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>PAGE Q3FY23 results were below our estimates. Revenue grew a mere 3% YoY as volume declined ~11% YoY to 5.28 Cr pieces owing to weak demand, increased competitive intensity and implementation of the Auto Replenishment Shipment (ARS) which impacted primary sales.</li><li>It further reiterated that as the economy has opened up and consumers’ preferences are shifting towards formal and other categories.</li><li>EBITDA margins at 15.8% were down 532bps YoY owing to gross margin pressure (high-cost inventory) and an increase in marketing spends.</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>

PAGE Q3FY23 results were below our estimates. Revenue grew a mere 3% YoY as volume declined ~11% YoY to 5.28 Cr pieces owing to weak demand, increased competitive intensity and implementation of the Auto Replenishment Shipment (ARS) which impacted primary sales.It further reiterated that as the economy has opened up and consumers’ preferences are shifting towards formal and other categories.EBITDA margins at 15.8% were down 532bps YoY owing to gross margin pressure (high-cost inventory) and an increase in marketing spends.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.

Page Industries Ltd - Subdued Performance; Maintain HOLD