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. 

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Thematic (Sector/Industry)

<ul><li>The Q3FY25 earnings season was marked by a) Festival demand, 2) Sequential improvement in government spending, 3) Moderation in Urban consumption, 4) Some uptick in rural consumption, 5) Rising bond yields and 6) Currency tailwinds.</li><li>H1FY25 was challenging in terms of an overall reduction in government spending, credit tightening in unsecured lending, consumption slowdown especially in the urban area, extended monsoon, and inflation.</li><li>Collectively these factors have contributed to the slowdown in the corporate earnings during H1FY25. </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 Q3FY25 earnings season was marked by a) Festival demand, 2) Sequential improvement in government spending, 3) Moderation in Urban consumption, 4) Some uptick in rural consumption, 5) Rising bond yields and 6) Currency tailwinds.H1FY25 was challenging in terms of an overall reduction in government spending, credit tightening in unsecured lending, consumption slowdown especially in the urban area, extended monsoon, and inflation.Collectively these factors have contributed to the slowdown in the corporate earnings during H1FY25. 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>Consumer demand remains tepid: The discretionary demand remains tepid with a greater impact seen on QSR, Footwear, and Apparel while the value segment has seen some recovery.</li><li>Premium vs. value segment: While the premium/luxury segment remains strong, the value segment saw some recovery. However, it remains a mixed bag.</li><li>Store expansion continues: Despite the muted environment, most companies in our coverage universe have maintained/increased store opening guidance as they move into smaller towns and long-term growth levers remain strong.</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.

Consumer demand remains tepid: The discretionary demand remains tepid with a greater impact seen on QSR, Footwear, and Apparel while the value segment has seen some recovery.Premium vs. value segment: While the premium/luxury segment remains strong, the value segment saw some recovery. However, it remains a mixed bag.Store expansion continues: Despite the muted environment, most companies in our coverage universe have maintained/increased store opening guidance as they move into smaller towns and long-term growth levers remain strong.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.

Equity Bottom-Up

<ul><li>Solid growth compared to peers – Trent's Q2FY25 results, although falling short of expectations, showcased a robust revenue growth of 39.6% YoY to Rs 4,036 Cr.</li><li>Despite the challenging environment, Trent's ability to deliver strong numbers compared to its peers is commendable.</li><li>The fashion format sustained double-digit LFL growth, driven by aggressive store expansion.</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.

Solid growth compared to peers – Trent's Q2FY25 results, although falling short of expectations, showcased a robust revenue growth of 39.6% YoY to Rs 4,036 Cr.Despite the challenging environment, Trent's ability to deliver strong numbers compared to its peers is commendable.The fashion format sustained double-digit LFL growth, driven by aggressive store expansion.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 Show Despite Weak Consumer Sentiment; Maintain BUY

<ul><li>The Q2FY25 earnings season was marked by a) Good rainfall across the country 2) Stronger E-way bill, GST collection and cargo traffic, 3) Resilient macro-economic outlook, 4) Full-year Union Budget, 5) Moderation in power demand, PMI manufacturing and Services and 6) Volatile Oil prices.</li><li>Based on the normal monsoon, higher reservoir levels, government budgetary allocations are indicating green shoots in the rural recovery for the second half of FY25.</li><li>Earnings growth for the quarter will be driven by Financials, IT, Telecom, Healthcare and Utilities while earnings for cyclical sectors like Oil &amp; Gas and Metals is likely to see some decline. </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 Q2FY25 earnings season was marked by a) Good rainfall across the country 2) Stronger E-way bill, GST collection and cargo traffic, 3) Resilient macro-economic outlook, 4) Full-year Union Budget, 5) Moderation in power demand, PMI manufacturing and Services and 6) Volatile Oil prices.Based on the normal monsoon, higher reservoir levels, government budgetary allocations are indicating green shoots in the rural recovery for the second half of FY25.Earnings growth for the quarter will be driven by Financials, IT, Telecom, Healthcare and Utilities while earnings for cyclical sectors like Oil &amp; Gas and Metals is likely to see some decline. 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>FMCG companies under our coverage are expected to experience a recovery in volume growth.</li><li>Revenue growth will primarily be driven by volume growth in the low to mid-single digits, led by improved rural sentiments.</li><li>Rural growth is expected to outpace urban 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.

FMCG companies under our coverage are expected to experience a recovery in volume growth.Revenue growth will primarily be driven by volume growth in the low to mid-single digits, led by improved rural sentiments.Rural growth is expected to outpace urban 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.

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.

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Trent Ltd (TRENT IN)

Q3FY25 - Consolidated Earnings Preview

The Q3FY25 earnings season was marked by a) Festival demand, 2) Sequential improvement in government spending, 3) Moderation in Urban consumption

Axis Direct

Top Conviction Ideas – “Retail”

Consumer demand remains tepid: The discretionary demand remains tepid with a greater impact seen on QSR, Footwear, and Apparel while the value...

Axis Direct

Trent Ltd - Strong Show Despite Weak Consumer Sentiment; Maintain BUY

Solid growth compared to peers – Trent's Q2FY25 results, although falling short of expectations, showcased a robust revenue growth of 39.6% YoY to...

Axis Direct

Q2FY25 - Consolidated Earnings Preview

Based on our and consensus estimates, we forecast Nifty to deliver a Revenue/EBITDA/PAT growth of 4.5%/6%/4.1% respectively for the quarter.

Axis Direct

Q2FY25 Earnings Preview - FMCG & RETAIL

Revenue growth will primarily be driven by volume growth in the low to mid-single digits, led by improved rural sentiments. Rural growth is...

Axis Direct

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