External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

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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>Swiggy’s food delivery (FD) print was largely in line (MTUs at 15.1mn vs HSIE’s 15.2mn, gross revenue up 19.7% at INR18.67bn vs HSIE’s INR18.5bn, adj EBITDA at INR2.12bn vs HSIE’s INR2.14bn)</li><li>However, contextually, quick commerce (QC) performance outpaced expectations as despite higher-than-expected customer acquisition (MTU addition at 2.8mn vs HSIE’s 1.1mn), QC burn was largely in line at -INR 8.4bn (HSIE: -INR 8.6bn, Q3FY24 adj EBITDA was at -INR 5.8bn)</li><li>The sequential jump in QC burn was attributed to sustained high customer incentives, acquisition costs, aggressive dark store expansion (added 316 stores in Q4) and consequent under-utilized capacity</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>

Swiggy’s food delivery (FD) print was largely in line (MTUs at 15.1mn vs HSIE’s 15.2mn, gross revenue up 19.7% at INR18.67bn vs HSIE’s INR18.5bn, adj EBITDA at INR2.12bn vs HSIE’s INR2.14bn)However, contextually, quick commerce (QC) performance outpaced expectations as despite higher-than-expected customer acquisition (MTU addition at 2.8mn vs HSIE’s 1.1mn), QC burn was largely in line at -INR 8.4bn (HSIE: -INR 8.6bn, Q3FY24 adj EBITDA was at -INR 5.8bn)The sequential jump in QC burn was attributed to sustained high customer incentives, acquisition costs, aggressive dark store expansion (added 316 stores in Q4) and consequent under-utilized capacityContent 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.

Swiggy

Swiggy: Value Emerging, Upgrade to BUY