External broker reports(aggregated public sources), 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

Thanga Mayil Jewellery / Equity Bottom-Up

<ul><li>TJL’s 3QFY25 performance was weaker than expectations, owing to an adverse sales mix (studied jewellery revenue stood at 8.25% of sales, compared to 8.9% in the base quarter) and pre-operating expenses related to the opening of the flagship Chennai store, which dented profitability</li><li>TJL's retail revenue growth of 28% was broadly in line with large peers such as Titan (24% YoY) and Kalyan (42% YoY), despite having a much smaller base</li><li>Management attributed this to lower store additions (only three stores added in 9MFY25) compared to competitors, who are expanding aggressively through a capital-light franchise route</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>

TJL’s 3QFY25 performance was weaker than expectations, owing to an adverse sales mix (studied jewellery revenue stood at 8.25% of sales, compared to 8.9% in the base quarter) and pre-operating expenses related to the opening of the flagship Chennai store, which dented profitabilityTJL's retail revenue growth of 28% was broadly in line with large peers such as Titan (24% YoY) and Kalyan (42% YoY), despite having a much smaller baseManagement attributed this to lower store additions (only three stores added in 9MFY25) compared to competitors, who are expanding aggressively through a capital-light franchise routeContent 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.

Thangamayil Jewellery (3QFY25): Chennai Store Pre-Op Expenses Dent Profitability. Maintain BUY