External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

External broker reports(aggregated public sources)

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

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

Aditya Birla Fashion and Retail Ltd / Equity Bottom-Up

<ul><li>Aditya Birla Fashion and Retail (ABFRL)’s consol. revenue grew 13% YoY,driven by TCNS consolidation and improvement in Lifestyle’s LTL growth.</li><li>ABFRL’s EBITDA was up 12% YoY (4% beat) as improvement in Pantaloons’profitability was offset by ~300bp YoY margin contraction in Lifestyle.</li><li>ABFRLposted a net loss of INR2.1b in 2Q (INR13.6b cumulative loss since 4QFY23).</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.

Aditya Birla Fashion and Retail (ABFRL)’s consol. revenue grew 13% YoY,driven by TCNS consolidation and improvement in Lifestyle’s LTL growth.ABFRL’s EBITDA was up 12% YoY (4% beat) as improvement in Pantaloons’profitability was offset by ~300bp YoY margin contraction in Lifestyle.ABFRLposted a net loss of INR2.1b in 2Q (INR13.6b cumulative loss since 4QFY23).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.

Aditya Birla Fashion and Retail - Revenue In-Line

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. 

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>Resilient growth amid headwinds: Despite a challenging environment marked by reduced footfalls due to inauspicious periods and extreme weather, the company’s consolidated revenue grew by ~13% YoY, driven by strong performances in Ethnic (up 3x YoY), TMRW (up 2x YoY), and a 9% YoY increase in Luxury retail.</li><li>Gross margins improved by 308bps YoY to 56.5%, supported by a sharp recovery in its demerged ABFRL business, which grew by 31% YoY. EBITDA stood at Rs 361 Cr, up 11.8% YoY, with EBITDA margins at ~10%, a slight decline of 11bps YoY due to higher expenses.</li><li>Management highlighted EBITDA margin improvements across ABFRL segments (Lifestyle &amp; Pantaloons) and expects strong performance in H2, driven by early recovery signs fueled by the festive and wedding season.</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.

Resilient growth amid headwinds: Despite a challenging environment marked by reduced footfalls due to inauspicious periods and extreme weather, the company’s consolidated revenue grew by ~13% YoY, driven by strong performances in Ethnic (up 3x YoY), TMRW (up 2x YoY), and a 9% YoY increase in Luxury retail.Gross margins improved by 308bps YoY to 56.5%, supported by a sharp recovery in its demerged ABFRL business, which grew by 31% YoY. EBITDA stood at Rs 361 Cr, up 11.8% YoY, with EBITDA margins at ~10%, a slight decline of 11bps YoY due to higher expenses.Management highlighted EBITDA margin improvements across ABFRL segments (Lifestyle &amp; Pantaloons) and expects strong performance in H2, driven by early recovery signs fueled by the festive and wedding season.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.

Aditya Birla Fashion & Retail Ltd - Looking for Sustained Signs of Recovery

<ul><li>Sluggish consumption demand in the discretionary space: Prolonged heat waves and a lesser wedding season in Q1 have resulted in sluggish consumption demand in the discretionary space.</li><li>The company’s consolidated revenue grew by 7% YoY, led by Ethnic (up 2.6x YoY) and TMRW (up 2x YoY), while the overall demerged business grew strongly by 26% YoY.</li><li>EBITDA stood at Rs 358 Cr, up 22.6% YoY, with EBITDA margins coming in at 10.5%, up by 131 bps YoY due to gross margin expansions and effective cost control measures. </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.

Sluggish consumption demand in the discretionary space: Prolonged heat waves and a lesser wedding season in Q1 have resulted in sluggish consumption demand in the discretionary space.The company’s consolidated revenue grew by 7% YoY, led by Ethnic (up 2.6x YoY) and TMRW (up 2x YoY), while the overall demerged business grew strongly by 26% YoY.EBITDA stood at Rs 358 Cr, up 22.6% YoY, with EBITDA margins coming in at 10.5%, up by 131 bps YoY due to gross margin expansions and effective cost control measures. 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.

Aditya Birla Fashion & Retail Ltd - Narrative Changing Towards Profitability; Maintain HOLD

<ul><li>Muted Demand continues to weigh on Q4 Performance: ABFRL’s Q4FY24resultswere above our estimates on the operating front.</li><li>Its consolidated revenue stood at Rs 3,407Cr, up by 18.3% YoY (vs our estimates 11%YoY).</li><li>This growth was led by new businesses (ethnic, Reebok, TMRW) and a shift from unorganized to organized segment, despite the muted market, marred by prolonged sluggish consumption in the discretionary space coupled with fewer wedding days. </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.

