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>Shoppers Stop (SHOP) reported an 8% YoY decline in EBITDA (12% miss) due to weak SSSG and GM contraction.</li><li>Revenue was up 4% YoY as store additions and the robust 11% YoY growth in the Beauty segment was offset by an overall SSSG decline and a 15% YoY decline in private brands revenue.</li><li>The management indicated that LFL growth recovered in Sep (+9% YoY) and remains optimistic on demand recovery in 2HFY25 on account of the higher number of weddings and recovery in discretionary 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.

Shoppers Stop (SHOP) reported an 8% YoY decline in EBITDA (12% miss) due to weak SSSG and GM contraction.Revenue was up 4% YoY as store additions and the robust 11% YoY growth in the Beauty segment was offset by an overall SSSG decline and a 15% YoY decline in private brands revenue.The management indicated that LFL growth recovered in Sep (+9% YoY) and remains optimistic on demand recovery in 2HFY25 on account of the higher number of weddings and recovery in discretionary 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.

Shoppers Stop - Soft Revenue Growth Takes a Toll on Profitability

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

<ul>
<li>
<a href="https://www.smartkarma.com/entities/v-mart-retail-ltd" target="_blank" data-smartkarma-citation="entities:1987:1" rel="noopener">V-Mart Retail (VMART IN)</a>  is an omni-channel value retailer, providing a range of products aimed at Bharat’s middle and lower middle class</li>
<li>The company has implemented a cluster strategy that has supported its expansion across India. In FY24, V-Mart opened 46 new stores nationwide.</li>
<li>Being over-indexed to value, V-MART has posted slower revenue growth compared to the recent past. New Warehouse and tigher control over inventory could boost cashflows further. </li>
</ul>



V-Mart Retail (VMART IN)  is an omni-channel value retailer, providing a range of products aimed at Bharat’s middle and lower middle class
The company has implemented a cluster strategy that has supported its expansion across India. In FY24, V-Mart opened 46 new stores nationwide.
Being over-indexed to value, V-MART has posted slower revenue growth compared to the recent past. New Warehouse and tigher control over inventory could boost cashflows further. 


Narrative and Numbers | V-Mart Retail (VMART IN) | FY24

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shoppers-stop-ltd" target="_blank" data-smartkarma-citation="entities:12804:1" rel="noopener">Shoppers Stop (SHOP IN)</a> is a leading retailer in India specializing in fashion and beauty brands with 12 department stores, 7 premium home stores, and 87 specialty beauty outlets,</li>
<li>SHOP has also launched its value retail format INTUNE in June 2023 generating excitement and interest around the same. </li>
<li>It seems SHOP is trying to play all cards of the retail game, i.e., premium, beauty, and value fast fashion, but so far has shown no signs of success.</li>
</ul>



Shoppers Stop (SHOP IN) is a leading retailer in India specializing in fashion and beauty brands with 12 department stores, 7 premium home stores, and 87 specialty beauty outlets,
SHOP has also launched its value retail format INTUNE in June 2023 generating excitement and interest around the same. 
It seems SHOP is trying to play all cards of the retail game, i.e., premium, beauty, and value fast fashion, but so far has shown no signs of success.


Narrative and Numbers | Shoppers Stop (SHOP IN) | FY24

<ul>
<li>
<a href="https://www.smartkarma.com/entities/trent-ltd" target="_blank" data-smartkarma-citation="entities:8410:1" rel="noopener">Trent Ltd (TRENT IN)</a> is a leading retail company in India known for its diverse range of fashion and lifestyle brands like Westside and Zudio. </li>
<li>With its own labels, operating efficiencies, and leverage at work, Trent has been able to expand its margins substantially. </li>
<li>We anticipate the strong operational performance to continue. We believe it will take a couple of years for peers to catch up to Trent's execution prowess.</li>
</ul>



Trent Ltd (TRENT IN) is a leading retail company in India known for its diverse range of fashion and lifestyle brands like Westside and Zudio. 
With its own labels, operating efficiencies, and leverage at work, Trent has been able to expand its margins substantially. 
We anticipate the strong operational performance to continue. We believe it will take a couple of years for peers to catch up to Trent's execution prowess.


