External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

External broker reports(aggregated public sources)

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.

Equity Bottom-Up

<ul><li>ICICI Securities research report onTrent Back-to-back 10% SSSG since last three quarters is impressive (significant outperformance vs peers).</li><li>Retail expansion has been in line with expectations (added 203 Zudio stores and 30 Westside in FY24).</li><li>Zudio is now 53% (retail area) contribution and is expected to reach 60% by adding 400+ stores during FY25-26E.</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.

ICICI Securities research report onTrent Back-to-back 10% SSSG since last three quarters is impressive (significant outperformance vs peers).Retail expansion has been in line with expectations (added 203 Zudio stores and 30 Westside in FY24).Zudio is now 53% (retail area) contribution and is expected to reach 60% by adding 400+ stores during FY25-26E.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 - Unmatched Execution Prowess; Continues to Impress

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>UltraTech Cement: We maintain BUY on UltraTech (UTCEM) with an unchanged target price of INR 10,820 (16.5x Mar-26E consolidated EBITDA)</li><li>We continue to like UTCEM for its robust growth and margin outlook and balance sheet management</li><li>During Q4FY24, UTCEM reported all-around performance: volumes rose 11/28% YoY/QoQ and the margin remained flattish and strong at INR 1173/MT</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.

UltraTech Cement: We maintain BUY on UltraTech (UTCEM) with an unchanged target price of INR 10,820 (16.5x Mar-26E consolidated EBITDA)We continue to like UTCEM for its robust growth and margin outlook and balance sheet managementDuring Q4FY24, UTCEM reported all-around performance: volumes rose 11/28% YoY/QoQ and the margin remained flattish and strong at INR 1173/MTContent 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: UltraTech Cement, Trent, Supreme Industries

External broker reports(aggregated public sources), Axis Direct

Axis Direct

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.

<ul><li>The company’s revenue grew 53% YoY (45% on a 4-year CAGR basis) to Rs 3,187 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 125% YoY.</li><li>Its EBITDA margins expanded by 447bps YoY to 15% 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 (45% on a 4-year CAGR basis) to Rs 3,187 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 125% YoY.Its EBITDA margins expanded by 447bps YoY to 15% 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.

<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

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.

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Trent Ltd (TRENT IN)

Trent - Unmatched Execution Prowess; Continues to Impress

ICICI Securities research report onTrent Back-to-back 10% SSSG since last three quarters is impressive (significant outperformance vs peers).

ICICI Securities Limited

HSIE Results Daily: UltraTech Cement, Trent, Supreme Industries

UltraTech Cement: We maintain BUY on UltraTech (UTCEM) with an unchanged target price of INR 10,820 (16.5x Mar-26E consolidated EBITDA)

HDFC Securities

Trent Ltd - Juggernaut On a Roll

The company’s revenue grew 53% YoY (45% on a 4-year CAGR basis) to Rs 3,187 Cr, led by increased footfalls, strong growth across categories and...

Axis Direct

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

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

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