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>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.

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

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>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

<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>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.

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>As we conclude the final page of 2023, we extend our heartfelt wishes for a 'Happy New Year' to all our valued patrons.</li><li>With great enthusiasm, we welcome 2024, anticipating a year filled with prosperity, peace, and happiness for you and your family.</li><li>We are proud to share that our Axis Top Picks basket delivered impressive returns of 38% in the last one year, beating the benchmark Nifty 50 index (20% return over the same period) by a wide margin.</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.

As we conclude the final page of 2023, we extend our heartfelt wishes for a 'Happy New Year' to all our valued patrons.With great enthusiasm, we welcome 2024, anticipating a year filled with prosperity, peace, and happiness for you and your family.We are proud to share that our Axis Top Picks basket delivered impressive returns of 38% in the last one year, beating the benchmark Nifty 50 index (20% return over the same period) by a wide margin.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>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

India

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

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

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

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

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

Axis Top Picks - Jan 2024

We are proud to share that our Axis Top Picks basket delivered impressive returns of 38% in the last one year, beating the benchmark Nifty 50 index...

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)