), impacted majorly by mass portfolio (~22% of sales) which remained under pressure owing to GST rate hike in the last year and subdued demand environment in smaller towns.</li><li>However, the premium portfolio (MRP &gt; Rs 1,500) continues to remain strong led by Sneakers and Hush Puppies.</li><li>Gross margins stood at 54.8% (up 213bps YoY) while still remaining lower than pre-COVID levels owing to RM inflation and mix.</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.

BATA result was a miss on all fronts. Revenue grew by only 7% YoY (3% on a 3-Year CAGR), impacted majorly by mass portfolio (~22% of sales) which remained under pressure owing to GST rate hike in the last year and subdued demand environment in smaller towns.However, the premium portfolio (MRP &gt; Rs 1,500) continues to remain strong led by Sneakers and Hush Puppies.Gross margins stood at 54.8% (up 213bps YoY) while still remaining lower than pre-COVID levels owing to RM inflation and mix.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.

Bata India -Hopeful of Demand Recovery; Maintain BUY

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.

<ul><li>Bata India is a major player in the Indian footwear market with a presence across men’s, women’s and kid’s footwear segment.</li><li>It has a pan-India presence with the largest network of retail stores having 1700+ stores.</li><li>Bata has a vision to open 500 franchise stores over the next few years (current: 300).</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.

Bata India is a major player in the Indian footwear market with a presence across men’s, women’s and kid’s footwear segment.It has a pan-India presence with the largest network of retail stores having 1700+ stores.Bata has a vision to open 500 franchise stores over the next few years (current: 300).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.

Bata India - Casualisation of Product Portfolio Aiding Sales Growth

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

Motilal Oswal

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.

<ul><li>BATA reported a healthy recovery in revenue, up 35% YoY and 15% from pre-COVID levels.</li><li>However, rising RM prices and higher ad spends pulled down PAT 23% below pre-COVID levels (33% miss).</li><li>The slower recovery from pre-COVID levels, the impact of inflation on consumers, and GST rate hikes are still affecting the Mass Consumer segment.</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.

BATA reported a healthy recovery in revenue, up 35% YoY and 15% from pre-COVID levels.However, rising RM prices and higher ad spends pulled down PAT 23% below pre-COVID levels (33% miss).The slower recovery from pre-COVID levels, the impact of inflation on consumers, and GST rate hikes are still affecting the Mass Consumer segment.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.

Bata India - Witnessing a Gradual Recovery

<ul><li>Bata India (BATA) Q2FY23 topline was in line with our estimates with revenue of Rs 830 Cr, registering a growth of 35% YoY.</li><li>The growth was driven by improved consumer sentiments on account of regional campaigns planned for the festive season and higher realizations due to faster sneaker growth.</li><li>Gross Margins improved to 55% (up 209bps YoY), but down 163bps QoQ on account of raw material inflation.</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.

Bata India (BATA) Q2FY23 topline was in line with our estimates with revenue of Rs 830 Cr, registering a growth of 35% YoY.The growth was driven by improved consumer sentiments on account of regional campaigns planned for the festive season and higher realizations due to faster sneaker growth.Gross Margins improved to 55% (up 209bps YoY), but down 163bps QoQ on account of raw material inflation.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.

Bata India - Resilient Performance Amidst Challenging Times; Maintain BUY

India

Bata India Limited manufactures a wide range of leather, rubber/canvas and plastic footwear products.  The Company also manufactures sports apparel and leather accessories.  Bata India sells its products through its chain of company owned retail stores in India, as well as to businesses in the USA, United Kingdom, Europe, the Middle East and the Far East.

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Bata India Ltd (BATA IN)

Bata India - Premiumisation Driving Growth; Maintain BUY

Revenue grew by 10% YoY (8% on a 3-Year CAGR), largely led by store expansion and casual footwear but the mass portfolio (~22% of sales) continued...

Axis Direct

Bata India -Hopeful of Demand Recovery; Maintain BUY

Gross margins stood at 54.8% (up 213bps YoY) while still remaining lower than pre-COVID levels owing to RM inflation and mix.

Axis Direct

Bata India - Casualisation of Product Portfolio Aiding Sales Growth

Bata India is a major player in the Indian footwear market with a presence across men’s, women’s and kid’s footwear segment.

ICICI Securities Limited

Bata India - Witnessing a Gradual Recovery

BATA reported a healthy recovery in revenue, up 35% YoY and 15% from pre-COVID levels.However, rising RM prices and higher ad spends pulled down...

Motilal Oswal

Bata India - Resilient Performance Amidst Challenging Times; Maintain BUY

The growth was driven by improved consumer sentiments on account of regional campaigns planned for the festive season and higher realizations due...

Axis Direct

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