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. 

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.

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>BATA result was below estimates. Revenue grew by 2% YoY (2% on a 4-Year CAGR) and volume growth of 1-2% impacted owing to weak demand environment and lesser wedding occasions.</li><li>The mass portfolio (~22% of sales as per our est.) continued to remain under pressure. The premium portfolio (MRP &gt; Rs 1,000) continues to remain strong, which was led by Sneakers and Hush Puppies, moreover Floatz achieved highest qtr revenue led by new monsoon collection.</li><li>EBITDA margins of 25% (down 95bps YoY) was on account of fall gross margins (down 186bps YoY) to 54.7% however, it was partially offset by cut in other expenses (2% YoY). </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>

BATA result was below estimates. Revenue grew by 2% YoY (2% on a 4-Year CAGR) and volume growth of 1-2% impacted owing to weak demand environment and lesser wedding occasions.The mass portfolio (~22% of sales as per our est.) continued to remain under pressure. The premium portfolio (MRP &gt; Rs 1,000) continues to remain strong, which was led by Sneakers and Hush Puppies, moreover Floatz achieved highest qtr revenue led by new monsoon collection.EBITDA margins of 25% (down 95bps YoY) was on account of fall gross margins (down 186bps YoY) to 54.7% however, it was partially offset by cut in other expenses (2% YoY). 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.

Bata India - Subdued Performance; Downgrade to HOLD

Bata India Ltd

Bata India - Subdued Performance; Downgrade to HOLD