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)

<ul><li>FMCG companies under our coverage are expected to experience a recovery in volume growth.</li><li>Revenue growth will primarily be driven by volume growth in the low to mid-single digits, led by improved rural sentiments.</li><li>Rural growth is expected to outpace urban growth. </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.

FMCG companies under our coverage are expected to experience a recovery in volume growth.Revenue growth will primarily be driven by volume growth in the low to mid-single digits, led by improved rural sentiments.Rural growth is expected to outpace urban growth. 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>Topline Growth Driven by Volume Recovery: Most staple companies posted mid to high single-digit revenue growth despite facing challenges such as severe heatwaves in the northern region, heightened competitive intensity, and the general election impact.</li><li>The growth was primarily led by a rural recovery, with rural markets outpacing urban growth.</li><li>Sustained Rural Recovery: Rural demand continues to show steady improvement, with the rural market now surpassing urban areas, largely due to distribution expansion and region-specific launches. </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.

Topline Growth Driven by Volume Recovery: Most staple companies posted mid to high single-digit revenue growth despite facing challenges such as severe heatwaves in the northern region, heightened competitive intensity, and the general election impact.The growth was primarily led by a rural recovery, with rural markets outpacing urban growth.Sustained Rural Recovery: Rural demand continues to show steady improvement, with the rural market now surpassing urban areas, largely due to distribution expansion and region-specific launches. 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.

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.

<ul><li>We expect our consumer coverage to report revenue growth in mid-single-digits (6% yoy), driven by volume growth.</li><li>At an aggregate level, we expect revenue/EBITDA/net income growth of 5.6/6.3/6.7% respectively in 1QFY25.</li><li>Our ground checks suggest that the demand environment for FMCG products has started gradually improving because of (1) improving volume growth trends in rural areas on the back of a favourable base and the reducing impact of inflation</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 expect our consumer coverage to report revenue growth in mid-single-digits (6% yoy), driven by volume growth.At an aggregate level, we expect revenue/EBITDA/net income growth of 5.6/6.3/6.7% respectively in 1QFY25.Our ground checks suggest that the demand environment for FMCG products has started gradually improving because of (1) improving volume growth trends in rural areas on the back of a favourable base and the reducing impact of inflationContent 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.

FMCG, QSR & Alco Bev (Q1FY25 Results Preview): On an improving trajectory

Equity Bottom-Up

<ul><li>Jyothy Labs’ fabric-care portfolio has seen ~14% revenue CAGR over FY20-24 and our checks show that similar momentum should continue over the medium term, as its detergent portfolio, like its ad campaign, is sarva gunn sampann— fully versatile and with enough weapons in its armoury to combat any challenge.</li><li>Our discussions with industry participants suggest that JYL has the following levers and tailwinds in its favour: (1) a comprehensive product portfolio; (2) a shift towards premiumisation; (3) distribution expansion initiatives; (4) scope for margin expansion, as it reaps the benefits of operating leverage, coupled with a pan-India manufacturing footprint (23 plants), given that value-end detergents are highly freight-intensive.</li><li>This report discusses Jyothy Labs’ progress in the fast-growing liquid detergent category.</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.

Jyothy Labs’ fabric-care portfolio has seen ~14% revenue CAGR over FY20-24 and our checks show that similar momentum should continue over the medium term, as its detergent portfolio, like its ad campaign, is sarva gunn sampann— fully versatile and with enough weapons in its armoury to combat any challenge.Our discussions with industry participants suggest that JYL has the following levers and tailwinds in its favour: (1) a comprehensive product portfolio; (2) a shift towards premiumisation; (3) distribution expansion initiatives; (4) scope for margin expansion, as it reaps the benefits of operating leverage, coupled with a pan-India manufacturing footprint (23 plants), given that value-end detergents are highly freight-intensive.This report discusses Jyothy Labs’ progress in the fast-growing liquid detergent category.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.

Jyothy Labs: Disruptive Innovation. Maintain BUY

<ul><li>We maintain Jyothy Labs (JYL) as a high conviction BUY idea, with a TP of Rs 575 (40x June-26 EPS), as it is one of the few FMCG companies structurally poised for high single-digit volume growth, mid-teen EBITDA growth, and high-teen net income growth</li><li>We pencil in revenue/EBITDA/PAT CAGRs of 12/16/17% for FY24-27, the second-highest amongst our coverage of consumer staple companies</li><li>Our confidence stems from the fact that a) JYL operates in categories which have a higher Total Addressable Market and, despite being a challenger brand, is trying to grab a pie of the same by making the product portfolio comprehensive, launching low unit packs, communicating product superiority vs competition, and providing value-for-money offerings, b) it’s got the basics of FMCG right under its new leadership – i) increasing the distribution network and, at the same time, improving productivity, ii) moving on to Above the Line (ATL) spends, away from BTL spends, iii) focusing on low unit packs across the product portfolio, so that it aligns with its objectives, c) competent key management personnel are ensuring smooth execution of the above strategy, which was not the case with the erstwhile management, who were more tuned towards doing M&amp;A transactions.</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 maintain Jyothy Labs (JYL) as a high conviction BUY idea, with a TP of Rs 575 (40x June-26 EPS), as it is one of the few FMCG companies structurally poised for high single-digit volume growth, mid-teen EBITDA growth, and high-teen net income growthWe pencil in revenue/EBITDA/PAT CAGRs of 12/16/17% for FY24-27, the second-highest amongst our coverage of consumer staple companiesOur confidence stems from the fact that a) JYL operates in categories which have a higher Total Addressable Market and, despite being a challenger brand, is trying to grab a pie of the same by making the product portfolio comprehensive, launching low unit packs, communicating product superiority vs competition, and providing value-for-money offerings, b) it’s got the basics of FMCG right under its new leadership – i) increasing the distribution network and, at the same time, improving productivity, ii) moving on to Above the Line (ATL) spends, away from BTL spends, iii) focusing on low unit packs across the product portfolio, so that it aligns with its objectives, c) competent key management personnel are ensuring smooth execution of the above strategy, which was not the case with the erstwhile management, who were more tuned towards doing M&amp;A transactions.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.

Jyothy Labs: Cruising Ahead. Maintain BUY

India

Jyothy Laboratories Limited develops and manufactures household products.

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Jyothy Laboratories (JYL IN)

Q2FY25 Earnings Preview - FMCG & RETAIL

Revenue growth will primarily be driven by volume growth in the low to mid-single digits, led by improved rural sentiments. Rural growth is...

Axis Direct

Top Sector Ideas - FMCG (Q1FY25)

Rural demand continues to show steady improvement, with the rural market now surpassing urban areas, largely due to distribution expansion

Axis Direct

FMCG, QSR & Alco Bev (Q1FY25 Results Preview): On an improving trajectory

We expect our consumer coverage to report revenue growth in mid-single-digits (6% yoy), driven by volume growth. At an aggregate level, we expect...

HDFC Securities

Jyothy Labs: Disruptive Innovation. Maintain BUY

Jyothy Labs’ fabric-care portfolio has seen ~14% revenue CAGR over FY20-24 and our checks show that similar momentum should continue over the...

HDFC Securities

Jyothy Labs: Cruising Ahead. Maintain BUY

We pencil in revenue/EBITDA/PAT CAGRs of 12/16/17% for FY24-27, the second-highest amongst our coverage of consumer staple companies

HDFC Securities

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