Muted Demand continues to weigh on Q4 Performance: ABFRL’s Q4FY24resultswere above our estimates on the operating front.Its consolidated revenue stood at Rs 3,407Cr, up by 18.3% YoY (vs our estimates 11%YoY).This growth was led by new businesses (ethnic, Reebok, TMRW) and a shift from unorganized to organized segment, despite the muted market, marred by prolonged sluggish consumption in the discretionary space coupled with fewer wedding days. 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.

Aditya Birla Fashion& Retail Ltd. - Long Road to Recovery; Maintain HOLD

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Nimish Maheshwari

Market & Forensics Analyst

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Read Business Not Stock Prices

Event-Driven

Aditya Birla Fashion and Retail Ltd / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/aditya-birla-fashion-and-retail-ltd" target="_blank" data-smartkarma-citation="entities:19048:1" rel="noopener">Aditya Birla Fashion and Retail Ltd (ABFRL IN)</a> on 1st April announced a vertical demerger and separate listing of its matured and asset-light Madura brand portfolio.</li>
<li>Assessment of demerger: whether it is seriously a value creation opportunity or just a strategic gimmick for merger-demerger in Mega Bull Run.</li>
<li>Valuation of <a href="https://www.smartkarma.com/entities/aditya-birla-fashion-and-retail-ltd" target="_blank" data-smartkarma-citation="entities:19048:1" rel="noopener">Aditya Birla Fashion and Retail Ltd (ABFRL IN)</a> , whether any juice left in the company?</li>
</ul>



Aditya Birla Fashion and Retail Ltd (ABFRL IN) on 1st April announced a vertical demerger and separate listing of its matured and asset-light Madura brand portfolio.
Assessment of demerger: whether it is seriously a value creation opportunity or just a strategic gimmick for merger-demerger in Mega Bull Run.
Valuation of Aditya Birla Fashion and Retail Ltd (ABFRL IN) , whether any juice left in the company?


ABFRL's Demerger: A Game-Changer or a Gamble?

India

Aditya Birla Fashion and Retail Ltd provides a wide range of mid-priced garments for men. The Company's collection includes internationally styled formal, elite, casual, party, and wedding apparel.

Aditya Birla Fashion and Retail Ltd (ABFRL IN)

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Aditya Birla Fashion and Retail Ltd (ABFRL IN)

Aditya Birla Fashion and Retail - Revenue In-Line

Aditya Birla Fashion and Retail (ABFRL)’s consol. revenue grew 13% YoY,driven by TCNS consolidation and improvement in Lifestyle’s LTL growth.

Motilal Oswal

Aditya Birla Fashion & Retail Ltd - Looking for Sustained Signs of Recovery

Management highlighted EBITDA margin improvements across ABFRL segments (Lifestyle & Pantaloons) and expects strong performance in H

Axis Direct

Aditya Birla Fashion & Retail Ltd - Narrative Changing Towards Profitability; Maintain HOLD

Sluggish consumption demand in the discretionary space: Prolonged heat waves and a lesser wedding season in Q1 have resulted in sluggish...

Axis Direct

Aditya Birla Fashion& Retail Ltd. - Long Road to Recovery; Maintain HOLD

Muted Demand continues to weigh on Q4 Performance: ABFRL’s Q4FY24resultswere above our estimates on the operating front. Its consolidated revenue...

Axis Direct

ABFRL's Demerger: A Game-Changer or a Gamble?

Aditya Birla Fashion and Retail Ltd announces vertical demerger of Madura brand portfolio, sparking debate on value creation vs strategic gimmick...

Nimish Maheshwari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Aditya Birla Fashion and Retail - Revenue In-Line

Aditya Birla Fashion and Retail (ABFRL)’s consol. revenue grew 13% YoY,driven by TCNS consolidation and improvement in Lifestyle’s LTL growth.

Motilal Oswal

Aditya Birla Fashion & Retail Ltd - Looking for Sustained Signs of Recovery

Management highlighted EBITDA margin improvements across ABFRL segments (Lifestyle & Pantaloons) and expects strong performance in H

Axis Direct

Aditya Birla Fashion & Retail Ltd - Narrative Changing Towards Profitability; Maintain HOLD

Sluggish consumption demand in the discretionary space: Prolonged heat waves and a lesser wedding season in Q1 have resulted in sluggish...

Axis Direct

Aditya Birla Fashion& Retail Ltd. - Long Road to Recovery; Maintain HOLD

Muted Demand continues to weigh on Q4 Performance: ABFRL’s Q4FY24resultswere above our estimates on the operating front. Its consolidated revenue...

Axis Direct

ABFRL's Demerger: A Game-Changer or a Gamble?

​Aditya Birla Fashion and Retail Ltd announces vertical demerger of Madura brand portfolio, sparking debate on value creation vs strategic gimmick...

Nimish Maheshwari

Aditya Birla Fashion and Retail Ltd announces vertical demerger of Madura brand portfolio, sparking debate on value creation vs strategic gimmick...