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>Subdued Performance: The company’s revenue de-grew by ~2% YoY to Rs 747 Cr, owing to the decline in overall volumes, down 4% YoY.</li><li>However, this was partly offset by improved realisation by 3% YoY. Moreover, the company reported a beat on EBITDA which grew by 2% YoY to Rs 120 Cr while margins stood at 16.1%, up 68 bps YoY.</li><li>This was led by sharp improvement in gross margins which were up 812bps YoY to 60.3% on account of lower RM and improved realisation.</li></ul><p><em>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.</em></p>

Subdued Performance: The company’s revenue de-grew by ~2% YoY to Rs 747 Cr, owing to the decline in overall volumes, down 4% YoY.However, this was partly offset by improved realisation by 3% YoY. Moreover, the company reported a beat on EBITDA which grew by 2% YoY to Rs 120 Cr while margins stood at 16.1%, up 68 bps YoY.This was led by sharp improvement in gross margins which were up 812bps YoY to 60.3% on account of lower RM and improved realisation.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.

Relaxo Footwears Ltd. - Gradual Recovery to Continue; Maintain Buy

<ul><li>The company’s revenue grew 5% YoY (15% volume growth to 4.7 Cr pairs) as realisation degrew by 7% on account of price cuts.</li><li>This led to higher sales volumes. Its gross margins stood at 57% (up 397bps YoY) whereas EBITDA margins stood at 12.2%, up 162bps YoY owing to softening of the raw materials prices and operational efficiencies.</li><li>However, it was partly offset by the increased expenses.</li></ul><p><em>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.</em></p>

The company’s revenue grew 5% YoY (15% volume growth to 4.7 Cr pairs) as realisation degrew by 7% on account of price cuts.This led to higher sales volumes. Its gross margins stood at 57% (up 397bps YoY) whereas EBITDA margins stood at 12.2%, up 162bps YoY owing to softening of the raw materials prices and operational efficiencies.However, it was partly offset by the increased expenses.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.

Relaxo Footwears Ltd. - SEEING GRADUAL RECOVERY; MAINTAIN BUY

<ul><li>The company’s revenue grew 7% YoY as it regained its lost market share and posted strong growth in the open (peak season) with a volume growth of 23%.</li><li>Realization, however, degrew by 13% owing to price cuts. Its gross margins stood at 57.9% (up 897bps YoY) as raw material prices remain stable as well as due to strong volume growth.</li><li>EBITDA margins stood at 12.8%, up 392bps YoY owing to strong operating leverage and cost efficiencies. </li></ul><p><em>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.</em></p>

The company’s revenue grew 7% YoY as it regained its lost market share and posted strong growth in the open (peak season) with a volume growth of 23%.Realization, however, degrew by 13% owing to price cuts. Its gross margins stood at 57.9% (up 897bps YoY) as raw material prices remain stable as well as due to strong volume growth.EBITDA margins stood at 12.8%, up 392bps YoY owing to strong operating leverage and cost efficiencies. 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.

Relaxo Footwears Ltd. - Recovery on Cards; Maintain BUY

<div><div><div><div><ul><li>Revenue grew 11% YoY as the company regained its lost market share and posted strong growth in open (peak season) and close footwear.</li><li>Its gross margins stood at 57.4% (up 326bps YoY) as raw material prices remain stable and strong volume growth.</li><li>EBITDA at 14.6% was up 165bps YoY, suggesting gradual recovery owing to strong operating leverage and stable raw material prices. </li></ul></div></div></div></div><p><em>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.</em></p>

Revenue grew 11% YoY as the company regained its lost market share and posted strong growth in open (peak season) and close footwear.Its gross margins stood at 57.4% (up 326bps YoY) as raw material prices remain stable and strong volume growth.EBITDA at 14.6% was up 165bps YoY, suggesting gradual recovery owing to strong operating leverage and stable raw material prices. 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.

Relaxo Footwears Ltd. - Recovery on Cards: Maintain BUY

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 ~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><p><em>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.</em></p>

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

India

Relaxo Footwears Ltd. is the marketing company for Relaxo Group.  The Group manufactures Hawai and lightweight chappals.

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Relaxo Footwears (RLXF IN)

Relaxo Footwears Ltd. - Gradual Recovery to Continue; Maintain Buy

Subdued Performance: The company’s revenue de-grew by ~2% YoY to Rs 747 Cr, owing to the decline in overall volumes, down 4% YoY.

Axis Direct

Relaxo Footwears Ltd. - SEEING GRADUAL RECOVERY; MAINTAIN BUY

The company’s revenue grew 5% YoY (15% volume growth to 4.7 Cr pairs) as realisation degrew by 7% on account of price cuts. This led to higher...

Axis Direct

Relaxo Footwears Ltd. - Recovery on Cards; Maintain BUY

The company’s revenue grew 7% YoY as it regained its lost market share and posted strong growth in the open (peak season) with a volume growth of 23%.

Axis Direct

Relaxo Footwears Ltd. - Recovery on Cards: Maintain BUY

Revenue grew 11% YoY as the company regained its lost market share and posted strong growth in open (peak season) and close footwear.

Axis Direct

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

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