External broker reports(aggregated public sources), Axis Direct

Axis Direct

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>Nestle India (NEST) reported broad-based growth in Q3CY22 which stood in line with our estimates.</li><li>Total revenue grew ~18% YoY to Rs 4,567 Cr (~3% above our estimate of Rs 4,418 Cr in Q3CY22).</li><li>While domestic sales reported 18.3% YoY growth driven by double-digit growth in key brands, Export revenues reported a 15.7% growth YoY led by wider offerings in Maggi and Confectionary.</li></ul>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.

Nestle India (NEST) reported broad-based growth in Q3CY22 which stood in line with our estimates.Total revenue grew ~18% YoY to Rs 4,567 Cr (~3% above our estimate of Rs 4,418 Cr in Q3CY22).While domestic sales reported 18.3% YoY growth driven by double-digit growth in key brands, Export revenues reported a 15.7% growth YoY led by wider offerings in Maggi and Confectionary.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.

Nestle India (Ltd) - Good Set of Numbers in Challenging Times; Entry into D2C Platform

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.

Thematic (Sector/Industry)

<ul><li>Volume weakness to continue, revenue to grow by 15/10% on YoY/three-year CAGR (weak ex-ITC): Our FMCG coverage universe is expected to deliver growth of 10/15% on YoY/three-year CAGR in revenue in Q2FY23 (vs 12/7% in Q2FY22 and 24/11% in Q1FY23)</li><li>ITC’s strong reported growth will drive the aggregate growth for Q2FY23, ex-ITC we expect overall weakness in volume</li><li>Demand trends in our FMCG universe for Q2FY23 will be similar to the trends seen in the previous two quarters where demand was impacted by the retail inflation (particular in rural).</li></ul>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.

Volume weakness to continue, revenue to grow by 15/10% on YoY/three-year CAGR (weak ex-ITC): Our FMCG coverage universe is expected to deliver growth of 10/15% on YoY/three-year CAGR in revenue in Q2FY23 (vs 12/7% in Q2FY22 and 24/11% in Q1FY23)ITC’s strong reported growth will drive the aggregate growth for Q2FY23, ex-ITC we expect overall weakness in volumeDemand trends in our FMCG universe for Q2FY23 will be similar to the trends seen in the previous two quarters where demand was impacted by the retail inflation (particular in rural).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.

FMCG & Alco Bev (Q2FY23 Results Preview): Growth and margin to remain under pressure

<ul><li>We hosted a multi-sector channel check, wherein we hosted participants from auto, FMCG, durable, building materials, jewellery, cement and real estate</li><li>The meetings were represented by senior and experienced channel partners, CXOs of unlisted companies, and industry experts</li><li>Our primary objective was to check festive season demand along with overall consumption environment, particularly since industries have seen one of the toughest retail inflation environments.</li></ul>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.

We hosted a multi-sector channel check, wherein we hosted participants from auto, FMCG, durable, building materials, jewellery, cement and real estateThe meetings were represented by senior and experienced channel partners, CXOs of unlisted companies, and industry expertsOur primary objective was to check festive season demand along with overall consumption environment, particularly since industries have seen one of the toughest retail inflation environments.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.

Reality Check: Festive checks—positive trend

<ul><li>Aggregate revenue/EBITDA to grow by 9/4% on three-year CAGR: Our FMCG coverage universe is expected to deliver growth of 9/4% on three-year CAGR in revenue/EBITDA in Q1FY23 (vs 5/3% in Q1FY22 and 8/6% in Q4FY22)</li><li>Demand continued to be weak due to the elevated commodity pressure impacting affordability (particular in rural)</li><li>Thereby, the industry is witnessing a similar volume decline in Q1FY23 as seen in Q4FY22.</li></ul>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.

Aggregate revenue/EBITDA to grow by 9/4% on three-year CAGR: Our FMCG coverage universe is expected to deliver growth of 9/4% on three-year CAGR in revenue/EBITDA in Q1FY23 (vs 5/3% in Q1FY22 and 8/6% in Q4FY22)Demand continued to be weak due to the elevated commodity pressure impacting affordability (particular in rural)Thereby, the industry is witnessing a similar volume decline in Q1FY23 as seen in Q4FY22.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.

FMCG & Alco Bev - Sustaining Pressure on Demand and Margin

<ul><li>Aggregate revenue/EBITDA to grow by 9/4% on three-year CAGR: Our FMCG coverage universe is expected to deliver growth of 9/4% on three-year CAGR in revenue/EBITDA in Q1FY23 (vs. 5/3% in Q1FY22 and 8/6% in Q4FY22).</li><li>Gross margin YoY pressures continue in Q1FY23: Commodity pressure continued into Q1FY23, impacting the margin (even sequentially).</li><li>Three-year CAGR: Our coverage universe is expected to deliver 9/4% three- year revenue/EBITDA CAGRs in Q1.</li></ul>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.

Aggregate revenue/EBITDA to grow by 9/4% on three-year CAGR: Our FMCG coverage universe is expected to deliver growth of 9/4% on three-year CAGR in revenue/EBITDA in Q1FY23 (vs. 5/3% in Q1FY22 and 8/6% in Q4FY22).Gross margin YoY pressures continue in Q1FY23: Commodity pressure continued into Q1FY23, impacting the margin (even sequentially).Three-year CAGR: Our coverage universe is expected to deliver 9/4% three- year revenue/EBITDA CAGRs in Q1.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.

FMCG & Alco Bev -  Sustaining Pressure on Demand and Margin

India

Nestle India Ltd. manufactures brand name milk products and other food products. The Company's products include Everyday dairy whitener, milk powder and ghee, Milkmaid sweetened condensed milk and Cerelac weaning foods. Nestle's beverages include Nescafe and Sunrise coffee and Nesfit enriched glucose powder. Nestle also manufactures Maggi noodles, soups and sauces.

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Nestle India (NEST IN)

Nestle India (Ltd) - Good Set of Numbers in Challenging Times; Entry into D2C Platform

Nestle India (NEST) reported broad-based growth in Q3CY22 which stood in line with our estimates. Total revenue grew ~18% YoY to Rs 4,567 Cr

Axis Direct

FMCG & Alco Bev (Q2FY23 Results Preview): Growth and margin to remain under pressure

Demand trends in our FMCG universe for Q2FY23 will be similar to the trends seen in the previous two quarters where demand was impacted by the...

HDFC Securities

Reality Check: Festive checks—positive trend

We hosted a multi-sector channel check, wherein we hosted participants from auto, FMCG, durable, building materials, jewellery, cement and real estate

HDFC Securities

FMCG & Alco Bev - Sustaining Pressure on Demand and Margin

Demand continued to be weak due to the elevated commodity pressure impacting affordability (particular in rural). Thereby, the industry is...

HDFC Securities

FMCG & Alco Bev - Sustaining Pressure on Demand and Margin

Gross margin YoY pressures continue in Q1FY23: Commodity pressure continued into Q1FY23, impacting the margin (even sequentially).

HDFC Securities

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