External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

External broker reports(aggregated public sources)

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and 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>Vedant Fashions (VFL) delivered good quarter with revenue/PAT rising 23%/37% YoY (10%/21% beat) driven by strong SSS growth of 17% YoY, lower base (-12% YoY in 2QFY24), and a favorable shift in festive dates.</li><li>Our estimates are broadly unchanged.</li><li>We build in FY24-27E CAGR of 15%/17%/19% in revenue/EBITDA/PAT, mainly driven by footprint expansion and single-digit SSSG.</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.

Vedant Fashions (VFL) delivered good quarter with revenue/PAT rising 23%/37% YoY (10%/21% beat) driven by strong SSS growth of 17% YoY, lower base (-12% YoY in 2QFY24), and a favorable shift in festive dates.Our estimates are broadly unchanged.We build in FY24-27E CAGR of 15%/17%/19% in revenue/EBITDA/PAT, mainly driven by footprint expansion and single-digit SSSG.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.

Vedant Fashions - Outperformance Driven by Strong SSSG

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>We visited Mohey EBO in Jayanagar, Bangalore to get first-hand insights on Vedant Fashion’s (VEDANT) ability to unlock value in women’s wedding and celebration wear market opportunity (which is ~5x higher than men’s wedding and celebration wear market in value terms).</li>
<li>Highlights: (1) Scale-up over the last six months has been healthy, (2) competing strongly at mid-premium price point (ASP of INR 15k to INR 120k in lehenga), (3) specialist brand image retailer; it was the only retailer with bride-only outlet vs competition (offering bride and groom wear together) in the same locality.</li>
<li>With the onset of macro tailwinds in rest of FY25 (number of wedding days), the business is poised for an acceleration (in our view).</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.


We visited Mohey EBO in Jayanagar, Bangalore to get first-hand insights on Vedant Fashion’s (VEDANT) ability to unlock value in women’s wedding and celebration wear market opportunity (which is ~5x higher than men’s wedding and celebration wear market in value terms).
Highlights: (1) Scale-up over the last six months has been healthy, (2) competing strongly at mid-premium price point (ASP of INR 15k to INR 120k in lehenga), (3) specialist brand image retailer; it was the only retailer with bride-only outlet vs competition (offering bride and groom wear together) in the same locality.
With the onset of macro tailwinds in rest of FY25 (number of wedding days), the business is poised for an acceleration (in our view).

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.

Vedant Fashions Limited - Primary Research: Mohey EBO Visit [Bengaluru]

India

Vedant Fashions Limited operates as a manufacturer and marketer of apparels. The Company provides men, women and kids apparels and accessories. Vedant Fashions also offers ethnic wedding, indo-western, and bridal collections. Vedant Fashions serves customers worldwide.

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Vedant Fashions (MANYAVAR IN)

Vedant Fashions - Outperformance Driven by Strong SSSG

Vedant Fashions (VFL) delivered good quarter with revenue/PAT rising 23%/37% YoY (10%/21% beat) driven by strong SSS growth of 17% YoY, lower base...

Motilal Oswal

Vedant Fashions Limited - Primary Research: Mohey EBO Visit [Bengaluru]

With the onset of macro tailwinds in rest of FY25 (number of wedding days), the business is poised for an acceleration (in our view).

ICICI Securities Limited

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