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>Aggregate revenue/EBITDA to grow by 9/4% on three-year CAGR: Our FMCG coverage universe is expected to deliver growth of 9/4% on three-year CAGR in revenue/EBITDA in Q1FY23 (vs 5/3% in Q1FY22 and 8/6% in Q4FY22)</li><li>Demand continued to be weak due to the elevated commodity pressure impacting affordability (particular in rural)</li><li>Thereby, the industry is witnessing a similar volume decline in Q1FY23 as seen in Q4FY22.</li></ul><p><em>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.</em></p>

Aggregate revenue/EBITDA to grow by 9/4% on three-year CAGR: Our FMCG coverage universe is expected to deliver growth of 9/4% on three-year CAGR in revenue/EBITDA in Q1FY23 (vs 5/3% in Q1FY22 and 8/6% in Q4FY22)Demand continued to be weak due to the elevated commodity pressure impacting affordability (particular in rural)Thereby, the industry is witnessing a similar volume decline in Q1FY23 as seen in Q4FY22.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.

FMCG & Alco Bev - Sustaining Pressure on Demand and Margin

<ul><li>Aggregate revenue/EBITDA to grow by 9/4% on three-year CAGR: Our FMCG coverage universe is expected to deliver growth of 9/4% on three-year CAGR in revenue/EBITDA in Q1FY23 (vs. 5/3% in Q1FY22 and 8/6% in Q4FY22).</li><li>Gross margin YoY pressures continue in Q1FY23: Commodity pressure continued into Q1FY23, impacting the margin (even sequentially).</li><li>Three-year CAGR: Our coverage universe is expected to deliver 9/4% three- year revenue/EBITDA CAGRs in Q1.</li></ul><p><em>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.</em></p>

Aggregate revenue/EBITDA to grow by 9/4% on three-year CAGR: Our FMCG coverage universe is expected to deliver growth of 9/4% on three-year CAGR in revenue/EBITDA in Q1FY23 (vs. 5/3% in Q1FY22 and 8/6% in Q4FY22).Gross margin YoY pressures continue in Q1FY23: Commodity pressure continued into Q1FY23, impacting the margin (even sequentially).Three-year CAGR: Our coverage universe is expected to deliver 9/4% three- year revenue/EBITDA CAGRs in Q1.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.

FMCG & Alco Bev -  Sustaining Pressure on Demand and Margin

<div><div><div><ul><li>D2C is here to stay; omni-channel the way forward: There are about 600 to 800 digital first companies in India.</li></ul><div><div><div><ul><li>Near-term challenges to test D2C brands’ business models: Overall, the consumption environment in India is under pressure, given high inflation.</li></ul><div><div><div><ul><li>Traditional companies adopting digital: While D2C companies start to become sizable, many traditional companies are adopting the digital way.</li></ul></div></div></div></div></div></div></div></div></div><p><em>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.</em></p>

D2C is here to stay; omni-channel the way forward: There are about 600 to 800 digital first companies in India.Near-term challenges to test D2C brands’ business models: Overall, the consumption environment in India is under pressure, given high inflation.Traditional companies adopting digital: While D2C companies start to become sizable, many traditional companies are adopting the digital way.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.

FMCG -  D2C Is Here to Stay; Omni-Channel the Way Forward

<ul><li><span style="font-size: var(--content-font-size);">D2C is here to stay; omni-channel the way forward: There are about 600 to 800 digital first companies in India.</span></li></ul><div><div><div><div><ul><li>Near-term challenges to test D2C brands’ business models: Overall, the consumption environment in India is under pressure, given high inflation.</li></ul><div><div><div><ul><li>Traditional companies adopting digital: While D2C companies start to become sizable, many traditional companies are adopting the digital way.</li></ul></div></div></div></div></div></div></div><p><em>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.</em></p>

FMCG - D2C Is Here to Stay; Omni-Channel the Way Forward

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.

Equity Bottom-Up

<div><ul><li>Result beats expectations; but near-term outlook challenging</li><li>Sales in line; margins ahead of estimates BRIT’s consolidated sales rose 13.4% YoY to INR 35.5b (inline )in 4QFY22.</li></ul><div><ul><li>Highlights from the management commentary -f<span style="font-size: var(--content-font-size);">orward commitments had helped protect margins in 4QFY22.</span></li></ul></div></div><p><em>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.</em></p>

Result beats expectations; but near-term outlook challengingSales in line; margins ahead of estimates BRIT’s consolidated sales rose 13.4% YoY to INR 35.5b (inline )in 4QFY22.Highlights from the management commentary -forward commitments had helped protect margins in 4QFY22.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.

4QFY22 Results Update  - Britannia Industries

India

Britannia Industries Limited manufactures bakery products such as biscuits, bread, cakes and rusks.  The Company also manufactures and exports soybean products, cashew kernels, marine products, and general merchandise items.

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Britannia Industries (BRIT IN)

FMCG & Alco Bev - Sustaining Pressure on Demand and Margin

Demand continued to be weak due to the elevated commodity pressure impacting affordability (particular in rural). Thereby, the industry is...

HDFC Securities

FMCG & Alco Bev - Sustaining Pressure on Demand and Margin

Gross margin YoY pressures continue in Q1FY23: Commodity pressure continued into Q1FY23, impacting the margin (even sequentially).

HDFC Securities

FMCG - D2C Is Here to Stay; Omni-Channel the Way Forward

In continuation to our D2C thematic–Changing Landscape Not Fully Factored In– we recently hosted multiple founders and experts in the D2C space.

HDFC Securities

FMCG - D2C Is Here to Stay; Omni-Channel the Way Forward

In continuation to our D2C thematic–Changing Landscape Not Fully Factored In– we recently hosted multiple founders and experts in the D2C space.

HDFC Securities

4QFY22 Results Update - Britannia Industries

Result beats expectations; but near-term outlook challenging, BRIT’s 4QFY22 result was ahead of our forecasts led by higher-than-expected volume...

Motilal Oswal

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