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.

Thematic (Sector/Industry)

<div><div><div><div><ul><li>Demand trends: The overall consumer demand remained tepid during the quarter owing to the uneven weather conditions and unseasonal rains during the summer season.</li><li>As a result, seasonal products such as fans, coolers, and ACs witnessed lacklustre demand in Apr’23 as well as in May’23 while some demand uptick was seen in Jun’23.</li><li>Soft demand amidst higher competitive intensity and inventory built up in anticipation of strong summer restricted any price hikes by OEMs. </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>

Demand trends: The overall consumer demand remained tepid during the quarter owing to the uneven weather conditions and unseasonal rains during the summer season.As a result, seasonal products such as fans, coolers, and ACs witnessed lacklustre demand in Apr’23 as well as in May’23 while some demand uptick was seen in Jun’23.Soft demand amidst higher competitive intensity and inventory built up in anticipation of strong summer restricted any price hikes by OEMs. 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.

Consumer Durables - Q1FY24 - Earnings Preview

Equity Bottom-Up

Dixon Technologies India Ltd / Equity Bottom-Up

<ul><li>Dixon Technologies revenues grew 4% YoY to Rs 3,067 Cr, which stood almost in line with <span style="font-size: var(--content-font-size);">our estimates of Rs 3,094 Cr. </span></li><li><span style="font-size: var(--content-font-size);">It reported Gross Margins of 10.3%, which stood lower than our estimates of 11.2%, while EBITDA margins increased by 110bps to 5.2%.</span></li><li><span style="font-size: var(--content-font-size);"> This was led by operating leverage, cost optimization measures, and an improved sales mix. </span></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>

Dixon Technologies revenues grew 4% YoY to Rs 3,067 Cr, which stood almost in line with our estimates of Rs 3,094 Cr. It reported Gross Margins of 10.3%, which stood lower than our estimates of 11.2%, while EBITDA margins increased by 110bps to 5.2%. This was led by operating leverage, cost optimization measures, and an improved sales 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.

Dixon Technologies - Revenue Growth Moderates

<div><div><div><div><ul><li>While the overall consumer durables demand during the quarter stood moderate, the seasonal products such as fans, coolers, and AC witnessed some demand uptick in Jan’23 and Feb’23 in the anticipation of a strong summer season.</li><li>However, in the season category, volumes of fans got impacted due to higher channel inventory built-up in Q3FY23 ahead of the implementation of the BEE norms.</li><li>Moreover, the unseasonal rains impacted the demand momentum during Mar’23 which affected the volumes of RACs and Coolers. </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>

While the overall consumer durables demand during the quarter stood moderate, the seasonal products such as fans, coolers, and AC witnessed some demand uptick in Jan’23 and Feb’23 in the anticipation of a strong summer season.However, in the season category, volumes of fans got impacted due to higher channel inventory built-up in Q3FY23 ahead of the implementation of the BEE norms.Moreover, the unseasonal rains impacted the demand momentum during Mar’23 which affected the volumes of RACs and Coolers. 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.

<ul><li>The demand moderated post the uptick in the festival season and associated discount incentives.</li><li>However, an uptick was seen in seasonal categories such as heaters as well as in the primary sales of Air Coolers due to channel stocking ahead of the upcoming season.</li><li>Demand for Fans was impacted due to BEE norms from Jan’23, with brands offering discounts to clear old inventory.</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>

The demand moderated post the uptick in the festival season and associated discount incentives.However, an uptick was seen in seasonal categories such as heaters as well as in the primary sales of Air Coolers due to channel stocking ahead of the upcoming season.Demand for Fans was impacted due to BEE norms from Jan’23, with brands offering discounts to clear old inventory.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.

Q3FY23 Preview - Tepid Sentiments Lead to Moderate Demand

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>Dixon Technologies is India’s leading electronic manufacturing (EMS) provider and one of the largest beneficiaries of the government’s PLI scheme.</li><li>Dixon operates in both original equipment manufacturing (OEM) and original design manufacturing (ODM)</li><li>Strong RoE, RoCE at ~20%, ~24%, respectively (three year’s average).</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>

Dixon Technologies is India’s leading electronic manufacturing (EMS) provider and one of the largest beneficiaries of the government’s PLI scheme.Dixon operates in both original equipment manufacturing (OEM) and original design manufacturing (ODM)Strong RoE, RoCE at ~20%, ~24%, respectively (three year’s average).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.

Dixon Technologies - Mobile & EMS Segment Drives Topline…

India

Dixon Technologies (India) Limited manufactures consumer durables, lighting products, and mobile phones. The Company offers LED TVs, washing machines, LED and CFL bulbs and tubelights, and downlighters, as well as provides repair and refurbishment services of set top boxes, mobile phones, and LED TV panels. Dixon Technologies operates in India.

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Dixon Technologies India Ltd (DIXON IN)

Consumer Durables - Q1FY24 - Earnings Preview

Soft demand amidst higher competitive intensity and inventory built up in anticipation of strong summer restricted any price hikes by OEMs.

Axis Direct

Dixon Technologies - Revenue Growth Moderates

Dixon Technologies revenues grew 4% YoY to Rs 3,067 Cr, which stood almost in line with our estimates of Rs 3,094 Cr. It reported Gross Margins of...

Axis Direct

Q4FY23 - Consumer Durables Preview

While the overall consumer durables demand during the quarter stood moderate, the seasonal products such as fans, coolers, and AC witnessed some...

Axis Direct

Q3FY23 Preview - Tepid Sentiments Lead to Moderate Demand

The demand moderated post the uptick in the festival season and associated discount incentives. However, an uptick was seen in seasonal categories...

Axis Direct

Dixon Technologies - Mobile & EMS Segment Drives Topline…

Dixon Technologies is India’s leading electronic manufacturing (EMS) provider and one of the largest beneficiaries of the government’s PLI scheme.

ICICI Securities Limited

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