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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Thematic (Sector/Industry)

<ul><li>Consumer demand remains sluggish: Prolonged heat waves, a slowdown in discretionary spending, and a lighter wedding season in Q1 have kept consumption demand in the discretionary space subdued.</li><li>Premium vs. Value: While the premium segment remains strong, the value segment has shown some recovery but remains a mixed bag.</li><li>Going forward, volume growth is expected to pick up in rural regions, driven by a better monsoon and rural 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.

Consumer demand remains sluggish: Prolonged heat waves, a slowdown in discretionary spending, and a lighter wedding season in Q1 have kept consumption demand in the discretionary space subdued.Premium vs. Value: While the premium segment remains strong, the value segment has shown some recovery but remains a mixed bag.Going forward, volume growth is expected to pick up in rural regions, driven by a better monsoon and rural 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.

<ul><li>Q4FY24 earnings season was marked by a) Strong domestic macroeconomic environment, b) Robust PMI manufacturing and Services, c) Stronger E-way bill and GST collection, and d) Strong pickup in electricity demand.</li><li>Domestic-facing sectors largely enjoyed the economic recovery backed by these factors and hence, margins may surprise positively.</li><li>Most of the domestic high-frequency indicators have trended higher during the quarter which is likely to translate into good demand momentum for the domestic corporate 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.

Q4FY24 earnings season was marked by a) Strong domestic macroeconomic environment, b) Robust PMI manufacturing and Services, c) Stronger E-way bill and GST collection, and d) Strong pickup in electricity demand.Domestic-facing sectors largely enjoyed the economic recovery backed by these factors and hence, margins may surprise positively.Most of the domestic high-frequency indicators have trended higher during the quarter which is likely to translate into good demand momentum for the domestic corporate 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.

Equity Bottom-Up

<ul><li>Robust Results: Ethos delivered strong topline growth of ~32% YoY in Q3FY25, with 9MFY25 growth at 26%. SSG improved by 400bps to 23.1% in Q3FY25.</li><li>The share of its exclusive brand portfolio stood at 29.7% in Q3. Management highlighted that the share of luxury and high-luxury watches increased from 68% to 71% over 9MFY25, while ASP for 9MFY25 rose by 11.2% YoY to Rs 2,07,513.</li><li>Margins pressure: EBITDA grew by 28% YoY to 57%, with EBITDA margins at 15.4%, down 42bps YoY, due to gross margin contraction and higher costs related to increased manpower for new store additions and rent for newly opened stores that are still in the nascent stages of sales.</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.

Robust Results: Ethos delivered strong topline growth of ~32% YoY in Q3FY25, with 9MFY25 growth at 26%. SSG improved by 400bps to 23.1% in Q3FY25.The share of its exclusive brand portfolio stood at 29.7% in Q3. Management highlighted that the share of luxury and high-luxury watches increased from 68% to 71% over 9MFY25, while ASP for 9MFY25 rose by 11.2% YoY to Rs 2,07,513.Margins pressure: EBITDA grew by 28% YoY to 57%, with EBITDA margins at 15.4%, down 42bps YoY, due to gross margin contraction and higher costs related to increased manpower for new store additions and rent for newly opened stores that are still in the nascent stages of sales.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.

Ethos Ltd - Growth Story Remains Intact; Maintain BUY

<ul><li>Robust Results: Ethos delivered robust results in Q1FY25 with ~19% YoY revenue growth and 12.3% SSSG, driven by strong demand in the higher price-point luxury segment (above Rs 2.5 Lc grew 9.5% YoY), resulting in its ASP increasing by 25% YoY to Rs 2.2 Lc.</li><li>The management highlighted some challenges in Q1FY25, including extreme heatwaves (leading to extended holiday durations outside India and reduced footfall), restrictions on cash movement above Rs 0.5 Lc during elections, ERP implementation (causing a three-day store shutdown across the network), election-related restrictions, and shipment delays due to unfavourable weather conditions in Switzerland.</li><li>However, the management noted strong growth (28%) and record-high margins in July and remains optimistic about future growth prospects, supported by new luxury watch additions and continued store expansion (targeting 22-23 stores in FY25)</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.

Robust Results: Ethos delivered robust results in Q1FY25 with ~19% YoY revenue growth and 12.3% SSSG, driven by strong demand in the higher price-point luxury segment (above Rs 2.5 Lc grew 9.5% YoY), resulting in its ASP increasing by 25% YoY to Rs 2.2 Lc.The management highlighted some challenges in Q1FY25, including extreme heatwaves (leading to extended holiday durations outside India and reduced footfall), restrictions on cash movement above Rs 0.5 Lc during elections, ERP implementation (causing a three-day store shutdown across the network), election-related restrictions, and shipment delays due to unfavourable weather conditions in Switzerland.However, the management noted strong growth (28%) and record-high margins in July and remains optimistic about future growth prospects, supported by new luxury watch additions and continued store expansion (targeting 22-23 stores in FY25)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>Established in 2003, Ethos Ltd is a prominent player in India's luxury and premium watch retail industry.</li><li>With a 20% market share in the luxury segment and 13% in the premium segment, it stands as one of the largest retailers in the country.</li><li>As a subsidiary of KDDL, Ethos operates across 23 cities in India, boasting over 60 stores. </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.

Established in 2003, Ethos Ltd is a prominent player in India's luxury and premium watch retail industry.With a 20% market share in the luxury segment and 13% in the premium segment, it stands as one of the largest retailers in the country.As a subsidiary of KDDL, Ethos operates across 23 cities in India, boasting over 60 stores. 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

Ethos is a leading luxury and premium watch retailer in India, operating a chain of boutiques and an omnichannel platform. The company offers a wide range of luxury and premium watches, certified pre-owned watches, jewelry, and watch accessories, alongside providing repair and maintenance services. Ethos was founded in 2003 and is headquartered in Gurugram, India.

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Ethos (ETHOSLTD IN)

Top Sector Ideas - Retail (Q1FY25)

Premium vs. Value: While the premium segment remains strong, the value segment has shown some recovery but remains a mixed bag.

Axis Direct

Q4FY24 Consolidated Earnings Preview

Q4FY24 earnings season was marked by a) Strong domestic macroeconomic environment, b) Robust PMI manufacturing and Services, c) Stronger E-way bill...

Axis Direct

Ethos Ltd - Growth Story Remains Intact; Maintain BUY

Ethos delivered strong topline growth of ~32% YoY in Q3FY25, with 9MFY25 growth at 26%. SSG improved by 400bps to 23.1% in Q3FY25.

Axis Direct

Ethos Ltd - Growth Story Remains Intact; Maintain BUY

Ethos delivered robust results in Q1FY25 with ~19% YoY revenue growth and 12.3% SSSG, driven by strong demand in the higher price-point luxury segment

Axis Direct

Pick of the Week: Ethos Ltd - 6 May 2024

With a 20% market share in the luxury segment and 13% in the premium segment, it stands as one of the largest retailers in the country.

Axis Direct

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