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>Financial Performance: DMART’s consolidated revenue in Q1FY25 grew by 18.6% YoY to Rs 14,069 Cr.</li><li>The growth was largely led by rapid store expansion (added 6 stores in Q1).</li><li>The management highlighted that improved contribution from the general merchandise and apparel category has improved the gross margins to 15.6% in Q1FY25, up by 40bps YoY, while EBITDA grew by 18% YoY. EBITDA Margins stood at 8.7% (down 5bps YoY), partly offset by the increase in operating cost on account of higher opex. </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.

Financial Performance: DMART’s consolidated revenue in Q1FY25 grew by 18.6% YoY to Rs 14,069 Cr.The growth was largely led by rapid store expansion (added 6 stores in Q1).The management highlighted that improved contribution from the general merchandise and apparel category has improved the gross margins to 15.6% in Q1FY25, up by 40bps YoY, while EBITDA grew by 18% YoY. EBITDA Margins stood at 8.7% (down 5bps YoY), partly offset by the increase in operating cost on account of higher opex. 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 Ltd (DMart) - Inline Numbers, Expensive Valuation; 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.

Thematic (Sector/Industry)

<ul><li>Our discretionary universe is expected to grow by ~11% YoY in Q1FY25</li><li>However, a few exceptional names drive up the average</li><li>In retail, ex-F&amp;G and value fashion, growth pencilled in is an anaemic 6% as footfalls/demand gets impacted due to (1) the heatwave and (2) fewer wedding days</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.

Our discretionary universe is expected to grow by ~11% YoY in Q1FY25However, a few exceptional names drive up the averageIn retail, ex-F&amp;G and value fashion, growth pencilled in is an anaemic 6% as footfalls/demand gets impacted due to (1) the heatwave and (2) fewer wedding daysContent 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 Discretionary: Muted Demand, Value Plays Remain Outliers

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>Motilal Oswal's research report onAvenue Supermarts Avenue Supermarts (DMART)’s consolidated/standalone revenue grew 20% YoY in 4QFY24, led by 13% area addition and 6% productivity growth.</li><li>Improved GM&amp;A contribution boosted GM, resulting in 22% YoY growth in EBITDA/PAT (5% miss).</li><li>The gap between revenue/sqft (up 6.2% YoY) and revenue/store (up 7% YoY) continued to shrink, indicating an improvement in the share of largeformat stores (a positive trend).</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.

Motilal Oswal's research report onAvenue Supermarts Avenue Supermarts (DMART)’s consolidated/standalone revenue grew 20% YoY in 4QFY24, led by 13% area addition and 6% productivity growth.Improved GM&amp;A contribution boosted GM, resulting in 22% YoY growth in EBITDA/PAT (5% miss).The gap between revenue/sqft (up 6.2% YoY) and revenue/store (up 7% YoY) continued to shrink, indicating an improvement in the share of largeformat stores (a positive trend).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 Continues

<ul><li>Titan: Jewellery (ex-bullion) sales grew 21.8% YoY to INR98.24bn (HSIE: 105.62bn)</li><li>Domestic standalone jewellery sales (ex-bullion) grew 20%</li><li>Profitability took a back seat as elevated gold prices, softened demand and high competitive intensity arm-twisted Titan to increase promotional expenses to defend market share</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.

Titan: Jewellery (ex-bullion) sales grew 21.8% YoY to INR98.24bn (HSIE: 105.62bn)Domestic standalone jewellery sales (ex-bullion) grew 20%Profitability took a back seat as elevated gold prices, softened demand and high competitive intensity arm-twisted Titan to increase promotional expenses to defend market shareContent 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: Titan, Avenue Supermarts

<ul><li>DMART’s consolidated revenue in Q4FY24 grew by 20% YoY (19% on a 4-Year CAGR basis) to Rs 12,727 Cr. The growth was largely led by rapid store expansion (added 24 stores in Q4).</li><li>The management attributed that contribution from General Merchandise and Apparel experienced an uptick which improved the company’s gross margins to 14.5%, up 40bps YoY, while EBITDA grew by 22% YoY.</li><li>EBITDA Margins stood at 7.4% (up 13bps YoY), which was in line with our estimates. </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.

DMART’s consolidated revenue in Q4FY24 grew by 20% YoY (19% on a 4-Year CAGR basis) to Rs 12,727 Cr. The growth was largely led by rapid store expansion (added 24 stores in Q4).The management attributed that contribution from General Merchandise and Apparel experienced an uptick which improved the company’s gross margins to 14.5%, up 40bps YoY, while EBITDA grew by 22% YoY.EBITDA Margins stood at 7.4% (up 13bps YoY), which was in line with our estimates. 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 Ltd. - Early Signs of Recovery in GM&A; Maintain HOLD

India

Avenue Supermarts Ltd. (ASL) owns and operates hypermarkets and supermarkets. The Company offers products such as garments, footwears, toys and games, bed and bath linen, stationery, grocery, household, and electronic products. ASL operates throughout India.

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Avenue Supermarts Ltd (DMART IN)