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.

Thematic (Sector/Industry)

<ul><li>The companies under our coverage reported Revenue/EBITDA/PAT growth of +19%/+50%/+88% YoY against expectation of +18%/+49%/+69% driven by higher ASPs, sales volumes, and operating leverage.</li><li>On a QoQ basis, the aggregate Revenue/EBITDA/PAT growth/de-growth stood at -0.6%/-2.3%/+5%, against expectation of -1.3%/-2.6%/-6%.</li><li>The QoQ drag was largely led by Maruti and Ashok Leyland on account of lower sales volumes QoQ.</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.

The companies under our coverage reported Revenue/EBITDA/PAT growth of +19%/+50%/+88% YoY against expectation of +18%/+49%/+69% driven by higher ASPs, sales volumes, and operating leverage.On a QoQ basis, the aggregate Revenue/EBITDA/PAT growth/de-growth stood at -0.6%/-2.3%/+5%, against expectation of -1.3%/-2.6%/-6%.The QoQ drag was largely led by Maruti and Ashok Leyland on account of lower sales volumes QoQ.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.

Top Sector Ideas - Auto and Auto Ancillaries

<ul><li>The Axis Top Picks Basket returned a solid return of 10% in July’23 against the 3% return posted by Nifty 50, beating the benchmark by a wide margin.</li><li>Over the last one year, the basket has gained 32%.</li><li>Moreover, we are happy to inform you that our Top Picks Basket has delivered an impressive return of 202% since its inception (May’20), well above the 113% return that NIFTY 50 delivered over the same period. In light of this</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.

The Axis Top Picks Basket returned a solid return of 10% in July’23 against the 3% return posted by Nifty 50, beating the benchmark by a wide margin.Over the last one year, the basket has gained 32%.Moreover, we are happy to inform you that our Top Picks Basket has delivered an impressive return of 202% since its inception (May’20), well above the 113% return that NIFTY 50 delivered over the same period. In light of thisContent 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.

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.

<ul><li>Maruti Suzuki: Maruti Suzuki’s (MSIL) Q1FY24 PAT at INR 24.8bn was ahead of our estimate of INR 23.5bn even as a lower-than-expected margin was offset by higher-than-expected other income</li><li>Over the last three quarters, MSIL has been on an aggressive launch spree, having launched four new models, viz., Grand Vitara, Jimny, Fronx and the Invicto, in a bid to recover its lost share in UVs, which has now recovered to 23% in Q1 (from 17% YoY) MSIL is now again the market leader in UV segment</li><li>The recent success of GV (9-10k units per month) and the higher-than-expected order bookings for Invicto are a case in point customers are considering Maruti’s products as “worthy contenders” even in the &gt;Rs1500k segment, where few investors were so far doubting the company’s “right to win”</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.

Maruti Suzuki: Maruti Suzuki’s (MSIL) Q1FY24 PAT at INR 24.8bn was ahead of our estimate of INR 23.5bn even as a lower-than-expected margin was offset by higher-than-expected other incomeOver the last three quarters, MSIL has been on an aggressive launch spree, having launched four new models, viz., Grand Vitara, Jimny, Fronx and the Invicto, in a bid to recover its lost share in UVs, which has now recovered to 23% in Q1 (from 17% YoY) MSIL is now again the market leader in UV segmentThe recent success of GV (9-10k units per month) and the higher-than-expected order bookings for Invicto are a case in point customers are considering Maruti’s products as “worthy contenders” even in the &gt;Rs1500k segment, where few investors were so far doubting the company’s “right to win”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.

HSIE Results Daily: Maruti Suzuki, Sonata Software, Multi Commodity Exchange

<ul><li>The Axis Top Picks Basket returned a solid return of 10% in July’23 against the 3% return posted by Nifty 50, beating the benchmark by a wide margin.</li><li>Over the last one year, the basket has gained 32%. Moreover, we are happy to inform you that our Top Picks Basket has delivered an impressive return of 202% since its inception (May’20), well above the 113% return that NIFTY 50 delivered over the same period.</li><li>In light of this, we continue to believe in our thematic approach to Top Picks selection. </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.

The Axis Top Picks Basket returned a solid return of 10% in July’23 against the 3% return posted by Nifty 50, beating the benchmark by a wide margin.Over the last one year, the basket has gained 32%. Moreover, we are happy to inform you that our Top Picks Basket has delivered an impressive return of 202% since its inception (May’20), well above the 113% return that NIFTY 50 delivered over the same period.In light of this, we continue to believe in our thematic approach to Top Picks selection. 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.

Equity Bottom-Up

<ul><li>Maruti reported a mixed set of numbers for Q1FY24. Revenue (slight beat) grew by 22% YoY led by higher sales volumes (up 6% YoY) and higher ASP (up 15% YoY) on the back of a richer product mix SUV (~25% of total sales mix in Q1FY24 vs 17% in Q1FY23).</li><li>On a sequential basis, revenue grew 1%, led by higher ASP (up ~3.5% QoQ) and was only partly offset by lower sales volume (down 3%). EBITDA (missed estimates) grew by 56% YoY but declined 11% QoQ due to a richer product mix, favourable forex impact offset by retention/retiral benefits to employees and higher other expenses.</li><li>GMs were up 180bps/50bps YoY/QoQ and beat our estimate by 30bps. </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.

Maruti reported a mixed set of numbers for Q1FY24. Revenue (slight beat) grew by 22% YoY led by higher sales volumes (up 6% YoY) and higher ASP (up 15% YoY) on the back of a richer product mix SUV (~25% of total sales mix in Q1FY24 vs 17% in Q1FY23).On a sequential basis, revenue grew 1%, led by higher ASP (up ~3.5% QoQ) and was only partly offset by lower sales volume (down 3%). EBITDA (missed estimates) grew by 56% YoY but declined 11% QoQ due to a richer product mix, favourable forex impact offset by retention/retiral benefits to employees and higher other expenses.GMs were up 180bps/50bps YoY/QoQ and beat our estimate by 30bps. 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.

Maruti Suzuki  - Q1FY24 Reports Mixed Results

India

Maruti Suzuki India Limited manufactures and exports automobiles. Maruti collaborated with Suzuki of Japan to produce affordable cars for the average Indian.

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Maruti Suzuki India (MSIL IN)

Top Sector Ideas - Auto and Auto Ancillaries

The companies under our coverage reported Revenue/EBITDA/PAT growth of +19%/+50%/+88% YoY against expectation of +18%/+49%/+69% driven by higher...

Axis Direct

Axis Top Picks - Aug 2023

The Axis Top Picks Basket returned a solid return of 10% in July’23 against the 3% return posted by Nifty 50, beating the benchmark by a wide margin.

Axis Direct

HSIE Results Daily: Maruti Suzuki, Sonata Software, Multi Commodity Exchange

Maruti Suzuki’s (MSIL) Q1FY24 PAT at INR 24.8bn was ahead of our estimate of INR 23.5bn even as a lower-than-expected margin was offset by higher...

HDFC Securities

Axis Top Picks - Aug 2023

The Axis Top Picks Basket returned a solid return of 10% in July’23 against the 3% return posted by Nifty 50, beating the benchmark by a wide margin.

Axis Direct

Maruti Suzuki - Q1FY24 Reports Mixed Results

Maruti reported a mixed set of numbers for Q1FY24. Revenue (slight beat) grew by 22% YoY led by higher sales volumes (up 6% YoY) and higher ASP (up...

Axis Direct

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