External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund 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)

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund 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>JUBI’s 3QFY25 results were below our estimates, although it surprised on the Same Store Sales Growth (SSSg) front</li><li>SSSg of 10.5% was significantly ahead of our estimate due to a better-than-expected recovery in the delivery channel, aggressive marketing investments, and a focus on innovation/NPD</li><li>Pre-IND AS EBITDA margins contracted by around 50bps YoY to 12.4%, despite highly commendable SSSg figures, owing to: a) aggressive discounting and inflationary pressure in the RM index (gross margins declined 150bps YoY), b) high marketing investments (to promote NPD and recruit new customers) aimed at regaining lost market share, c) reduced salience from the high-margin dine-in channel (which declined 2.4% YoY), and d) higher delivery costs due to a shortage of riders (other expenses were up 22% 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>

JUBI’s 3QFY25 results were below our estimates, although it surprised on the Same Store Sales Growth (SSSg) frontSSSg of 10.5% was significantly ahead of our estimate due to a better-than-expected recovery in the delivery channel, aggressive marketing investments, and a focus on innovation/NPDPre-IND AS EBITDA margins contracted by around 50bps YoY to 12.4%, despite highly commendable SSSg figures, owing to: a) aggressive discounting and inflationary pressure in the RM index (gross margins declined 150bps YoY), b) high marketing investments (to promote NPD and recruit new customers) aimed at regaining lost market share, c) reduced salience from the high-margin dine-in channel (which declined 2.4% YoY), and d) higher delivery costs due to a shortage of riders (other expenses were up 22% 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.

Jubilant Foodworks (3QFY25): SSSg at the Cost of Margins. Maintain ADD