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. 

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Equity Bottom-Up

<ul><li>Welspun India reported a positive set of numbers in Q4FY23.</li><li>The company reported revenue of Rs 2,156 Cr, in line with our estimates (down 3.3%, YoY, up 15.3% QoQ).</li><li>In Q4FY23, EBITDA margins were at 12.6% vs. 10.2% in Q4FY22 and were supported by improvement in gross margins and moderating operational expenses.</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.

Welspun India reported a positive set of numbers in Q4FY23.The company reported revenue of Rs 2,156 Cr, in line with our estimates (down 3.3%, YoY, up 15.3% QoQ).In Q4FY23, EBITDA margins were at 12.6% vs. 10.2% in Q4FY22 and were supported by improvement in gross margins and moderating operational expenses.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.

Welspun India - Green Shoots of Hope, Retreating Headwinds

<ul><li>Lower Demand in export market, High inventory levels with large retailers in USA</li><li>Moderating Headwinds from Raw Material Prices and Ocean Freight</li><li>Focus on Domestic Textile Business growth, Total TAM size – 50,000 Cr</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.

Lower Demand in export market, High inventory levels with large retailers in USAModerating Headwinds from Raw Material Prices and Ocean FreightFocus on Domestic Textile Business growth, Total TAM size – 50,000 CrContent 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.

<ul><li>Welspun India Ltd (WIL) reported weak numbers as the company continues to face severe headwinds on demand front as well infaltionary environment in key markets.</li><li>The numbers were largelt in line with our estimates.</li><li>WILs posted Revenue of Rs 2,113Cr &amp;EBITDA of Rs 129 Cr, down 69% YoY (our estimate:139 Cr), due to lower EBITDA margin of 6.1%(our estimate: 7.3%),down 1,040bps y-o-y.</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.

Welspun India Ltd (WIL) reported weak numbers as the company continues to face severe headwinds on demand front as well infaltionary environment in key markets.The numbers were largelt in line with our estimates.WILs posted Revenue of Rs 2,113Cr &amp;EBITDA of Rs 129 Cr, down 69% YoY (our estimate:139 Cr), due to lower EBITDA margin of 6.1%(our estimate: 7.3%),down 1,040bps y-o-y.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.

Welspun India Ltd - Exports Struggle, Green Shoots in Domestic Business; Maintain SELL

<ul><li>Welspun India Ltd (WIL) posted its worst quarterly numbers in the last two years as company continues to face severe headwinds on cost front and which is also beginning to weaken demand environment.</li><li>The numbers were a complete miss on all fronts. WILs revenue for the quarter stood at Rs 2,227 Cr (down 10% from our estimate of Rs 2,477 Cr), up 4.3% YoY</li><li>Effectively, we change our rating from BUY to HOLD with a revised target price of Rs 70 (from Rs 133 earlier), valuing the company at 9x FY24 EPS of Rs 7.8 per share, implying an upside of ~2% from the CMP 69.</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.

Welspun India Ltd (WIL) posted its worst quarterly numbers in the last two years as company continues to face severe headwinds on cost front and which is also beginning to weaken demand environment.The numbers were a complete miss on all fronts. WILs revenue for the quarter stood at Rs 2,227 Cr (down 10% from our estimate of Rs 2,477 Cr), up 4.3% YoYEffectively, we change our rating from BUY to HOLD with a revised target price of Rs 70 (from Rs 133 earlier), valuing the company at 9x FY24 EPS of Rs 7.8 per share, implying an upside of ~2% from the CMP 69.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.

Welspun India: No Respite from Margin Pressure Pain; Weak Outlook. Maintain Buy

<ul><li>Welspun India posted a weak set of numbers for the quarter as company’s performance missed our expectations on all fronts</li><li>WILs Revenue for the quarter stood at Rs 2,418 Cr (against our estimate of Rs 2585 Cr) as compared to Rs 2488 Cr in Q3 FY21</li><li>We maintain our rating of BUY with a revised target price of Rs 133 (from Rs 173 earlier) valuing the company at 15x (~20% discount to TTM PE of 18x) FY23 EPS</li></ul><div class="content-highlight">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.</div>

Welspun India posted a weak set of numbers for the quarter as company’s performance missed our expectations on all frontsWILs Revenue for the quarter stood at Rs 2,418 Cr (against our estimate of Rs 2585 Cr) as compared to Rs 2488 Cr in Q3 FY21We maintain our rating of BUY with a revised target price of Rs 133 (from Rs 173 earlier) valuing the company at 15x (~20% discount to TTM PE of 18x) FY23 EPSContent 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.

Welspun India: Negative Surprise on Gross & Operating Margins

India

Welspun Living Limited is an Indian textile manufacturing company that specializes in home textile products such as bed linen, terry towels, rugs, and yarn. It is a leading global provider of home textiles, serving as a key supplier to major retailers worldwide and operating under brands like Christy, Spaces, and Welhome. The company, founded in 1985, is headquartered in Mumbai, India.

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Welspun Living (WELSPUNL IN)

Welspun India - Green Shoots of Hope, Retreating Headwinds

In Q4FY23, EBITDA margins were at 12.6% vs. 10.2% in Q4FY22 and were supported by improvement in gross margins and moderating operational expenses.

Axis Direct

Welspun India - Weak Demand Environment

Lower Demand in export market, High inventory levels with large retailers in USA. Moderating Headwinds from Raw Material Prices and Ocean Freight

Axis Direct

Welspun India Ltd - Exports Struggle, Green Shoots in Domestic Business; Maintain SELL

Welspun India Ltd (WIL) reported weak numbers as the company continues to face severe headwinds on demand front as well infaltionary environment in...

Axis Direct

Welspun India: No Respite from Margin Pressure Pain; Weak Outlook. Maintain Buy

Effectively, we change our rating from BUY to HOLD with a revised target price of Rs 70 (from Rs 133 earlier), valuing the company at 9x FY24 EPS...

Axis Direct

Welspun India: Negative Surprise on Gross & Operating Margins

We maintain our rating of BUY with a revised target price of Rs 133 (from Rs 173 earlier) valuing the company at 15x (~20% discount to TTM PE of...

Axis Direct

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