Narrative and Numbers | Trent Ltd (TRENT IN) | FY24

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 ~11% YoY in Q1FY25</li><li>However, a few exceptional names drive up the average</li><li>In retail, ex-F&amp;G and value fashion, growth pencilled in is an anaemic 6% as footfalls/demand gets impacted due to (1) the heatwave and (2) fewer wedding days</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 ~11% YoY in Q1FY25However, a few exceptional names drive up the averageIn retail, ex-F&amp;G and value fashion, growth pencilled in is an anaemic 6% as footfalls/demand gets impacted due to (1) the heatwave and (2) fewer wedding daysContent 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: Muted Demand, Value Plays Remain Outliers

India

Shoppers Stop Ltd. operates a chain of retail shops.  The Company retails men's, women's, and children's clothing; cosmetics and skin and hair care products;  home appliances; housewares; linens; luggage; jewelry; and accessories.

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Shoppers Stop (SHOP IN)

Shoppers Stop - Soft Revenue Growth Takes a Toll on Profitability

Revenue was up 4% YoY as store additions and the robust 11% YoY growth in the Beauty segment was offset by an overall SSSG decline and a 15% YoY...

Motilal Oswal

Narrative and Numbers | V-Mart Retail (VMART IN) | FY24

V-Mart Retail targets Bharat's middle class with omni-channel strategy, slower revenue growth due to focus on value, expansion with cluster...

Pranav Bhavsar

Narrative and Numbers | Shoppers Stop (SHOP IN) | FY24

Shoppers Stop in India expands with new value retail format INTUNE, but faces challenges in capturing success across premium, beauty, and fast...

Pranav Bhavsar

Narrative and Numbers | Trent Ltd (TRENT IN) | FY24

Trent Ltd in India stands out in retail with diverse brands like Westside and Zudio, showing strong margins and operational performance that peers...

Pranav Bhavsar

Consumer Discretionary: Muted Demand, Value Plays Remain Outliers

Our discretionary universe is expected to grow by ~11% YoY in Q1FY25. However, a few exceptional names drive up the average

HDFC Securities

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52-week Range

Market Cap (USDm)

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Shoppers Stop - Soft Revenue Growth Takes a Toll on Profitability

Revenue was up 4% YoY as store additions and the robust 11% YoY growth in the Beauty segment was offset by an overall SSSG decline and a 15% YoY...

Motilal Oswal

Narrative and Numbers | V-Mart Retail (VMART IN) | FY24

​V-Mart Retail targets Bharat's middle class with omni-channel strategy, slower revenue growth due to focus on value, expansion with cluster...

Pranav Bhavsar

Narrative and Numbers | Shoppers Stop (SHOP IN) | FY24

​Shoppers Stop in India expands with new value retail format INTUNE, but faces challenges in capturing success across premium, beauty, and fast...

Pranav Bhavsar

Narrative and Numbers | Trent Ltd (TRENT IN) | FY24

​Trent Ltd in India stands out in retail with diverse brands like Westside and Zudio, showing strong margins and operational performance that peers...

Pranav Bhavsar

Consumer Discretionary: Muted Demand, Value Plays Remain Outliers

Our discretionary universe is expected to grow by ~11% YoY in Q1FY25. However, a few exceptional names drive up the average

HDFC Securities

V-Mart Retail targets Bharat's middle class with omni-channel strategy, slower revenue growth due to focus on value, expansion with cluster...

Shoppers Stop in India expands with new value retail format INTUNE, but faces challenges in capturing success across premium, beauty, and fast...

Trent Ltd in India stands out in retail with diverse brands like Westside and Zudio, showing strong margins and operational performance that peers...