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

<ul><li>Disappointing performance: The company reported a weak performance as demand continued to remain muted.</li><li>Relaxo’s revenue declined 7% YoY to Rs 695 Cr, falling short of expectations due to a 10% YoY drop in volumes (9% YoY decline in FY25).</li><li>However, average realisation per pair improved by 3% YoY to Rs 153. Gross margins were impacted by inventory correction, while EBITDA margins remained steady at 16.1%, supported by a ~21% YoY reduction in other expenses, primarily due to lower ad-spends amid subdued demand. </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>

Disappointing performance: The company reported a weak performance as demand continued to remain muted.Relaxo’s revenue declined 7% YoY to Rs 695 Cr, falling short of expectations due to a 10% YoY drop in volumes (9% YoY decline in FY25).However, average realisation per pair improved by 3% YoY to Rs 153. Gross margins were impacted by inventory correction, while EBITDA margins remained steady at 16.1%, supported by a ~21% YoY reduction in other expenses, primarily due to lower ad-spends amid subdued demand. 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.

Relaxo Footwears Ltd - Demand Environment Remains Subdued; Maintain HOLD