External broker reports(aggregated public sources), Axis Direct

Axis Direct

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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

<ul><li>Robust Results: Ethos delivered robust results in Q1FY25 with ~19% YoY revenue growth and 12.3% SSSG, driven by strong demand in the higher price-point luxury segment (above Rs 2.5 Lc grew 9.5% YoY), resulting in its ASP increasing by 25% YoY to Rs 2.2 Lc.</li><li>The management highlighted some challenges in Q1FY25, including extreme heatwaves (leading to extended holiday durations outside India and reduced footfall), restrictions on cash movement above Rs 0.5 Lc during elections, ERP implementation (causing a three-day store shutdown across the network), election-related restrictions, and shipment delays due to unfavourable weather conditions in Switzerland.</li><li>However, the management noted strong growth (28%) and record-high margins in July and remains optimistic about future growth prospects, supported by new luxury watch additions and continued store expansion (targeting 22-23 stores in FY25)</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>

Robust Results: Ethos delivered robust results in Q1FY25 with ~19% YoY revenue growth and 12.3% SSSG, driven by strong demand in the higher price-point luxury segment (above Rs 2.5 Lc grew 9.5% YoY), resulting in its ASP increasing by 25% YoY to Rs 2.2 Lc.The management highlighted some challenges in Q1FY25, including extreme heatwaves (leading to extended holiday durations outside India and reduced footfall), restrictions on cash movement above Rs 0.5 Lc during elections, ERP implementation (causing a three-day store shutdown across the network), election-related restrictions, and shipment delays due to unfavourable weather conditions in Switzerland.However, the management noted strong growth (28%) and record-high margins in July and remains optimistic about future growth prospects, supported by new luxury watch additions and continued store expansion (targeting 22-23 stores in FY25)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.

Ethos Ltd - Growth Story Remains Intact; Maintain BUY