External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

External broker reports(aggregated public sources)

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>Margin to drop on elevated investments; business fundamentals intact</li></ul><div><div><div><ul><li>Good topline growth but large miss on margins - <span style="font-size: var(--content-font-size);">Revenue stood at INR2.0b (1.8% above our estimates), +12.1% YoY and +7.1% QoQ.</span></li><li><span style="font-size: var(--content-font-size);">Highlights from the management commentary - The company added the highest ever paid customers at 13k and plans to add customers in the range of 8-9k per quarter going forward.</span></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>

Margin to drop on elevated investments; business fundamentals intactGood topline growth but large miss on margins - Revenue stood at INR2.0b (1.8% above our estimates), +12.1% YoY and +7.1% QoQ.Highlights from the management commentary - The company added the highest ever paid customers at 13k and plans to add customers in the range of 8-9k per quarter going forward.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.

IndiaMART - Strong Customer Additions; Growth to Bump up in FY23E

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.

<div><ul><li>Indiamart have reported consistent growth in registered buyers, registerd buyers grew to 149 Mn showed a growth of 4.2% QoQ.</li></ul><div><div><div><div><ul><li>Indiamart has also expanded its foothold on the number of the products live on the platform, total products live on the platform stood at 83mn grew 3.75% QoQ.</li></ul><div><div><div><div><ul><li>Total business enquiries delivered stood at 120 Mn demostrated a growth of 2.6% QoQ. Annualised ARPU for Q4 FY22 declind to Rs. 47,400 but likely to improve with better offering mix.</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>

Indiamart have reported consistent growth in registered buyers, registerd buyers grew to 149 Mn showed a growth of 4.2% QoQ.Indiamart has also expanded its foothold on the number of the products live on the platform, total products live on the platform stood at 83mn grew 3.75% QoQ.Total business enquiries delivered stood at 120 Mn demostrated a growth of 2.6% QoQ. Annualised ARPU for Q4 FY22 declind to Rs. 47,400 but likely to improve with better offering 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.

Indiamart Intermesh Ltd - Robust Revenue Growth; Margins Decline

Indian Accounting Research Analyst, Trudence Capital Advisors

Nitin Mangal

Indian Accounting Research Analyst

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>Growth in number of subscribers on the back of increased workforce, it may be temporary spike</li>
<li>Cost pressure visible as per our expectation and the margins continue to be at lower level on Y-o-Y basis</li>
<li>Buyback of shares within a year of QIP meets more than the eye</li>
</ul>


Growth in number of subscribers on the back of increased workforce, it may be temporary spike
Cost pressure visible as per our expectation and the margins continue to be at lower level on Y-o-Y basis
Buyback of shares within a year of QIP meets more than the eye


Indiamart Intermesh Ltd: Q4-F2022 Result Update

<ul><li>We assign 45x to the company's FY24E earnings of Rs 150 to arrive at the target price of Rs 6,800/share, implying an upside of 52% from the CMP.</li><li>.</li></ul><div class="content-highlight"><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></div>

We assign 45x to the company's FY24E earnings of Rs 150 to arrive at the target price of Rs 6,800/share, implying an upside of 52% from the CMP..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.

Smartkarma Research Team, Smartkarma

Smartkarma Research

Smartkarma Research Team

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Forensic Accounting

<p>Our next Webinar features an actionable, counter-consensus look into <a href="https://www.smartkarma.com/entities/indiamart-intermesh-limited" target="_blank" data-smartkarma-citation="entities:27733" rel="noopener">IndiaMart (INMART IN)</a> from experienced Insight Providers <a href="https://www.smartkarma.com/profiles/pranav-bhavsar" target="_blank" data-smartkarma-citation="accounts:3191" rel="noopener">Pranav Bhavsar</a> and <a href="https://www.smartkarma.com/profiles/nitin-mangal" target="_blank" data-smartkarma-citation="accounts:1988" rel="noopener">Nitin Mangal</a> of India Independent Insight. While the stock is well-owned, forensic accounting and investigative due diligence from our Insight Providers suggests that risks are grossly under-appreciated. Join our session to get the full scoop.</p><h3>The webinar will be hosted on Wednesday, 23 February 2022, 17:00 SGT/HKT.</h3><p></p><div><div class="content-highlight"><h2><a href="https://share.hsforms.com/1H9pFZOB-RF2J00kbvMmxcw2c5gj?zoom_webinar_id=88266766963" target="_blank" rel="noopener">Register for the Webinar here</a></h2></div></div><p>Pranav Bhavsar is the Founder of ASA Capital Management, focusing on research on consumer themes and companies operating in India or global companies that have significant exposure to India or the Indian economy.</p><p>Nitin Mangal is a SEBI registered Research Analyst with more than 10 years of experience in Indian equities. He is Pioneer of Corporate Governance and Accounting Research in Indian Market and has successfully developed a product for Institutional Investors named as "Analysis Beyond Consensus" during his association with Edelweiss Securities Ltd, Mumbai. </p>

