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 54% YoY (35% on a 4-year CAGR basis) to Rs 2,536 Cr, led by strong LTL growth of 12% despite a challenging environment that saw increased footfalls, strong growth across categories and channels, and continued store expansion.</li><li>The company’s EBITDA grew 20% YoY (22% 4-year CAGR), while EBITDA margins declined by 398bps YoY to 14.4% due to gross margin pressure (higher RM), increased importance of low-margin Zudio portfolio and higher operating costs.</li><li>PAT was Rs 148 Cr, up 44% YoY</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 54% YoY (35% on a 4-year CAGR basis) to Rs 2,536 Cr, led by strong LTL growth of 12% despite a challenging environment that saw increased footfalls, strong growth across categories and channels, and continued store expansion.The company’s EBITDA grew 20% YoY (22% 4-year CAGR), while EBITDA margins declined by 398bps YoY to 14.4% due to gross margin pressure (higher RM), increased importance of low-margin Zudio portfolio and higher operating costs.PAT was Rs 148 Cr, up 44% YoYContent 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>Trent's Q3FY23 print was better than our expectations.</li><li>It maintained its strong revenue growth momentum, up 61% YoY (36% on a 3-Year CAGR basis) to Rs 2172 Cr led by increased footfalls, strong growth across emerging categories (incl. beauty, personal care innerwear, and footwear) and continued thrust on store expansion.</li><li>EBITDA grew 15% YoY (25% 3-Year CAGR), while EBITDA margins at 15.5% declined by 620bps YoY due to gross margin pressure – higher RM and increased mix of low margin Zudio portfolio coupled with higher operating expenses. PAT stood at Rs 161 Cr, up 21% YoY.</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>

Trent's Q3FY23 print was better than our expectations.It maintained its strong revenue growth momentum, up 61% YoY (36% on a 3-Year CAGR basis) to Rs 2172 Cr led by increased footfalls, strong growth across emerging categories (incl. beauty, personal care innerwear, and footwear) and continued thrust on store expansion.EBITDA grew 15% YoY (25% 3-Year CAGR), while EBITDA margins at 15.5% declined by 620bps YoY due to gross margin pressure – higher RM and increased mix of low margin Zudio portfolio coupled with higher operating expenses. PAT stood at Rs 161 Cr, up 21% YoY.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.

Trent Ltd - Outstanding Performance; Maintain BUY

<ul><li>Trent Ltd. (Trent) reported a healthy topline growth with revenues up 78% YoY over Q2FY22 (Covid-19 impacted the quarter).</li><li>Sequentially, revenues were up 10% owing to the strong recovery in consumer sentiments.</li><li>The company posted standalone revenue of Rs 1,814 Cr (Our estimates: Rs 1,755 Cr) vs. Rs 1,020 Cr in Q2FY22, up 78% YoY on a low base.</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>

Trent Ltd. (Trent) reported a healthy topline growth with revenues up 78% YoY over Q2FY22 (Covid-19 impacted the quarter).Sequentially, revenues were up 10% owing to the strong recovery in consumer sentiments.The company posted standalone revenue of Rs 1,814 Cr (Our estimates: Rs 1,755 Cr) vs. Rs 1,020 Cr in Q2FY22, up 78% YoY on a low base.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.

Trent Ltd - Robust Performance; Poised for Growth!

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

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.

<div><div><div><div><ul><li>Despite the adverse impact of COVID-19 over the last two years, Trent’s standalone revenue/PAT reported an encouraging CAGR of 11%/27% over FY20 to reach INR39b/INR2.5b, respectively, which was by far the best among peers.</li><li>However, due to the increased losses in its subsidiary (Booker India), Trent’s consolidated PAT (post-minority interest) contracted to INR346m in FY22 from INR1.0b in FY20.</li><li>Consolidated EBITDA (Pre IND-AS 116) posted a 7% CAGR to INR2.3b over FY20-22.</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>

Despite the adverse impact of COVID-19 over the last two years, Trent’s standalone revenue/PAT reported an encouraging CAGR of 11%/27% over FY20 to reach INR39b/INR2.5b, respectively, which was by far the best among peers.However, due to the increased losses in its subsidiary (Booker India), Trent’s consolidated PAT (post-minority interest) contracted to INR346m in FY22 from INR1.0b in FY20.Consolidated EBITDA (Pre IND-AS 116) posted a 7% CAGR to INR2.3b over FY20-22.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.

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.

<div><div><div><div><ul><li>Standalone revenue grew 53% YoY to Rs11.9bn on low base and robust store additions, but dipped 12% QoQ as business was impacted in Jan/Feb’22 by the third wave of the pandemic.</li></ul><div><div><div><ul><li>Online revenue grew 74% YoY in FY22, with 7% of Westside revenue coming through online channels.</li></ul><div><div><div><div><ul><li>Accelerated store expansion plans: The company added 26 Westside stores in FY22, taking the total Westside store count to 200.</li></ul></div></div></div></div></div></div></div></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>

Standalone revenue grew 53% YoY to Rs11.9bn on low base and robust store additions, but dipped 12% QoQ as business was impacted in Jan/Feb’22 by the third wave of the pandemic.Online revenue grew 74% YoY in FY22, with 7% of Westside revenue coming through online channels.Accelerated store expansion plans: The company added 26 Westside stores in FY22, taking the total Westside store count to 200.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.

India

Trent Limited is an Indian retail company and a part of the Tata Group, primarily engaged in the retailing of apparel, footwear, accessories, beauty products, and home decor. It operates various retail formats, including Westside for fashion and lifestyle, Zudio for value fashion, Utsa for Indian ethnic wear, and Star Bazaar for groceries. The company is headquartered in Mumbai, Maharashtra, India, and was originally incorporated in 1952 as Lakme Limited before being renamed Trent Limited in 1998.

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Trent (TRENT IN)

Trent Ltd - Outstanding Performance

The company’s revenue grew 54% YoY (35% on a 4-year CAGR basis) to Rs 2,536 Cr, led by strong LTL growth of 12% despite a challenging environment...

Axis Direct

Trent Ltd - Outstanding Performance; Maintain BUY

Trent's Q3FY23 print was better than our expectations. It maintained its strong revenue growth momentum, up 61% YoY (36% on a 3-Year CAGR basis) to...

Axis Direct

Trent Ltd - Robust Performance; Poised for Growth!

Trent Ltd. (Trent) reported a healthy topline growth with revenues up 78% YoY over Q2FY22 (Covid-19 impacted the quarter).

Axis Direct

Trent - Pursuing Aggressive Growth

Despite the adverse impact of COVID-19 over the last two years, Trent’s standalone revenue/PAT reported an encouraging CAGR of 11%/27% over FY20 to...

Motilal Oswal

Trent Ltd - Earnings Upgrade Continues

Trent’s Q4FY22 revenue of Rs11.9bn (up 53% YoY) was ahead of our / consensus estimates, while EBITDA of Rs1.52bn was below our expectation owing to...

ICICI Securities Limited

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