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. 

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Equity Bottom-Up

<ul>
<li>Avenue Supermarts: Revenue grew 18.4% to INR 137.12bn in Q1</li>
<li>Sales density back to pre-pandemic times (up 4% YoY, ~INR35.62k/sq ft in Q1FY25)</li>
<li>As expected, share from GM&amp;A continues to normalise upwards which is reflected in improving GMs (up 34bps to 14.9%, in-line)</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.


Avenue Supermarts: Revenue grew 18.4% to INR 137.12bn in Q1
Sales density back to pre-pandemic times (up 4% YoY, ~INR35.62k/sq ft in Q1FY25)
As expected, share from GM&amp;A continues to normalise upwards which is reflected in improving GMs (up 34bps to 14.9%, in-line)

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.

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>Financial Performance: DMART’s consolidated revenue in Q1FY25 grew by 18.6% YoY to Rs 14,069 Cr.</li><li>The growth was largely led by rapid store expansion (added 6 stores in Q1).</li><li>The management highlighted that improved contribution from the general merchandise and apparel category has improved the gross margins to 15.6% in Q1FY25, up by 40bps YoY, while EBITDA grew by 18% YoY. EBITDA Margins stood at 8.7% (down 5bps YoY), partly offset by the increase in operating cost on account of higher opex. </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.

Financial Performance: DMART’s consolidated revenue in Q1FY25 grew by 18.6% YoY to Rs 14,069 Cr.The growth was largely led by rapid store expansion (added 6 stores in Q1).The management highlighted that improved contribution from the general merchandise and apparel category has improved the gross margins to 15.6% in Q1FY25, up by 40bps YoY, while EBITDA grew by 18% YoY. EBITDA Margins stood at 8.7% (down 5bps YoY), partly offset by the increase in operating cost on account of higher opex. 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.

Avenue Supermarts Ltd (DMart) - Inline Numbers, Expensive Valuation; Maintain HOLD

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. 

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<ul><li>Motilal Oswal's research report onAvenue Supermarts Avenue Supermarts (DMART)’s consolidated/standalone revenue grew 20% YoY in 4QFY24, led by 13% area addition and 6% productivity growth.</li><li>Improved GM&amp;A contribution boosted GM, resulting in 22% YoY growth in EBITDA/PAT (5% miss).</li><li>The gap between revenue/sqft (up 6.2% YoY) and revenue/store (up 7% YoY) continued to shrink, indicating an improvement in the share of largeformat stores (a positive trend).</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.

Motilal Oswal's research report onAvenue Supermarts Avenue Supermarts (DMART)’s consolidated/standalone revenue grew 20% YoY in 4QFY24, led by 13% area addition and 6% productivity growth.Improved GM&amp;A contribution boosted GM, resulting in 22% YoY growth in EBITDA/PAT (5% miss).The gap between revenue/sqft (up 6.2% YoY) and revenue/store (up 7% YoY) continued to shrink, indicating an improvement in the share of largeformat stores (a positive trend).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.

Avenue Supermarts - Strong Performance Continues

<ul><li>DMART’s consolidated revenue in Q4FY24 grew by 20% YoY (19% on a 4-Year CAGR basis) to Rs 12,727 Cr. The growth was largely led by rapid store expansion (added 24 stores in Q4).</li><li>The management attributed that contribution from General Merchandise and Apparel experienced an uptick which improved the company’s gross margins to 14.5%, up 40bps YoY, while EBITDA grew by 22% YoY.</li><li>EBITDA Margins stood at 7.4% (up 13bps YoY), which was in line with our estimates. </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.

DMART’s consolidated revenue in Q4FY24 grew by 20% YoY (19% on a 4-Year CAGR basis) to Rs 12,727 Cr. The growth was largely led by rapid store expansion (added 24 stores in Q4).The management attributed that contribution from General Merchandise and Apparel experienced an uptick which improved the company’s gross margins to 14.5%, up 40bps YoY, while EBITDA grew by 22% YoY.EBITDA Margins stood at 7.4% (up 13bps YoY), which was in line with our estimates. 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.

Avenue Supermarts Ltd. - Early Signs of Recovery in GM&A; Maintain HOLD

<ul><li>DMART’s consolidated revenue in Q3FY24 grew by 17% YoY (19% on a 4-Year CAGR basis vs. +20% in the last several quarters) to Rs 13,572 Cr.</li><li>The growth in the non-FMCG segemnt during festive season was below management estimates.</li><li>The management attributed that General Merchandise and Apparel has stablised and trends are encouraging post Diwali; however, we remain cautious and continue to look for sustained sign of recovery. </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.

DMART’s consolidated revenue in Q3FY24 grew by 17% YoY (19% on a 4-Year CAGR basis vs. +20% in the last several quarters) to Rs 13,572 Cr.The growth in the non-FMCG segemnt during festive season was below management estimates.The management attributed that General Merchandise and Apparel has stablised and trends are encouraging post Diwali; however, we remain cautious and continue to look for sustained sign of recovery. 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.

Avenue Supermarts Ltd. - Seeing Early Signs of Recovery in GM&A; Maintain HOLD

India

Avenue Supermarts Ltd. (ASL) owns and operates hypermarkets and supermarkets. The Company offers products such as garments, footwears, toys and games, bed and bath linen, stationery, grocery, household, and electronic products. ASL operates throughout India.

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Avenue Supermarts Ltd (DMART IN)

Avenue Supermarts - In-Line Print

Avenue Supermarts: Revenue grew 18.4% to INR 137.12bn in Q1. Sales density back to pre-pandemic times (up 4% YoY, ~INR35.62k/sq ft in Q1FY25)

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