External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

External broker reports(aggregated public sources)

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.

Equity Bottom-Up

<ul><li>ITC is biggest cigarettes &amp; second largest FMCG company in India with ~78% of market share in cigarettes &amp; presence in staples, biscuits, noodles, snacks, chocolate, dairy products &amp; personal care products.</li><li>The company is also present in paperboard, printing &amp; packaging business, agri &amp; hotels businesses.</li><li>The company has more than 200 manufacturing facilities in India.</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.

ITC is biggest cigarettes &amp; second largest FMCG company in India with ~78% of market share in cigarettes &amp; presence in staples, biscuits, noodles, snacks, chocolate, dairy products &amp; personal care products.The company is also present in paperboard, printing &amp; packaging business, agri &amp; hotels businesses.The company has more than 200 manufacturing facilities in India.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.

ITC - Splendid Growth Continues in Cigarettes, FMCG

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>Volume weakness to continue, revenue to grow by 15/10% on YoY/three-year CAGR (weak ex-ITC): Our FMCG coverage universe is expected to deliver growth of 10/15% on YoY/three-year CAGR in revenue in Q2FY23 (vs 12/7% in Q2FY22 and 24/11% in Q1FY23)</li><li>ITC’s strong reported growth will drive the aggregate growth for Q2FY23, ex-ITC we expect overall weakness in volume</li><li>Demand trends in our FMCG universe for Q2FY23 will be similar to the trends seen in the previous two quarters where demand was impacted by the retail inflation (particular in rural).</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.

Volume weakness to continue, revenue to grow by 15/10% on YoY/three-year CAGR (weak ex-ITC): Our FMCG coverage universe is expected to deliver growth of 10/15% on YoY/three-year CAGR in revenue in Q2FY23 (vs 12/7% in Q2FY22 and 24/11% in Q1FY23)ITC’s strong reported growth will drive the aggregate growth for Q2FY23, ex-ITC we expect overall weakness in volumeDemand trends in our FMCG universe for Q2FY23 will be similar to the trends seen in the previous two quarters where demand was impacted by the retail inflation (particular in rural).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 (Q2FY23 Results Preview): Growth and margin to remain under pressure

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>Samvat 2078 was a year of peaks and troughs with a roller-coaster ride in the equity market across the world.</li><li>Since the last Diwali, the market has witnessed significant volatility led by liquidity reversal, policy tightening, the Russia-Ukraine geopolitical crisis, and rising inflation.</li><li>While these developments inflicted notable changes in the market regimes, especially with higher commodity prices of base metals and crude oil over the first half of the Samvat, a trend reversal was seen in the second half of the Samvat with the majority of commodity prices cooling off primarily due to the policy tightening and the expectation of a slowdown in global growth.</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.

Samvat 2078 was a year of peaks and troughs with a roller-coaster ride in the equity market across the world.Since the last Diwali, the market has witnessed significant volatility led by liquidity reversal, policy tightening, the Russia-Ukraine geopolitical crisis, and rising inflation.While these developments inflicted notable changes in the market regimes, especially with higher commodity prices of base metals and crude oil over the first half of the Samvat, a trend reversal was seen in the second half of the Samvat with the majority of commodity prices cooling off primarily due to the policy tightening and the expectation of a slowdown in global 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.

<ul><li>Axis Top Picks basket reported a resilient performance with an astounding return of 143% since its inception, notably beating an 84% return reported by the benchmark NIFTY 50 Index over the same period.</li><li>A few picks that reported encouraging returns amidst prevailing volatility included APL Apollo Tubes (9.6%), Astral (6.7%), CCL Products (4.7%), and HealthCare Global Enterprises (4.4%)</li><li>PoW delivered an excellent cumulative strike rate of 72% in Sep’22.</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.

Axis Top Picks basket reported a resilient performance with an astounding return of 143% since its inception, notably beating an 84% return reported by the benchmark NIFTY 50 Index over the same period.A few picks that reported encouraging returns amidst prevailing volatility included APL Apollo Tubes (9.6%), Astral (6.7%), CCL Products (4.7%), and HealthCare Global Enterprises (4.4%)PoW delivered an excellent cumulative strike rate of 72% in Sep’22.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.

<div><ul><li>Financial Performance: Despite multiple Covid-19 lockdowns, ITC reported healthy numbers in FY22 with revenue of Rs 55,697Cr, registering an impressive growth of ~23.5% YoY.</li></ul><ul><li>Operational review: The company’s Cigarette volumes surpassed pre-pandemic levels in H2FY22.</li><li>Key Competitive Strengths: a)Strong footing of the Cigarettes business with resilient demand; b) Diversified FMCG business with focus on the core business while addressing the adjacencies; c) FMCG margins to scale up due to revival in mobility; d)Strong distribution reach</li></ul></div>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: Despite multiple Covid-19 lockdowns, ITC reported healthy numbers in FY22 with revenue of Rs 55,697Cr, registering an impressive growth of ~23.5% YoY.Operational review: The company’s Cigarette volumes surpassed pre-pandemic levels in H2FY22.Key Competitive Strengths: a)Strong footing of the Cigarettes business with resilient demand; b) Diversified FMCG business with focus on the core business while addressing the adjacencies; c) FMCG margins to scale up due to revival in mobility; d)Strong distribution reachContent 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.

India

ITC Limited, a member of BAT Group of UK, is a holding company, which has a diversified presence in Cigarettes, Hotels, Paperboards & Specialty Papers, Packaging, Agri Business, Packaged Foods & Confectionery, Branded Apparel, Greeting Cards and other FMCG products.

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ITC Ltd (ITC IN)

ITC - Splendid Growth Continues in Cigarettes, FMCG

The company is also present in paperboard, printing & packaging business, agri & hotels businesses. The company has more than 200 manufacturing...

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FMCG & Alco Bev (Q2FY23 Results Preview): Growth and margin to remain under pressure

Demand trends in our FMCG universe for Q2FY23 will be similar to the trends seen in the previous two quarters where demand was impacted by the...

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Axis Diwali Muhurat Picks: SAMVAT 2079

Since the last Diwali, the market has witnessed significant volatility led by liquidity reversal, policy tightening, the Russia-Ukraine...

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Axis Research Scorecard Report - Sep 22

Axis Top Picks basket reported a resilient performance with an astounding return of 143% since its inception, notably beating an 84% return...

Axis Direct

ITC Ltd - Another Robust Year

Financial Performance: Despite multiple Covid-19 lockdowns, ITC reported healthy numbers in FY22 with revenue of Rs 55,697Cr, registering an...

Axis Direct

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