External broker reports(aggregated public sources), Axis Direct

Axis Direct

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

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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

Aditya Birla Fashion and Retail Ltd / Equity Bottom-Up

Aditya Birla Fashion and Retail Ltd (ABFRL IN)

<ul><li>ABFRL’s Q3FY23 print was decent if we exclude ~2.3x (Rs 125Crs) increase in one-time marketing spends and strategic investment in new ventures as the company reinstates its rigour on building brand exercise (after 2-year of covid-19 disruptions and ahead of the festive season).</li><li>The management further alluded that the company’s ad spends will normalize going forward to the historical average of ~3-3.5% of sales.</li><li>Revenue maintained its strong momentum, led by strong LTL growth across branded and e- commerce businesses.</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>

ABFRL’s Q3FY23 print was decent if we exclude ~2.3x (Rs 125Crs) increase in one-time marketing spends and strategic investment in new ventures as the company reinstates its rigour on building brand exercise (after 2-year of covid-19 disruptions and ahead of the festive season).The management further alluded that the company’s ad spends will normalize going forward to the historical average of ~3-3.5% of sales.Revenue maintained its strong momentum, led by strong LTL growth across branded and e- commerce businesses.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.

Aditya Birla Fashion (Abfrl) - Higher Ad-Spends Weigh on Margins; Maintain BUY