External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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 ~13.1% YoY in Q4FY24 (ex-jewellery: ~12%)</li><li>Q4 is likely to be the last quarter contending with a high base</li><li>Wedding season hasn’t been as upbeat as expected</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 ~13.1% YoY in Q4FY24 (ex-jewellery: ~12%)Q4 is likely to be the last quarter contending with a high baseWedding season hasn’t been as upbeat as expectedContent 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  - Soft Quarter, Green Shoots Visible in Value Fashion

Consumer Discretionary - Soft Quarter, Green Shoots Visible in Value Fashion

External broker reports(aggregated public sources), Axis Direct

Axis Direct

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>DMART’s consolidated revenue in Q3FY24 grew by 17% YoY (19% on a 4-Year CAGR basis vs. +20% in the last several quarters) to Rs 13,572 Cr.</li><li>The growth in the non-FMCG segemnt during festive season was below management estimates.</li><li>The management attributed that General Merchandise and Apparel has stablised and trends are encouraging post Diwali; however, we remain cautious and continue to look for sustained sign of recovery. </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 Q3FY24 grew by 17% YoY (19% on a 4-Year CAGR basis vs. +20% in the last several quarters) to Rs 13,572 Cr.The growth in the non-FMCG segemnt during festive season was below management estimates.The management attributed that General Merchandise and Apparel has stablised and trends are encouraging post Diwali; however, we remain cautious and continue to look for sustained sign of recovery. 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. - Seeing Early Signs of Recovery in GM&A; Maintain HOLD

<ul><li>We recently interacted with numerous store managers and companies to assess the festive performance and demand in discretionary categories</li><li>Despite a promising start to the festive season, most categories (excluding jewellery and travel) seem to have hit the snooze button</li><li>Several factors contribute to this, including (1) the normalisation of ticket sizes and purchase frequencies, (2) weak footfalls (on a per sq foot basis), and (3) a trend towards downtrading</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.

We recently interacted with numerous store managers and companies to assess the festive performance and demand in discretionary categoriesDespite a promising start to the festive season, most categories (excluding jewellery and travel) seem to have hit the snooze buttonSeveral factors contribute to this, including (1) the normalisation of ticket sizes and purchase frequencies, (2) weak footfalls (on a per sq foot basis), and (3) a trend towards downtradingContent 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.

Festive temperature check: Festive mood sombre

<ul><li>Avenue Supermarts: Revenue grew by 18.5% (four-year CAGR: 19.9%)</li><li>Sales density remains sub-par vis-a-vis the pre-pandemic level (~INR35.3k/sq ft in Q2FY24 vs INR36.6k/sq ft in Q2FY20)</li><li>Lower discretionary purchases vs pre-pandemic levels (general merchandise’s contribution trending towards pre-pandemic times though) kept underlying profitability/unit economics weak</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.

Avenue Supermarts: Revenue grew by 18.5% (four-year CAGR: 19.9%)Sales density remains sub-par vis-a-vis the pre-pandemic level (~INR35.3k/sq ft in Q2FY24 vs INR36.6k/sq ft in Q2FY20)Lower discretionary purchases vs pre-pandemic levels (general merchandise’s contribution trending towards pre-pandemic times though) kept underlying profitability/unit economics weakContent 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 - Margin Pressure Continues

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)

Consumer Discretionary - Soft Quarter, Green Shoots Visible in Value Fashion

Our discretionary universe is expected to grow by ~13.1% YoY in Q4FY24 (ex-jewellery: ~12%). Q4 is likely to be the last quarter contending with a...

HDFC Securities

Consumer Discretionary - Soft Quarter, Green Shoots Visible in Value Fashion

Our discretionary universe is expected to grow by ~13.1% YoY in Q4FY24 (ex-jewellery: ~12%). Q4 is likely to be the last quarter contending with a...

HDFC Securities

Avenue Supermarts Ltd. - Seeing Early Signs of Recovery in GM&A; Maintain HOLD

DMART’s consolidated revenue in Q3FY24 grew by 17% YoY (19% on a 4-Year CAGR basis vs. +20% in the last several quarters) to Rs 13,572 Cr.

Axis Direct

Festive temperature check: Festive mood sombre

We recently interacted with numerous store managers and companies to assess the festive performance and demand in discretionary categories

HDFC Securities

Avenue Supermarts - Margin Pressure Continues

Avenue Supermarts: Revenue grew by 18.5% (four-year CAGR: 19.9%) Sales density remains sub-par vis-a-vis the pre-pandemic level (~INR35.3k/sq ft in...

HDFC Securities

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