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>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.

Thematic (Sector/Industry)

<ul><li>Shree Cement: We maintain our ADD rating on Shree Cement, with an unchanged SOTP target price of INR 28,700/share</li><li>Cement volume growth slowed to 8% YoY as it lost four days of sales due to software migration to SAP</li><li>Reported unit EBITDA (cement) remained flattish QoQ at INR 1346/MT as lower input costs and lower advertising expenses offset the impact of a 6% QoQ NSR decline (ex-power)</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.

Shree Cement: We maintain our ADD rating on Shree Cement, with an unchanged SOTP target price of INR 28,700/shareCement volume growth slowed to 8% YoY as it lost four days of sales due to software migration to SAPReported unit EBITDA (cement) remained flattish QoQ at INR 1346/MT as lower input costs and lower advertising expenses offset the impact of a 6% QoQ NSR decline (ex-power)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.

HSIE Results Daily: Shree Cement, Oberoi Realty, Apollo Tyres, Radico Khaitan

<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 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)

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

HSIE Results Daily: Shree Cement, Oberoi Realty, Apollo Tyres, Radico Khaitan

Shree Cement: We maintain our ADD rating on Shree Cement, with an unchanged SOTP target price of INR 28,700/share. Cement volume growth slowed to...

HDFC Securities

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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