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

Aditya Birla Fashion and Retail Ltd / Equity Bottom-Up

<ul><li>ABFRL’s Q3FY23 print was decent if we exclude ~2.3x (Rs 125Crs) increase in one-time marketing spends and strategic investment in new ventures as the company reinstates its rigour on building brand exercise (after 2-year of covid-19 disruptions and ahead of the festive season).</li><li>The management further alluded that the company’s ad spends will normalize going forward to the historical average of ~3-3.5% of sales.</li><li>Revenue maintained its strong momentum, led by strong LTL growth across branded and e- commerce businesses.</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.

ABFRL’s Q3FY23 print was decent if we exclude ~2.3x (Rs 125Crs) increase in one-time marketing spends and strategic investment in new ventures as the company reinstates its rigour on building brand exercise (after 2-year of covid-19 disruptions and ahead of the festive season).The management further alluded that the company’s ad spends will normalize going forward to the historical average of ~3-3.5% of sales.Revenue maintained its strong momentum, led by strong LTL growth across branded and e- commerce businesses.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 (Abfrl) - Higher Ad-Spends Weigh on Margins; Maintain BUY

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>Discretionary categories to clock another healthy quarter: Our discretionary universe is expected to grow by ~14/% YoY (revenue) in Q3FY23 (three-year revenue/EBITDA CAGRs of 17/12% resp)</li><li>Ticket sizes in retail remain elevated, courtesy of higher ASP vis-à-vis pre-pandemic levels. Footfall density is normalising too</li><li>Jewellery, paints, apparel, and footwear are expected to clock 22%, 17%, 12%, and 6% (three-year CAGRs).</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.

Discretionary categories to clock another healthy quarter: Our discretionary universe is expected to grow by ~14/% YoY (revenue) in Q3FY23 (three-year revenue/EBITDA CAGRs of 17/12% resp)Ticket sizes in retail remain elevated, courtesy of higher ASP vis-à-vis pre-pandemic levels. Footfall density is normalising tooJewellery, paints, apparel, and footwear are expected to clock 22%, 17%, 12%, and 6% (three-year CAGRs).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.

Consumer Discretionary - Healthy Quarter!

Consumer Discretionary (Q3FY23 Results Preview) - Healthy Quarter!

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

Motilal Oswal

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.

<ul><li>To cater to the preferences of the digital, native, young customer, ABFRL is building a portfolio of ~30 D2C brands in the Lifestyle categories, including Beauty &amp; Personal Care.</li><li>ABFRL, with a host of brands across value chain and product categories, could grow it organically.</li><li>Similar to the inroads in the ethnic wear segment, the idea is to take part in the growth stories of small brands by providing support (capital, supply chain, technology, and backend support) to improve their market offerings.</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.

To cater to the preferences of the digital, native, young customer, ABFRL is building a portfolio of ~30 D2C brands in the Lifestyle categories, including Beauty &amp; Personal Care.ABFRL, with a host of brands across value chain and product categories, could grow it organically.Similar to the inroads in the ethnic wear segment, the idea is to take part in the growth stories of small brands by providing support (capital, supply chain, technology, and backend support) to improve their market offerings.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 - D2C Takes off with Eight Digital-First Lifestyle Brands

<ul><li>Aditya Birla Fashion (ABFRL) reported 50% YoY revenue growth (33% revenue growth over pre- Covid levels) in Q2FY23, led by a sharp recovery in demand across categories, aggressive store expansion, and accelerated E-commerce and omnichannel play, footfall recovery, and operating leverage benefits kicking in.</li><li>Overall revenue was up 50% YoY to Rs 3,075 Cr as all business units performed well.</li><li>EBITDA at Rs 397 Cr was up 27% YoY ( although 20% below our estimate of Rs 495 Cr).</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 (ABFRL) reported 50% YoY revenue growth (33% revenue growth over pre- Covid levels) in Q2FY23, led by a sharp recovery in demand across categories, aggressive store expansion, and accelerated E-commerce and omnichannel play, footfall recovery, and operating leverage benefits kicking in.Overall revenue was up 50% YoY to Rs 3,075 Cr as all business units performed well.EBITDA at Rs 397 Cr was up 27% YoY ( although 20% below our estimate of Rs 495 Cr).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 (Abfrl) -Long Term Growth Levers Intact; Maintain BUY

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 (Abfrl) - Higher Ad-Spends Weigh on Margins; Maintain BUY

The management further alluded that the company’s ad spends will normalize going forward to the historical average of ~3-3.5% of sales.

Axis Direct

Consumer Discretionary - Healthy Quarter!

Our discretionary universe is expected to grow by ~14/% YoY (revenue) in Q3FY23 (three-year revenue/EBITDA CAGRs of 17/12% resp)

HDFC Securities

Consumer Discretionary (Q3FY23 Results Preview) - Healthy Quarter!

Our discretionary universe is expected to grow by ~14/% YoY (revenue) in Q3FY23 (three-year revenue/EBITDA CAGRs of 17/12% resp)

HDFC Securities

Aditya Birla Fashion - D2C Takes off with Eight Digital-First Lifestyle Brands

To cater to the preferences of the digital, native, young customer, ABFRL is building a portfolio of ~30 D2C brands in the Lifestyle categories,...

Motilal Oswal

Aditya Birla Fashion (Abfrl) -Long Term Growth Levers Intact; Maintain BUY

Aditya Birla Fashion (ABFRL) reported 50% YoY revenue growth (33% revenue growth over pre- Covid levels) in Q2FY23, led by a sharp recovery in...

Axis Direct

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