External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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>Demand peak in discretionary categories seems to be behind us: Our discretionary universe is expected to grow by ~19% YoY (revenue) in Q4FY23 (four-year revenue CAGR: 16%)</li><li>Elevated ticket sizes and store expansion coupled with normalizing footfalls aided growth</li><li>However, in retail, many of these variables are now mean-reverting</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.

Demand peak in discretionary categories seems to be behind us: Our discretionary universe is expected to grow by ~19% YoY (revenue) in Q4FY23 (four-year revenue CAGR: 16%)Elevated ticket sizes and store expansion coupled with normalizing footfalls aided growthHowever, in retail, many of these variables are now mean-revertingContent 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 - Discretionary Peak Most Certainly Behind Us

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.

Equity Bottom-Up

<ul><li>Relaxo results were a miss on all fronts with revenue declining by 8% YoY (expected volume decline of 12-14% YoY).</li><li>This was on account of continued weak demand in mass open footwear, consumers down-trading to cheaper footwear, and high-cost inventory in the system.</li><li>This coupled with the high base of Q3FY22 and early stocking ahead of the GST rate hike from 1st Jan’22 impacted the overall volume 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.

Relaxo results were a miss on all fronts with revenue declining by 8% YoY (expected volume decline of 12-14% YoY).This was on account of continued weak demand in mass open footwear, consumers down-trading to cheaper footwear, and high-cost inventory in the system.This coupled with the high base of Q3FY22 and early stocking ahead of the GST rate hike from 1st Jan’22 impacted the overall volume 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.

Relaxo Footwear - Miss on All Fronts; Maintain HOLD

<ul><li>Discretionary categories to clock another healthy quarter: Our discretionary universe is expected to grow by ~14/% YoY (revenue) in Q3FY23 (three-year revenue/EBITDA CAGRs of 17/12% resp)</li><li>Ticket sizes in retail remain elevated, courtesy of higher ASP vis-à-vis pre-pandemic levels. Footfall density is normalising too</li><li>Jewellery, paints, apparel, and footwear are expected to clock 22%, 17%, 12%, and 6% (three-year CAGRs).</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.

Discretionary categories to clock another healthy quarter: Our discretionary universe is expected to grow by ~14/% YoY (revenue) in Q3FY23 (three-year revenue/EBITDA CAGRs of 17/12% resp)Ticket sizes in retail remain elevated, courtesy of higher ASP vis-à-vis pre-pandemic levels. Footfall density is normalising tooJewellery, paints, apparel, and footwear are expected to clock 22%, 17%, 12%, and 6% (three-year CAGRs).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 Discretionary - Healthy Quarter!

Consumer Discretionary (Q3FY23 Results Preview) - Healthy Quarter!

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory 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.

<ul>
<li>Relaxo is India’s leading footwear manufacturing company, boasting of largest capacity of 10.0 lakh pairs per day.</li>
<li>Relaxo is a dominant player in the open footwear space (~76% of sales), with its strong portfolio of brands (‘Flite’, ‘Bahamas’, ‘Sparx’, ‘Relaxo).</li>
<li>Market leader in value priced segment selling ~19 crore pairs annually </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.


Relaxo is India’s leading footwear manufacturing company, boasting of largest capacity of 10.0 lakh pairs per day.
Relaxo is a dominant player in the open footwear space (~76% of sales), with its strong portfolio of brands (‘Flite’, ‘Bahamas’, ‘Sparx’, ‘Relaxo).
Market leader in value priced segment selling ~19 crore pairs annually 

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 - Significantly Higher COGS/Pair Dents Profitability...

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)

Consumer Discretionary - Discretionary Peak Most Certainly Behind Us

Demand peak in discretionary categories seems to be behind us: Our discretionary universe is expected to grow by ~19% YoY (revenue) in Q4FY23 (four...

HDFC Securities

Relaxo Footwear - Miss on All Fronts; Maintain HOLD

This was on account of continued weak demand in mass open footwear, consumers down-trading to cheaper footwear, and high-cost inventory in the system.

Axis Direct

Consumer Discretionary - Healthy Quarter!

Our discretionary universe is expected to grow by ~14/% YoY (revenue) in Q3FY23 (three-year revenue/EBITDA CAGRs of 17/12% resp)

HDFC Securities

Consumer Discretionary (Q3FY23 Results Preview) - Healthy Quarter!

Our discretionary universe is expected to grow by ~14/% YoY (revenue) in Q3FY23 (three-year revenue/EBITDA CAGRs of 17/12% resp)

HDFC Securities

Relaxo Footwears - Significantly Higher COGS/Pair Dents Profitability...

Relaxo is a dominant player in the open footwear space (~76% of sales), with its strong portfolio of brands (‘Flite’, ‘Bahamas’, ‘Sparx’, ‘Relaxo).

ICICI Securities Limited

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