External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

External broker reports(aggregated public sources)

A Relationship Beyond Broking

Nirmal Bang, one of the leading stock broking companies in India, caters to retail and institutional clients by offering them a range of financial products and services, including equities, derivatives, commodities, currency derivatives, mutual funds, IPOs, insurance, depository services and PMS.

Nirmal Bang is drawn from a diversity of professional backgrounds, and blend of experience, skill and dedication is shared with its clients. Nirmal Bang emphasizes adequate, thorough research local and world-wide developments, balancing these with the astute discovery of intrinsic values, synergies and growth. The aim is simply to help the investors to maximize their returns.

Equity Bottom-Up

<div><ul><li>Tepid demand leads to mid-single-digit volume decline in India business: MRCO’s domestic business (~77% of revenue) saw mid-single-digit volume decline in 1QFY23, largely dragged by a sharp drop in Saffola Oils, which had high in-home consumption in the base quarter and also witnessed significant downtrading from super premium to mass segment in Edible Oils.</li><li><p>Gross margins to stay flat sequentially: Trends seen in certain key raw materials for MRCO in 1QFY23: (i) Copra prices remained soft, (ii) Edible and crude oil prices cooled off to some extent towards the end of the quarter.</p></li><li><p><span style="font-size: var(--content-font-size);">View &amp; Valuation: Barring the recent quarters (affected by overall deceleration in market demand), MRCO’s core portfolio has delivered a strong performance and the company continues to make efforts towards meeting its medium-term growth aspirations.</span></p></li></ul></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>

Tepid demand leads to mid-single-digit volume decline in India business: MRCO’s domestic business (~77% of revenue) saw mid-single-digit volume decline in 1QFY23, largely dragged by a sharp drop in Saffola Oils, which had high in-home consumption in the base quarter and also witnessed significant downtrading from super premium to mass segment in Edible Oils.Gross margins to stay flat sequentially: Trends seen in certain key raw materials for MRCO in 1QFY23: (i) Copra prices remained soft, (ii) Edible and crude oil prices cooled off to some extent towards the end of the quarter.View &amp; Valuation: Barring the recent quarters (affected by overall deceleration in market demand), MRCO’s core portfolio has delivered a strong performance and the company continues to make efforts towards meeting its medium-term growth aspirations.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.

Marico Ltd - Weak Consumption Trends Weigh on 1QFY23 Volume

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)

<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.

<ul><li>Result in line; material cost outlook benign - <span style="font-size: var(--content-font-size);">MRCO’s 4QFY22 result was in line our estimates.</span></li></ul><div><ul><li>Performance in line with our estimates - <span style="font-size: var(--content-font-size);">Consolidated net sales grew 7.4% YoY to INR 21.6b (inline) in 4QFY22.</span></li></ul><div><ul><li>Highlights from the management commentary - <span style="font-size: var(--content-font-size);">International business reported double-digit growth in constant currency (CC) for the fifth consecutive quarter.</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 in line; material cost outlook benign - MRCO’s 4QFY22 result was in line our estimates.Performance in line with our estimates - Consolidated net sales grew 7.4% YoY to INR 21.6b (inline) in 4QFY22.Highlights from the management commentary - International business reported double-digit growth in constant currency (CC) for the fifth consecutive quarter.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><div><div><div><ul><li>4QFY22 headline performance: MRCO’s 4QFY22 consolidated topline grew by 7.4% YoY to Rs21.6bn (our est. of Rs21.5bn).</li></ul><div><div><div><div><ul><li>4QFY22 margin performance: Gross margin improved to 44.5% (+30bps YoY and +80bps QoQ; vs our est. of 43.8%).</li></ul><div><div><div><div><ul><li>FY22 performance: Revenue, EBITDA and APAT grew by 18.2%, 6.4% and 5.9%, respectively.</li></ul></div></div></div></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>

4QFY22 headline performance: MRCO’s 4QFY22 consolidated topline grew by 7.4% YoY to Rs21.6bn (our est. of Rs21.5bn).4QFY22 margin performance: Gross margin improved to 44.5% (+30bps YoY and +80bps QoQ; vs our est. of 43.8%).FY22 performance: Revenue, EBITDA and APAT grew by 18.2%, 6.4% and 5.9%, respectively.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.

Marico Ltd. - Expect near Term Demand to Be Uncertain and Margins to Be Subdued

India

Marico Limited manufactures consumer products and services in the beauty and wellness space. The Company is known for its presence in the following categories: Coconut Oil, Hair Oils, Anti-lice Treatment, Premium Refined Edible Oils and Fabric Care. Marico Limited is present in the Skin Care Services segment through Kaya Skin Clinics.

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Marico Ltd (MRCO IN)

Marico Ltd - Weak Consumption Trends Weigh on 1QFY23 Volume

As per an update released by Marico Ltd (MRCO) on 5th July’22, the FMCG sector continued to witness subdued consumption with current trends...

Nirmal Bang

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 - Marico

MRCO’s 4QFY22 result was in line our estimates.With: a) key raw material, Copra, likely to be stable in FY23E; b) likelihood of 5-7% domestic...

Motilal Oswal

Marico Ltd. - Expect near Term Demand to Be Uncertain and Margins to Be Subdued

Marico Ltd.’s (MRCO) consolidated 4QFY22 operating performance was in line with the commentary given in their quarterly update.

Nirmal Bang

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