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 53% YoY (40% on a 4-year CAGR basis) to Rs 3,312 Cr led by increased footfalls, strong growth across categories and channels, and continued store expansion.</li><li>Its fashion concept registered encouraging LFL growth of 10% YoY. The company’s EBITDA grew by 86% YoY.</li><li>Its EBITDA margins expanded by 336bps YoY to 18.8% on account of strong operating leverage. </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 53% YoY (40% on a 4-year CAGR basis) to Rs 3,312 Cr led by increased footfalls, strong growth across categories and channels, and continued store expansion.Its fashion concept registered encouraging LFL growth of 10% YoY. The company’s EBITDA grew by 86% YoY.Its EBITDA margins expanded by 336bps YoY to 18.8% on account of strong operating leverage. 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 - Juggernaut on a Roll; Strong Performance Continue – Maintain BUY

<ul><li>The company’s revenue grew 59% YoY (37% on a 4-year CAGR basis) to Rs 2,891 Cr, led by strong LTL growth of 10% (despite a challenging environment), increased footfalls, strong growth across categories and channels, and continued store expansion.</li><li>The company’s EBITDA grew by 72% YoY. Its EBITDA margins expanded by 119bps YoY to 15.9% despite gross margin pressure on account of strong operating leverage benefits.</li><li>However, increasing the share of the low-margin Zudio portfolio resulted in a gross margin decline of 230bps YoY to 44.7%. PAT was at Rs 290 Cr, up 56% YoY.</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 59% YoY (37% on a 4-year CAGR basis) to Rs 2,891 Cr, led by strong LTL growth of 10% (despite a challenging environment), increased footfalls, strong growth across categories and channels, and continued store expansion.The company’s EBITDA grew by 72% YoY. Its EBITDA margins expanded by 119bps YoY to 15.9% despite gross margin pressure on account of strong operating leverage benefits.However, increasing the share of the low-margin Zudio portfolio resulted in a gross margin decline of 230bps YoY to 44.7%. PAT was at Rs 290 Cr, up 56% 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 - Strong Performance; Rapid Store Expansion Leads Growth

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.

<ul><li>Trent’s relentless focus on improving its value proposition is evident in its financials</li><li>Across formats (Westside, Zudio and Star), the benefits of sourcing margins continue to be passed on to end consumers, and retailing costs have significantly decreased</li><li>That said, CMP suggests investors seem to have suspended disbelief regarding the sustenance of KPIs/earnings power because (1) Zudio’s sales density seems stretched at ~INR18k/sq ft</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.

Trent’s relentless focus on improving its value proposition is evident in its financialsAcross formats (Westside, Zudio and Star), the benefits of sourcing margins continue to be passed on to end consumers, and retailing costs have significantly decreasedThat said, CMP suggests investors seem to have suspended disbelief regarding the sustenance of KPIs/earnings power because (1) Zudio’s sales density seems stretched at ~INR18k/sq ftContent 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: Suspended disbelief! Maintain SELL

Trent - Suspended Disbelief! Maintain SELL

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

India

Trent Limited operates a chain of retail stores that sell fashion apparel, cosmetics, perfumery products and toiletry items. The Company sells apparel for men, women and children. Trent sells its cosmetics products under the "Westside" and "Trent" brand names.

Trent Ltd (TRENT IN)

Trent Ltd - Juggernaut on a Roll; Strong Performance Continue – Maintain BUY

The company’s revenue grew 53% YoY (40% on a 4-year CAGR basis) to Rs 3,312 Cr led by increased footfalls, strong growth across categories and...

Axis Direct

Trent Ltd - Strong Performance; Rapid Store Expansion Leads Growth

The company’s EBITDA grew by 72% YoY. Its EBITDA margins expanded by 119bps YoY to 15.9% despite gross margin pressure on account of strong...

Axis Direct

Trent: Suspended disbelief! Maintain SELL

Across formats (Westside, Zudio and Star), the benefits of sourcing margins continue to be passed on to end consumers, and retailing costs have...

HDFC Securities

Trent - Suspended Disbelief! Maintain SELL

Across formats (Westside, Zudio and Star), the benefits of sourcing margins continue to be passed on to end consumers, and retailing costs have...

HDFC Securities

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