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>Strong Performance: Revenue grew by 16% YoY, driven by strong same-store sales growth (SSSG) of 11% YoY and a 36% YoY increase in footfall.</li><li>EBITDA margins stood at 9.5%, up 486 bps, attributed to a 60% YoY reduction in Lime Road losses, lower discounts, cost efficiency measures, and a decrease in marketing expenses.</li><li>Management remains optimistic about demand revival as it continues to witness increased footfalls.</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.

Strong Performance: Revenue grew by 16% YoY, driven by strong same-store sales growth (SSSG) of 11% YoY and a 36% YoY increase in footfall.EBITDA margins stood at 9.5%, up 486 bps, attributed to a 60% YoY reduction in Lime Road losses, lower discounts, cost efficiency measures, and a decrease in marketing expenses.Management remains optimistic about demand revival as it continues to witness increased footfalls.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.

V-Mart Retail Ltd - Strong Operating Performance; Maintain BUY

<ul><li>Decent Performance: Revenue grew by 12.6% YoY (in line with our estimates), led by SSSG growth of 6% YoY in Q4FY24.</li><li>This was on account of festive and wedding season-led footfall growth of 25% YoY.</li><li>EBITDA margins stood at 6%, up 216bps, attributed to a 44% YoY reduction in Lime Road losses in Q4FY24. </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.

Decent Performance: Revenue grew by 12.6% YoY (in line with our estimates), led by SSSG growth of 6% YoY in Q4FY24.This was on account of festive and wedding season-led footfall growth of 25% YoY.EBITDA margins stood at 6%, up 216bps, attributed to a 44% YoY reduction in Lime Road losses in Q4FY24. 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.

V-Mart Ltd - Decent Performance, Lime Road Losses To Reduce; Maintain BUY

<ul><li>Financial Performance: V-Mart's results were above our estimates on profitability.</li><li>Revenue grew by 14% YoY, aided by a good festive season, increasing footfalls &amp; positive consumer sentiments. EBITDA margins were 13.5% up by 12 bps.</li><li>Lime road losses have been reduced by 29% in Q3 and it endeavours to reduce the losses by 30% on a sequential basis. </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.

Financial Performance: V-Mart's results were above our estimates on profitability.Revenue grew by 14% YoY, aided by a good festive season, increasing footfalls &amp; positive consumer sentiments. EBITDA margins were 13.5% up by 12 bps.Lime road losses have been reduced by 29% in Q3 and it endeavours to reduce the losses by 30% on a sequential basis. 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.

V-Mart Ltd - Seeing Gradual Recovery; Maintain BUY

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>After going through a challenging period marked by (1) an unfavourable rural cycle, (2) deteriorating unit economics, and (3) stumbling in assortment pricing and capital allocation, VMART’s KPIs are bottoming out</li><li>Notable improvements include (a) gradual recovery in footfall/sales densities, (b) downward recalibration of rental bills, and (c) alleviation of working capital challenges</li><li>We recently interacted with V-MART’s management to better understand the levers to normalcy</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.

After going through a challenging period marked by (1) an unfavourable rural cycle, (2) deteriorating unit economics, and (3) stumbling in assortment pricing and capital allocation, VMART’s KPIs are bottoming outNotable improvements include (a) gradual recovery in footfall/sales densities, (b) downward recalibration of rental bills, and (c) alleviation of working capital challengesWe recently interacted with V-MART’s management to better understand the levers to normalcyContent 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.

V-MART Retail: An Under-Earning Asset or a Melting Ice Cube? Upgrade to BUY

<ul><li>Company revenue grew 15% YoY, while SSSG decreased 3% YoY.</li><li>Gross margins were 35.8% (down 152bps YoY), reflecting price cuts to attract value customers and a negative mix. EBITDA margins were 7.7% (down 736bps YoY), reflecting higher operating costs related to Lime Road and higher marketing spend in the online business.</li><li>Adj EBITDA margins were 13%. However, management remains cautiously optimistic about demand, seeing early signs of recovery in certain markets, although it expects full recovery only in the H2FY24</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.

Company revenue grew 15% YoY, while SSSG decreased 3% YoY.Gross margins were 35.8% (down 152bps YoY), reflecting price cuts to attract value customers and a negative mix. EBITDA margins were 7.7% (down 736bps YoY), reflecting higher operating costs related to Lime Road and higher marketing spend in the online business.Adj EBITDA margins were 13%. However, management remains cautiously optimistic about demand, seeing early signs of recovery in certain markets, although it expects full recovery only in the H2FY24Content 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.

V-Mart Ltd -Demand To Recover Gradually; Maintain BUY

India

V-Mart is a value retail chain in India, primarily targeting Tier II, III, and IV cities, offering fashion apparel, footwear, accessories, and general merchandise. The company also operates a digital marketplace platform. V-Mart was founded in 2002 and is headquartered in Gurugram, Haryana, India.

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V-Mart (VMART IN)

V-Mart Retail Ltd - Strong Operating Performance; Maintain BUY

Strong Performance: Revenue grew by 16% YoY, driven by strong same-store sales growth (SSSG) of 11% YoY and a 36% YoY increase in footfall.

Axis Direct

V-Mart Ltd - Decent Performance, Lime Road Losses To Reduce; Maintain BUY

This was on account of festive and wedding season-led footfall growth of 25% YoY. EBITDA margins stood at 6%, up 216bps, attributed to a 44% YoY...

Axis Direct

V-Mart Ltd - Seeing Gradual Recovery; Maintain BUY

Revenue grew by 14% YoY, aided by a good festive season, increasing footfalls & positive consumer sentiments. EBITDA margins were 13.5% up by 12 bps.

Axis Direct

V-MART Retail: An Under-Earning Asset or a Melting Ice Cube? Upgrade to BUY

After going through a challenging period marked by (1) an unfavourable rural cycle, (2) deteriorating unit economics, and (3) stumbling in...

HDFC Securities

V-Mart Ltd -Demand To Recover Gradually; Maintain BUY

Adj EBITDA margins were 13%. However, management remains cautiously optimistic about demand, seeing early signs of recovery in certain markets,...

Axis Direct

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