Our next Webinar features an actionable, counter-consensus look into IndiaMart (INMART IN) from experienced Insight Providers Pranav Bhavsar and Nitin Mangal of India Independent Insight. While the stock is well-owned, forensic accounting and investigative due diligence from our Insight Providers suggests that risks are grossly under-appreciated. Join our session to get the full scoop.The webinar will be hosted on Wednesday, 23 February 2022, 17:00 SGT/HKT.Register for the Webinar herePranav Bhavsar is the Founder of ASA Capital Management, focusing on research on consumer themes and companies operating in India or global companies that have significant exposure to India or the Indian economy.Nitin Mangal is a SEBI registered Research Analyst with more than 10 years of experience in Indian equities. He is Pioneer of Corporate Governance and Accounting Research in Indian Market and has successfully developed a product for Institutional Investors named as "Analysis Beyond Consensus" during his association with Edelweiss Securities Ltd, Mumbai. 

Smartkarma Webinar | Bearish IndiaMart (INMART IN): Against Consensus

India

IndiaMart InterMesh Limited operates as an e-commerce company. The Company offers air coolers, tower fans, washing machines, mixer grinders, barcode printers, steel pipes, tubes, water tanks, roofing supplies, mobile phones, computers, automobile parts, and machine tools. IndiaMart Intermesh markets its products in India

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IndiaMart (INMART IN)

IndiaMART - Strong Customer Additions; Growth to Bump up in FY23E

IndiaMART’s 4QFY22 performance was weaker than expected led by a major miss on margin (at 28.4%), down 13.5pp QoQ and below our estimate of 32.7%.

Motilal Oswal

Indiamart Intermesh Ltd - Robust Revenue Growth; Margins Decline

IndiaMart Intermesh Ltd (Indiamart) reported strong revenue growth of 7% QoQ and stood at Rs 201 Cr in Q4FY22, reporting revenue growth of 13% YoY.

Axis Direct

Indiamart Intermesh Ltd: Q4-F2022 Result Update

Investor should wait for 2-3 more quarter to see whether the spike in the number of subscriber addition is temporary or consistent, cost pressure...

Nitin Mangal

Initiating Coverage:Indiamart Inter.

We assign 45x to the company's FY24E earnings of Rs 150 to arrive at the target price of Rs 6,800/share, implying an upside of 52% from the CMP.

Axis Direct

Smartkarma Webinar | Bearish IndiaMart (INMART IN): Against Consensus

On 23 February, join our Webinar on IndiaMart, featuring a counter-consensus call by the investigative team of Pranav Bhavsar and Nitin Mangal.

Smartkarma Research

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IndiaMART - Strong Customer Additions; Growth to Bump up in FY23E

IndiaMART’s 4QFY22 performance was weaker than expected led by a major miss on margin (at 28.4%), down 13.5pp QoQ and below our estimate of 32.7%.

Motilal Oswal

Indiamart Intermesh Ltd - Robust Revenue Growth; Margins Decline

IndiaMart Intermesh Ltd (Indiamart) reported strong revenue growth of 7% QoQ and stood at Rs 201 Cr in Q4FY22, reporting revenue growth of 13% YoY.

Axis Direct

Indiamart Intermesh Ltd: Q4-F2022 Result Update

Investor should wait for 2-3 more quarter to see whether the spike in the number of subscriber addition is temporary or consistent, cost pressure...

Nitin Mangal

Initiating Coverage:Indiamart Inter.

We assign 45x to the company&#x27;s FY24E earnings of Rs 150 to arrive at the target price of Rs 6,800/share, implying an upside of 52% from the CMP.

Axis Direct

Smartkarma Webinar | Bearish IndiaMart (INMART IN): Against Consensus

On 23 February, join our Webinar on IndiaMart, featuring a counter-consensus call by the investigative team of Pranav Bhavsar and Nitin Mangal.

Smartkarma Research

We assign 45x to the company's FY24E earnings of Rs 150 to arrive at the target price of Rs 6,800/share, implying an upside of 52% from the CMP.