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>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>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><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>

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

<ul><li>Shift in Festive Season Played Spoil Sport: Most Retail companies (Ex. Trent) displayed a slowdown in topline growth on account of a shift in the festive season in Q3FY24.</li><li>Premium vs. Value: While the premium segment remains strong, the value segment (apparel) continues to remain under pressure.</li><li>However, the Relaxo under our coverage has shown sustained signs of recovery in the rural space. Going forward, volume growth is expected to pick up in rural regions.</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>

Shift in Festive Season Played Spoil Sport: Most Retail companies (Ex. Trent) displayed a slowdown in topline growth on account of a shift in the festive season in Q3FY24.Premium vs. Value: While the premium segment remains strong, the value segment (apparel) continues to remain under pressure.However, the Relaxo under our coverage has shown sustained signs of recovery in the rural space. Going forward, volume growth is expected to pick up in rural regions.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>State Bank of India: SBIN’s Q2FY24 outcomes missed estimates because of lower-than-expected non-interest income and higher opex stemming from wage arrears, partly offset by a provision reversal</li><li>Loan growth moderated (+12.4% YoY) as domestic margins stabilised at 3.45% (-2bps sequentially)</li><li>Gross slippages clocked in at 0.5% annualised, partly offset by healthy recoveries/w-offs, resulting in GNPAs trending further lower (2.6%)</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>

State Bank of India: SBIN’s Q2FY24 outcomes missed estimates because of lower-than-expected non-interest income and higher opex stemming from wage arrears, partly offset by a provision reversalLoan growth moderated (+12.4% YoY) as domestic margins stabilised at 3.45% (-2bps sequentially)Gross slippages clocked in at 0.5% annualised, partly offset by healthy recoveries/w-offs, resulting in GNPAs trending further lower (2.6%)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.

HSIE Results Daily: State Bank of India, Titan, Gujarat Gas, Relaxo Footwears, Orient Electric

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. - 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

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

Top Sector Ideas - Retail Q2FY24

Shift in Festive Season Played Spoil Sport: Most Retail companies (Ex. Trent) displayed a slowdown in topline growth on account of a shift in the...

Axis Direct

HSIE Results Daily: State Bank of India, Titan, Gujarat Gas, Relaxo Footwears, Orient Electric

SBIN’s Q2FY24 outcomes missed estimates because of lower-than-expected non-interest income and higher opex stemming from wage arrears, partly...

HDFC Securities

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