External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

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.

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), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory 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

<ul><li>Bata India is a major player in the Indian footwear market with a presence across men’s, women’s and kid’s footwear segment.</li><li>It has a pan-India presence with the largest network of retail stores having 1700+ stores.</li><li>Bata has a vision to open 500 franchise stores over the next few years (current: 300).</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.

Bata India is a major player in the Indian footwear market with a presence across men’s, women’s and kid’s footwear segment.It has a pan-India presence with the largest network of retail stores having 1700+ stores.Bata has a vision to open 500 franchise stores over the next few years (current: 300).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.

Bata India - Casualisation of Product Portfolio Aiding Sales Growth

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>BATA reported a healthy recovery in revenue, up 35% YoY and 15% from pre-COVID levels.</li><li>However, rising RM prices and higher ad spends pulled down PAT 23% below pre-COVID levels (33% miss).</li><li>The slower recovery from pre-COVID levels, the impact of inflation on consumers, and GST rate hikes are still affecting the Mass Consumer segment.</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.

BATA reported a healthy recovery in revenue, up 35% YoY and 15% from pre-COVID levels.However, rising RM prices and higher ad spends pulled down PAT 23% below pre-COVID levels (33% miss).The slower recovery from pre-COVID levels, the impact of inflation on consumers, and GST rate hikes are still affecting the Mass Consumer segment.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.

Bata India - Witnessing a Gradual Recovery

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>Bata India (BATA) Q2FY23 topline was in line with our estimates with revenue of Rs 830 Cr, registering a growth of 35% YoY.</li><li>The growth was driven by improved consumer sentiments on account of regional campaigns planned for the festive season and higher realizations due to faster sneaker growth.</li><li>Gross Margins improved to 55% (up 209bps YoY), but down 163bps QoQ on account of raw material inflation.</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.

Bata India (BATA) Q2FY23 topline was in line with our estimates with revenue of Rs 830 Cr, registering a growth of 35% YoY.The growth was driven by improved consumer sentiments on account of regional campaigns planned for the festive season and higher realizations due to faster sneaker growth.Gross Margins improved to 55% (up 209bps YoY), but down 163bps QoQ on account of raw material inflation.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.

Bata India - Resilient Performance Amidst Challenging Times; Maintain BUY

India

Bata India Limited manufactures a wide range of leather, rubber/canvas and plastic footwear products.  The Company also manufactures sports apparel and leather accessories.  Bata India sells its products through its chain of company owned retail stores in India, as well as to businesses in the USA, United Kingdom, Europe, the Middle East and the Far East.

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Bata India Ltd (BATA IN)

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

Bata India - Casualisation of Product Portfolio Aiding Sales Growth

Bata India is a major player in the Indian footwear market with a presence across men’s, women’s and kid’s footwear segment.

ICICI Securities Limited

Bata India - Witnessing a Gradual Recovery

BATA reported a healthy recovery in revenue, up 35% YoY and 15% from pre-COVID levels.However, rising RM prices and higher ad spends pulled down...

Motilal Oswal

Bata India - Resilient Performance Amidst Challenging Times; Maintain BUY

The growth was driven by improved consumer sentiments on account of regional campaigns planned for the festive season and higher realizations due...

Axis Direct

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