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>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><p><em>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.</em></p>

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><p><em>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.</em></p>

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><p><em>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.</em></p>

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><p><em>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.</em></p>

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

External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

A Relationship Beyond Broking

Nirmal Bang, one of the leading stock broking companies in India, caters to retail and institutional clients by offering them a range of financial products and services, including equities, derivatives, commodities, currency derivatives, mutual funds, IPOs, insurance, depository services and PMS.

Nirmal Bang is drawn from a diversity of professional backgrounds, and blend of experience, skill and dedication is shared with its clients. Nirmal Bang emphasizes adequate, thorough research local and world-wide developments, balancing these with the astute discovery of intrinsic values, synergies and growth. The aim is simply to help the investors to maximize their returns.

<div><div><div><div><ul><li>Competition to impact footfalls: With major conglomerates penetrating into organized retail territory, footfalls are expected to get impacted in the near term.</li></ul><div><div><div><ul><li>Why we like V-Mart Retail: VRL is among the few pure play value apparel retailers that are catering to Tier- 2/Tier-3/Tier-4 cities of India.</li></ul><div><div><div><ul><li>We see a huge runway for growth as it is currently concentrated only in the states of Uttar Pradesh and Bihar.</li></ul></div></div></div></div></div></div></div></div></div></div><p><em>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.</em></p>

Competition to impact footfalls: With major conglomerates penetrating into organized retail territory, footfalls are expected to get impacted in the near term.Why we like V-Mart Retail: VRL is among the few pure play value apparel retailers that are catering to Tier- 2/Tier-3/Tier-4 cities of India.We see a huge runway for growth as it is currently concentrated only in the states of Uttar Pradesh and Bihar.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 - Macro Challenges Cut Footfall and SSSG

India

V-Mart Retail Limited owns, operates, and franchises a chain of family lifestyle stores in India. The Company operates medium sized hypermarket format retail stores that sell clothes, accessories, and footwear for men, women, and kids; cosmetics, luggage, toys, and games; and food, non-food, and staple items.

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V-Mart Retail (VMART IN)

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

V-Mart Retail - Macro Challenges Cut Footfall and SSSG

In 4QFY22, V-Mart Retail (VRL) reported above pre-pandemic level sales at Rs4.59bn (30.4% growth YoY) and EBITDA at Rs503mn (50% growth YoY).

Nirmal Bang

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