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

<ul><li>Demand outlook: The management is anticipating demand for its premium and closed footwear to revive (this segment has a relatively higher contribution to sales and margins) due to improved mobility, higher social gatherings, and offices/schools opening up.</li><li>Digital &amp; Omnichannel to provide growth impetus: During Q1FY23, Bata registered a 19% higher ASP over the previous quarter and complaints came down to 5.2%.</li></ul><div><ul><li>Sneakerization and casualization to continue: Currently, Bata has 125 Sneak <span style="font-size: var(--content-font-size);">studios across India (accounting for 19% of revenue) with Northstar leading c</span><span style="font-size: var(--content-font-size);">ategory in overall sales (margin accretive biz).</span></li></ul></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.<br></em></p>

Demand outlook: The management is anticipating demand for its premium and closed footwear to revive (this segment has a relatively higher contribution to sales and margins) due to improved mobility, higher social gatherings, and offices/schools opening up.Digital &amp; Omnichannel to provide growth impetus: During Q1FY23, Bata registered a 19% higher ASP over the previous quarter and complaints came down to 5.2%.Sneakerization and casualization to continue: Currently, Bata has 125 Sneak studios across India (accounting for 19% of revenue) with Northstar leading category in overall sales (margin accretive biz).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

<ul><li>Bata India (BATA) reported Q4FY22 revenue at Rs 665 Cr as against Rs 590 Cr in Q4FY21, registering a growth of 12.8% despite Omicron disruptions. </li><li>We remain positive on the stock from a long-term perspective given its immense growth potential</li><li>Maintain BUY with revised TP of Rs 2,200/share and assign a PE of 43x FY24E EPS.</li></ul><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>

Bata India (BATA) reported Q4FY22 revenue at Rs 665 Cr as against Rs 590 Cr in Q4FY21, registering a growth of 12.8% despite Omicron disruptions. We remain positive on the stock from a long-term perspective given its immense growth potentialMaintain BUY with revised TP of Rs 2,200/share and assign a PE of 43x FY24E EPS.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: Showing Resilience Amidst Challenging Times; Maintain BUY

External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

A Relationship Beyond Broking

Nirmal Bang, one of the leading stock broking companies in India, caters to retail and institutional clients by offering them a range of financial products and services, including equities, derivatives, commodities, currency derivatives, mutual funds, IPOs, insurance, depository services and PMS.

Nirmal Bang is drawn from a diversity of professional backgrounds, and blend of experience, skill and dedication is shared with its clients. Nirmal Bang emphasizes adequate, thorough research local and world-wide developments, balancing these with the astute discovery of intrinsic values, synergies and growth. The aim is simply to help the investors to maximize their returns.

<div><div><div><div><ul><li>4QFY22 performance: Gross margin, EBITDA and PAT outperformed our estimates significantly though revenue came in short due to higher-than-expected impact of Omicron in the initial part of the quarter (see table below)</li></ul><div><div><div><div><ul><li>Sales were up 7% over 4QFY20 and could have been 11-12% had it not been for the third covid wave in January 2022. The EBTIDA margin surprise could have been a lot larger had the lost sales come through.</li></ul><div><div><div><div><ul><li>Bata being recognized as a sneaker destination: BIL’s sneaker portfolio continues to outperform all other products.</li></ul></div></div></div></div></div></div></div></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>

4QFY22 performance: Gross margin, EBITDA and PAT outperformed our estimates significantly though revenue came in short due to higher-than-expected impact of Omicron in the initial part of the quarter (see table below)Sales were up 7% over 4QFY20 and could have been 11-12% had it not been for the third covid wave in January 2022. The EBTIDA margin surprise could have been a lot larger had the lost sales come through.Bata being recognized as a sneaker destination: BIL’s sneaker portfolio continues to outperform all other products.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 - FY25 Revenue Goal Implies Significant Acceleration

<ul>
<li>Axis Top Picks basket has delivered an astounding return of 127% since its inception, notably beating the 89% return reported by the benchmark Nifty 50 Index over the same period</li>
<li>Pick of the Week (PoW): PoW delivered an excellent monthly strike rate of 77% in Mar’22</li>
<li>Axis Alpha: Axis Alpha continues to deliver robust returns with absolute profits of over 4.2 Lc since its inception. It reported a healthy cumulative strike rate of 68% in Mar’22.</li>
</ul>
<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>


Axis Top Picks basket has delivered an astounding return of 127% since its inception, notably beating the 89% return reported by the benchmark Nifty 50 Index over the same period
Pick of the Week (PoW): PoW delivered an excellent monthly strike rate of 77% in Mar’22
Axis Alpha: Axis Alpha continues to deliver robust returns with absolute profits of over 4.2 Lc since its inception. It reported a healthy cumulative strike rate of 68% in Mar’22.

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.

Axis Research Scorecard Report - Mar 2022

<ul>
<li>Commodities and IT sectors are the biggest winners of FY22. In the last one year, the Metals sector has gone up 53%, Energy by 40%, commodities by 30%, and the IT index by 40%</li>
<li>However, the consumer-facing sectors closed FY22 on a muted note with FMCG reporting growth of only 4% and the Auto sector of 5%</li>
<li>The current market performance is factoring in the current rising inflation and the rising interest rate regime</li>
</ul>
<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>


Commodities and IT sectors are the biggest winners of FY22. In the last one year, the Metals sector has gone up 53%, Energy by 40%, commodities by 30%, and the IT index by 40%
However, the consumer-facing sectors closed FY22 on a muted note with FMCG reporting growth of only 4% and the Auto sector of 5%
The current market performance is factoring in the current rising inflation and the rising interest rate regime

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.

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 - Resilient Performance Amidst Challenging Times

Bata India (BATA) Q1FY23 topline was in line with estimates with revenue at Rs 943 Cr, registering a growth of 253% YoY (2% on 3-Year CAGR).

Axis Direct

Bata India: Showing Resilience Amidst Challenging Times; Maintain BUY

We remain positive on the stock from a long-term perspective given its immense growth potentialMaintain BUY with revised TP of Rs 2,200/share and...

Axis Direct

Bata India - FY25 Revenue Goal Implies Significant Acceleration

Bata India’s (BIL) revenue goal of achieving Rs50bn by FY25 implies a significant growth acceleration beyond FY23 (~19% CAGR).

Nirmal Bang

Axis Research Scorecard Report - Mar 2022

Axis Top Picks basket has delivered an astounding return of 127% since its inception, notably beating the 89% return reported by the benchmark...

Axis Direct

Axis Top Picks April 2022

Commodities and IT sectors are the biggest winners of FY22. In the last one year, the Metals sector has gone up 53%, Energy by 40%, commodities by...

Axis Direct

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