External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

External broker reports(aggregated public sources)

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.

Equity Bottom-Up

<ul><li>Motilal Oswal's research report onPage Industries PAGE continues to experience a weakness in growth amid subdued demand in the apparel industry.</li><li>Weak demand has resulted in excess inventory at channel partners.</li><li>Management is taking several initiatives to optimize channel inventory.</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 onPage Industries PAGE continues to experience a weakness in growth amid subdued demand in the apparel industry.Weak demand has resulted in excess inventory at channel partners.Management is taking several initiatives to optimize channel 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.

Page Industries - All Eyes on Inventory Liquidation; the Moat Remains Unchanged

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.

<ul><li>Q3FY24 results were slightly above our estimates. Revenue growth remained flat at 0.4% as the demand environment remained subdued.</li><li>Moreover, the athleisure segment remained subdued as sales volume continued to remain sluggish, hence there is an accumulation of excess inventory.</li><li>Gross margins stood at 53.1%, up 70bps YoY while EBITDA grew 19% YoY while EBITDA margins stood at 18.7%, up 293bps YoY on account of stringent cost efficiency measures. </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.

Q3FY24 results were slightly above our estimates. Revenue growth remained flat at 0.4% as the demand environment remained subdued.Moreover, the athleisure segment remained subdued as sales volume continued to remain sluggish, hence there is an accumulation of excess inventory.Gross margins stood at 53.1%, up 70bps YoY while EBITDA grew 19% YoY while EBITDA margins stood at 18.7%, up 293bps YoY on account of stringent cost efficiency measures. 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.

Page Industries Ltd - Cost Efficiency Measures Drive Profitability; Maintain HOLD

<ul><li>PAGE Q1FY24 results were below our estimates.</li><li>Revenue declined 8% YoY as volume declined ~11.5% YoY owing to weak demand, a high base, and increased competitive intensity.</li><li>Gross margins were 52.9%, down 159bps YoY, while EBITDA declined 19% YoY and EBITDA margins declined 270bps YoY to 19.5%. </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.

PAGE Q1FY24 results were below our estimates.Revenue declined 8% YoY as volume declined ~11.5% YoY owing to weak demand, a high base, and increased competitive intensity.Gross margins were 52.9%, down 159bps YoY, while EBITDA declined 19% YoY and EBITDA margins declined 270bps YoY to 19.5%. 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.

Page Industries Ltd - Subdued Performance; Maintain HOLD

<ul><li>Revenue declined 13% on a YoY basis as volume declined ~14% YoY owing to a sharp fall in demand and implementation of the Auto Replenishment Shipment (ARS) which impacted the primary sales.</li><li>Gross margins stood at 56.6%, down 280bps YoY owing to high- cost raw material inventory.</li><li>EBITDA declined 50% YoY while EBITDA margins stood at 13.9%, down from 24% in Q4FY22 on account of higher marketing spends and negative operating leverage.</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.

Revenue declined 13% on a YoY basis as volume declined ~14% YoY owing to a sharp fall in demand and implementation of the Auto Replenishment Shipment (ARS) which impacted the primary sales.Gross margins stood at 56.6%, down 280bps YoY owing to high- cost raw material inventory.EBITDA declined 50% YoY while EBITDA margins stood at 13.9%, down from 24% in Q4FY22 on account of higher marketing spends and negative operating leverage.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.

Page Industries Ltd - Subdued Performance with Bleak Outlook; Maintain HOLD

<ul><li>PAGE Q3FY23 results were below our estimates. Revenue grew a mere 3% YoY as volume declined ~11% YoY to 5.28 Cr pieces owing to weak demand, increased competitive intensity and implementation of the Auto Replenishment Shipment (ARS) which impacted primary sales.</li><li>It further reiterated that as the economy has opened up and consumers’ preferences are shifting towards formal and other categories.</li><li>EBITDA margins at 15.8% were down 532bps YoY owing to gross margin pressure (high-cost inventory) and an increase in marketing spends.</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.

PAGE Q3FY23 results were below our estimates. Revenue grew a mere 3% YoY as volume declined ~11% YoY to 5.28 Cr pieces owing to weak demand, increased competitive intensity and implementation of the Auto Replenishment Shipment (ARS) which impacted primary sales.It further reiterated that as the economy has opened up and consumers’ preferences are shifting towards formal and other categories.EBITDA margins at 15.8% were down 532bps YoY owing to gross margin pressure (high-cost inventory) and an increase in marketing spends.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

Page Industries Limited develops, produces, and distributes branded underwear for men, women, and children in India and Sri Lanka.

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Page Industries (PAG IN)

Page Industries - All Eyes on Inventory Liquidation; the Moat Remains Unchanged

Motilal Oswal's research report onPage Industries PAGE continues to experience a weakness in growth amid subdued demand in the apparel industry.

Motilal Oswal

Page Industries Ltd - Cost Efficiency Measures Drive Profitability; Maintain HOLD

Q3FY24 results were slightly above our estimates. Revenue growth remained flat at 0.4% as the demand environment remained subdued.

Axis Direct

Page Industries Ltd - Subdued Performance; Maintain HOLD

Revenue declined 8% YoY as volume declined ~11.5% YoY owing to weak demand, a high base, and increased competitive intensity.

Axis Direct

Page Industries Ltd - Subdued Performance with Bleak Outlook; Maintain HOLD

EBITDA declined 50% YoY while EBITDA margins stood at 13.9%, down from 24% in Q4FY22 on account of higher marketing spends and negative operating...

Axis Direct

Page Industries Ltd - Subdued Performance; Maintain HOLD

It further reiterated that as the economy has opened up and consumers’ preferences are shifting towards formal and other categories.

Axis Direct

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