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 30% YoY (21% on a 3-Year CAGR) while SSSG grew 10% YoY as it undertook price reduction to drive footfall.</li><li>Its gross margins stood at 31.9% (down 300bps YoY) owing to price cuts to attract value customers and a negative mix.</li><li>EBITDA margins stood at 3.9% (down 711bps YoY) owing to higher operating expenses related to Lime Road and increased marketing spends in online business.</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 30% YoY (21% on a 3-Year CAGR) while SSSG grew 10% YoY as it undertook price reduction to drive footfall.Its gross margins stood at 31.9% (down 300bps YoY) owing to price cuts to attract value customers and a negative mix.EBITDA margins stood at 3.9% (down 711bps YoY) owing to higher operating expenses related to Lime Road and increased marketing spends in online business.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 - Demand To Recover Gradually; Maintain BUY

<ul><li>Higher inflation and increase in prices of essential goods have been impacting overall consumption in rural and smaller towns.</li><li>However, the demand environment is expected to normalize in Tier 2-3 towns (which are V-Mart’s key markets) on account of moderating inflation, rural revival, government spending ahead of the election year, and high remittances.</li><li>This, in turn, is expected to result in footfall recovery in FY24. Keeping this in view, we expect traction in the value retailers such as V-Mart to report healthy performance going ahead.</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.

Higher inflation and increase in prices of essential goods have been impacting overall consumption in rural and smaller towns.However, the demand environment is expected to normalize in Tier 2-3 towns (which are V-Mart’s key markets) on account of moderating inflation, rural revival, government spending ahead of the election year, and high remittances.This, in turn, is expected to result in footfall recovery in FY24. Keeping this in view, we expect traction in the value retailers such as V-Mart to report healthy performance going ahead.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.

Pick of the Week:15 May 2023 - V-Mart Retail Ltd

<ul><li>V-Mart result was a miss on all fronts as demand in Tier 2/3/4 cities remained impacted owing to inflationary pressure.</li><li>Gross margins stood at 35.4% (down 160bps YoY) owing to weak winter sales (higher inventory) and price cuts to attract value customers despite cotton prices remaining firm above Pre-COVID levels.</li><li>EBITDA margins stood at 13.3% (down 620 bps YoY) owing to negative operating leverage and higher business &amp; integrated related expenses of Limeroad (which the company acquired in Nov’22).</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.

V-Mart result was a miss on all fronts as demand in Tier 2/3/4 cities remained impacted owing to inflationary pressure.Gross margins stood at 35.4% (down 160bps YoY) owing to weak winter sales (higher inventory) and price cuts to attract value customers despite cotton prices remaining firm above Pre-COVID levels.EBITDA margins stood at 13.3% (down 620 bps YoY) owing to negative operating leverage and higher business &amp; integrated related expenses of Limeroad (which the company acquired in Nov’22).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 -Remain Cautiously Optimistic; Maintain BUY

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

ICICI Securities Limited

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.

<ul><li>V-Mart, having over the years, built its fortress in non-tier I cities, is well poised to capture market share in the growing ~Rs 2.5 lakh crore value fashion industry.</li><li>The company enjoys strong moats that would provide it an edge over increasing competition in tier III-IV regions.</li><li>V-Mart follows a cluster based approach of adding stores within a radius of 50-100 km.</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.

V-Mart, having over the years, built its fortress in non-tier I cities, is well poised to capture market share in the growing ~Rs 2.5 lakh crore value fashion industry.The company enjoys strong moats that would provide it an edge over increasing competition in tier III-IV regions.V-Mart follows a cluster based approach of adding stores within a radius of 50-100 km.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 (VMART) - Expecting Demand Uptick in Festive/Wedding Season…

<ul><li>V-Mart Q2FY23 Sales and EBITDA were ahead of our estimates.</li><li>Revenue stood at Rs 506 Cr, up 50% YoY (61% growth over pre-Covid levels; 10% SSSG in Q2FY23).</li><li>The company posted an EBITDA of Rs 54 Cr while EBITDA margins inched up by 450bps YoY to 10.6% in Q2FY23.</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.

V-Mart Q2FY23 Sales and EBITDA were ahead of our estimates.Revenue stood at Rs 506 Cr, up 50% YoY (61% growth over pre-Covid levels; 10% SSSG in Q2FY23).The company posted an EBITDA of Rs 54 Cr while EBITDA margins inched up by 450bps YoY to 10.6% in Q2FY23.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 - Long-Term Growth Levers Intact; 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 Ltd - Demand To Recover Gradually; Maintain BUY

The company’s revenue grew 30% YoY (21% on a 3-Year CAGR) while SSSG grew 10% YoY as it undertook price reduction to drive footfall.

Axis Direct

Pick of the Week:15 May 2023 - V-Mart Retail Ltd

Higher inflation and increase in prices of essential goods have been impacting overall consumption in rural and smaller towns.

Axis Direct

V-Mart Ltd -Remain Cautiously Optimistic; Maintain BUY

Gross margins stood at 35.4% (down 160bps YoY) owing to weak winter sales (higher inventory) and price cuts to attract value customers despite...

Axis Direct

V-Mart (VMART) - Expecting Demand Uptick in Festive/Wedding Season…

V-Mart, having over the years, built its fortress in non-tier I cities, is well poised to capture market share in the growing ~Rs 2.5 lakh crore...

ICICI Securities Limited

V-Mart Ltd - Long-Term Growth Levers Intact; Maintain BUY

V-Mart Q2FY23 Sales and EBITDA were ahead of our estimates. Revenue stood at Rs 506 Cr, up 50% YoY (61% growth over pre-Covid levels; 10% SSSG in...

Axis Direct

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