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

<div><div><div><div><ul><li>The lower salience of the high-margin general merchandise and apparel category impacted its overall profitability growth in Q3FY23.</li><li>We believe the company’s overall quality of sales and margin profile is likely to recover in FY24 as the company passes on the RM benefits through price reduction and increase grammage as well as due to the RBI’s intervention to curtail overall inflation which will lead to the overall improvement in throughput.</li><li>We recommend a wait-and-watch approach as we look for demand recovery triggers</li></ul></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>

The lower salience of the high-margin general merchandise and apparel category impacted its overall profitability growth in Q3FY23.We believe the company’s overall quality of sales and margin profile is likely to recover in FY24 as the company passes on the RM benefits through price reduction and increase grammage as well as due to the RBI’s intervention to curtail overall inflation which will lead to the overall improvement in throughput.We recommend a wait-and-watch approach as we look for demand recovery triggersContent 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 (DMART) - Discretionary Yet to Recover Fully

Research on Indian Equities, Diary Of A Private Investor

Private Investor

Research on Indian Equities

Diary Of A Private Investor

Diary Of A Private Investor is my attempt to share Notes, Research and Thoughts as I carry out day-to-day chores as a Full-Time Investor in the Indian Equity Markets. I am looking to write about everything markets; from Business Insights, Stock Specific Research, Useful Analysis Concepts and Interesting Perspectives on Investing. I am currently a Full-Time Investor and I’ve been investing for over 6 years now, including professional stints at a couple of Research & Fund Management Firms. Over these years in the market, I’ve had a unique experience to learn the roots of traditional investing as well as the new-age investing frameworks; and with this unique blend is how I approach the Puzzle of Investing.

Thematic (Sector/Industry)

<ul><li>Retailing is a straight forward business model wherein growth is primarily driven by continuous addition of new stores.</li><li>And the ability to add new stores is dependent on two key aspects- 1. Retailer’s Right To Win Proposition to add new stores makes sense only when the retailer can generate revenues from the new store.</li><li>And this revenue generation from new stores is dependent on the demand of end products and what value one is providing to its customers to capture a part of that demand.</li></ul>

Retailing is a straight forward business model wherein growth is primarily driven by continuous addition of new stores.And the ability to add new stores is dependent on two key aspects- 1. Retailer’s Right To Win Proposition to add new stores makes sense only when the retailer can generate revenues from the new store.And this revenue generation from new stores is dependent on the demand of end products and what value one is providing to its customers to capture a part of that demand.

SSG- The Most Important Metric in Retailing

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.

<ul><li>Avenue Supermarts: Higher bill sizes + lower footfalls aid FMCG profitability/productivity but are a sign of more targeted shopping with little room for discovery-based purchases (courtesy inflationary pressures), which in turn make a dent on the more profitable GM &amp; apparel sales (constituted &lt;25% vs a typical run-rate of 28%).</li><li>L&amp;T Infotech: L&amp;T Infotech’s (LTI) revenue and margin came in line in Q2FY23.</li><li>ICICI Prudential Life: ICICI Prudential Life (IPRU) reported a weak APE growth (+1.7% 3-year CAGR, in line with estimates); however, VNB margins, at 31%, surprised (200bps ahead of estimates), translating into 21% YoY VNB growth.</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>

Avenue Supermarts: Higher bill sizes + lower footfalls aid FMCG profitability/productivity but are a sign of more targeted shopping with little room for discovery-based purchases (courtesy inflationary pressures), which in turn make a dent on the more profitable GM &amp; apparel sales (constituted &lt;25% vs a typical run-rate of 28%).L&amp;T Infotech: L&amp;T Infotech’s (LTI) revenue and margin came in line in Q2FY23.ICICI Prudential Life: ICICI Prudential Life (IPRU) reported a weak APE growth (+1.7% 3-year CAGR, in line with estimates); however, VNB margins, at 31%, surprised (200bps ahead of estimates), translating into 21% YoY VNB growth.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.

HSIE Results Daily: Avenue Supermarts, L&T Infotech, ICICI Prudential Life, Angel One

<div><div><div><div><ul><li>DMART Q2FY23 reported consolidated revenue growth of ~37% YoY (21% on a 3-Year CAGR basis) to Rs 10,683 Cr, a trend which we continue to see for three quarters.</li><li>The growth was primarily led by FMCG and staples segment, while the general merchandise and apparel segment grew slower.</li><li>The management highlighted that the recovery in the discretionary items in the non- FMCG segment was still below pre-Covid levels as inflationary pressure is more acute at lower price points of the discretionary non-FMCG category. </li></ul></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>

DMART Q2FY23 reported consolidated revenue growth of ~37% YoY (21% on a 3-Year CAGR basis) to Rs 10,683 Cr, a trend which we continue to see for three quarters.The growth was primarily led by FMCG and staples segment, while the general merchandise and apparel segment grew slower.The management highlighted that the recovery in the discretionary items in the non- FMCG segment was still below pre-Covid levels as inflationary pressure is more acute at lower price points of the discretionary non-FMCG category. 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 (DMART) - Discretionary Yet To Recover Fully; Maintain HOLD

<ul><li>Discretionary categories to clock another healthy quarter: Our discretionary universe is expected to grow by ~29% YoY (revenue) in Q2FY23 (3-year revenue/EBITDA CAGRs of 19/17% resp)</li><li>Ticket sizes in retail remain elevated, courtesy higher ASP vis-à-vis pre-pandemic levels</li><li>Footfalls density is normalising too; esp in categories/companies with a higher urban presence</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>

Discretionary categories to clock another healthy quarter: Our discretionary universe is expected to grow by ~29% YoY (revenue) in Q2FY23 (3-year revenue/EBITDA CAGRs of 19/17% resp)Ticket sizes in retail remain elevated, courtesy higher ASP vis-à-vis pre-pandemic levelsFootfalls density is normalising too; esp in categories/companies with a higher urban presenceContent 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 (Q2FY23 Results Preview): Expect a buoyant quarter; alas! bargains absent

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 (DMART) - Discretionary Yet to Recover Fully

The lower salience of the high-margin general merchandise and apparel category impacted its overall profitability growth in Q3FY23.

Axis Direct

SSG- The Most Important Metric in Retailing

Retailing is a straight forward business model wherein growth is primarily driven by continuous addition of new stores.And the ability to add new...

Private Investor

HSIE Results Daily: Avenue Supermarts, L&T Infotech, ICICI Prudential Life, Angel One

Higher bill sizes + lower footfalls aid FMCG profitability/productivity but are a sign of more targeted shopping with little room for discovery...

HDFC Securities

Avenue Supermarts (DMART) - Discretionary Yet To Recover Fully; Maintain HOLD

DMART Q2FY23 reported consolidated revenue growth of ~37% YoY (21% on a 3-Year CAGR basis) to Rs 10,683 Cr, a trend which we continue to see for...

Axis Direct

Consumer Discretionary (Q2FY23 Results Preview): Expect a buoyant quarter; alas! bargains absent

Our discretionary universe is expected to grow by ~29% YoY (revenue) in Q2FY23 (3-year revenue/EBITDA CAGRs of 19/17% resp)

HDFC Securities

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