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>BATA result was a miss on all fronts. Revenue grew by only 7% YoY (3% on a 3-Year CAGR), impacted majorly by mass portfolio (~22% of sales) which remained under pressure owing to GST rate hike in the last year and subdued demand environment in smaller towns.</li><li>However, the premium portfolio (MRP &gt; Rs 1,500) continues to remain strong led by Sneakers and Hush Puppies.</li><li>Gross margins stood at 54.8% (up 213bps YoY) while still remaining lower than pre-COVID levels owing to RM inflation and mix.</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 result was a miss on all fronts. Revenue grew by only 7% YoY (3% on a 3-Year CAGR), impacted majorly by mass portfolio (~22% of sales) which remained under pressure owing to GST rate hike in the last year and subdued demand environment in smaller towns.However, the premium portfolio (MRP &gt; Rs 1,500) continues to remain strong led by Sneakers and Hush Puppies.Gross margins stood at 54.8% (up 213bps YoY) while still remaining lower than pre-COVID levels owing to RM inflation and mix.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 -Hopeful of Demand Recovery; 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!

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

<ul>
<li>Consumer sentiment is soft, but competition is limited for both <a href="https://www.smartkarma.com/entities/bata-india-ltd" target="_blank" data-smartkarma-citation="entities:3051:1" rel="noopener">Bata India Ltd (BATA IN)</a> and <a href="https://www.smartkarma.com/entities/campus-activewear-ltd" target="_blank" data-smartkarma-citation="entities:35877:1" rel="noopener">Campus Activewear (CAMPUS IN)</a> </li>
<li>Bata enjoys good relationships with its distributors and franchisees, traction for offline sales channels is strong.</li>
<li>Campus is in an aggressive expansion mode, with leadership in the sports shoe segment driving sales.</li>
</ul>


Consumer sentiment is soft, but competition is limited for both Bata India Ltd (BATA IN) and Campus Activewear (CAMPUS IN) 
Bata enjoys good relationships with its distributors and franchisees, traction for offline sales channels is strong.
Campus is in an aggressive expansion mode, with leadership in the sports shoe segment driving sales.


India Channel Insight #46 | Bata India, Campus Activewear

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.

<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

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 -Hopeful of Demand Recovery; Maintain BUY

Gross margins stood at 54.8% (up 213bps YoY) while still remaining lower than pre-COVID levels owing to RM inflation and mix.

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

India Channel Insight #46 | Bata India, Campus Activewear

We interacted with Bata's Franchise owner and Campus Distributor with the objective to understand the competitive intensity, distributor relations...

Pranav Bhavsar

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