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.

Thematic (Sector/Industry)

<ul><li>Consumer demand remains sluggish: Prolonged heat waves, a slowdown in discretionary spending, and a lighter wedding season in Q1 have kept consumption demand in the discretionary space subdued.</li><li>Premium vs. Value: While the premium segment remains strong, the value segment has shown some recovery but remains a mixed bag.</li><li>Going forward, volume growth is expected to pick up in rural regions, driven by a better monsoon and rural recovery.</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 sluggish: Prolonged heat waves, a slowdown in discretionary spending, and a lighter wedding season in Q1 have kept consumption demand in the discretionary space subdued.Premium vs. Value: While the premium segment remains strong, the value segment has shown some recovery but remains a mixed bag.Going forward, volume growth is expected to pick up in rural regions, driven by a better monsoon and rural recovery.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), 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>Siemens: Siemens India Ltd (SIL) delivered weak standalone Q3FY24 revenue/EBITDA/APAT of INR 47.6/6.1/5.3bn, missing our estimates by 13.3/22.1/18.9%</li><li>EBITDA margin was 12.8%(+148bps/-207bps YoY/QoQ) vs our estimate of 14.2%</li><li>SIL received new orders worth INR 62.5bn (+18/+17.1% YoY/QoQ), which is strong, considering the slowdown in bid/order process amid election season</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.

Siemens: Siemens India Ltd (SIL) delivered weak standalone Q3FY24 revenue/EBITDA/APAT of INR 47.6/6.1/5.3bn, missing our estimates by 13.3/22.1/18.9%EBITDA margin was 12.8%(+148bps/-207bps YoY/QoQ) vs our estimate of 14.2%SIL received new orders worth INR 62.5bn (+18/+17.1% YoY/QoQ), which is strong, considering the slowdown in bid/order process amid election seasonContent 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: Siemens, Trent, Infoedge, Balkrishna Industries, Astral, Gujarat State Petronet

Equity Bottom-Up

<ul><li>Trent's Q1FY25 numbers exceeded expectations. The company achieved robust revenue growth, increasing by 57% YoY to Rs 3,992 Cr.</li><li>This growth was driven by increased footfalls, and strong performance across brands, concepts, categories, and channels, despite subdued market sentiments and heightened competitive intensity.</li><li>The company’s EBITDA grew by 67% YoY, with EBITDA margins expanding by 88 bps YoY to 15.3%, driven by gross margin 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.

Trent's Q1FY25 numbers exceeded expectations. The company achieved robust revenue growth, increasing by 57% YoY to Rs 3,992 Cr.This growth was driven by increased footfalls, and strong performance across brands, concepts, categories, and channels, despite subdued market sentiments and heightened competitive intensity.The company’s EBITDA grew by 67% YoY, with EBITDA margins expanding by 88 bps YoY to 15.3%, driven by gross margin 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 Performance Continues; Maintain BUY

<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

<ul><li>Q1FY25 earnings season was marked by a) Robust PMI manufacturing and Services, b) Stronger E-way bill and GST collection, d) Heat waves and electricity demand, and e) Election campaigns and rallies. Domestic-facing sectors largely enjoyed the economic recovery backed by these factors and hence, margins may surprise positively.</li><li>On the other hand, export-oriented themes are likely to showcase relatively weaker performance.</li><li>Most of the domestic high-frequency indicators have trended higher during the quarter which is likely to translate into good demand momentum for the domestic corporate segment. </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.

Q1FY25 earnings season was marked by a) Robust PMI manufacturing and Services, b) Stronger E-way bill and GST collection, d) Heat waves and electricity demand, and e) Election campaigns and rallies. Domestic-facing sectors largely enjoyed the economic recovery backed by these factors and hence, margins may surprise positively.On the other hand, export-oriented themes are likely to showcase relatively weaker performance.Most of the domestic high-frequency indicators have trended higher during the quarter which is likely to translate into good demand momentum for the domestic corporate segment. 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)

Top Sector Ideas - Retail (Q1FY25)

Premium vs. Value: While the premium segment remains strong, the value segment has shown some recovery but remains a mixed bag.

Axis Direct

HSIE Results Daily: Siemens, Trent, Infoedge, Balkrishna Industries, Astral, Gujarat State Petronet

Siemens India Ltd (SIL) delivered weak standalone Q3FY24 revenue/EBITDA/APAT of INR 47.6/6.1/5.3bn, missing our estimates by 13.3/22.1/18.9%

HDFC Securities

Trent Ltd - Strong Performance Continues; Maintain BUY

Trent's Q1FY25 numbers exceeded expectations. The company achieved robust revenue growth, increasing by 57% YoY to Rs 3,992 Cr.

Axis Direct

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

Q1FY25 - Consolidated Earnings Preview

Based on our and consensus estimates, we forecast Nifty to deliver Revenue/EBITDA/PAT growth of 7.8%/3%/1.2% respectively for the quarter.

Axis Direct

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