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. 

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>Avenue Supermarts: Revenue grew by 20.1% (four-year CAGR: 19.7%)</li><li>Sales density remained lower than the pre-pandemic level (~INR31.1k/sq ft in FY23 vs INR35.6k/sq ft in FY19 in-line)</li><li>Low discretionary purchases keep underlying profitability/unit economics subdued</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 by 20.1% (four-year CAGR: 19.7%)Sales density remained lower than the pre-pandemic level (~INR31.1k/sq ft in FY23 vs INR35.6k/sq ft in FY19 in-line)Low discretionary purchases keep underlying profitability/unit economics subduedContent 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, Tata Motors, DLF

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.

Equity Bottom-Up

<ul><li>The Company’s Q4FY23 result was robust.</li><li>Revenue grew 10% YoY (24% volume growth) as company regained the lost market share and strong growth in open footwear category (peak season).</li><li>Its gross margins stood at 52.3% (down 208bps YoY) on account of negative mix (high low margin open footwear).</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.

The Company’s Q4FY23 result was robust.Revenue grew 10% YoY (24% volume growth) as company regained the lost market share and strong growth in open footwear category (peak season).Its gross margins stood at 52.3% (down 208bps YoY) on account of negative mix (high low margin open footwear).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.

Relaxo Footwear Ltd - Recovery on Cards: Upgrade to BUY

<ul><li>Demand peak in discretionary categories seems to be behind us: Our discretionary universe is expected to grow by ~19% YoY (revenue) in Q4FY23 (four-year revenue CAGR: 16%)</li><li>Elevated ticket sizes and store expansion coupled with normalizing footfalls aided growth</li><li>However, in retail, many of these variables are now mean-reverting</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.

Demand peak in discretionary categories seems to be behind us: Our discretionary universe is expected to grow by ~19% YoY (revenue) in Q4FY23 (four-year revenue CAGR: 16%)Elevated ticket sizes and store expansion coupled with normalizing footfalls aided growthHowever, in retail, many of these variables are now mean-revertingContent 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 - Discretionary Peak Most Certainly Behind Us

<ul><li>Relaxo results were a miss on all fronts with revenue declining by 8% YoY (expected volume decline of 12-14% YoY).</li><li>This was on account of continued weak demand in mass open footwear, consumers down-trading to cheaper footwear, and high-cost inventory in the system.</li><li>This coupled with the high base of Q3FY22 and early stocking ahead of the GST rate hike from 1st Jan’22 impacted the overall volume 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.

Relaxo results were a miss on all fronts with revenue declining by 8% YoY (expected volume decline of 12-14% YoY).This was on account of continued weak demand in mass open footwear, consumers down-trading to cheaper footwear, and high-cost inventory in the system.This coupled with the high base of Q3FY22 and early stocking ahead of the GST rate hike from 1st Jan’22 impacted the overall volume 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.

Relaxo Footwear - Miss on All Fronts; Maintain HOLD

<ul><li>Discretionary categories to clock another healthy quarter: Our discretionary universe is expected to grow by ~14/% YoY (revenue) in Q3FY23 (three-year revenue/EBITDA CAGRs of 17/12% resp)</li><li>Ticket sizes in retail remain elevated, courtesy of higher ASP vis-à-vis pre-pandemic levels. Footfall density is normalising too</li><li>Jewellery, paints, apparel, and footwear are expected to clock 22%, 17%, 12%, and 6% (three-year CAGRs).</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.

Discretionary categories to clock another healthy quarter: Our discretionary universe is expected to grow by ~14/% YoY (revenue) in Q3FY23 (three-year revenue/EBITDA CAGRs of 17/12% resp)Ticket sizes in retail remain elevated, courtesy of higher ASP vis-à-vis pre-pandemic levels. Footfall density is normalising tooJewellery, paints, apparel, and footwear are expected to clock 22%, 17%, 12%, and 6% (three-year CAGRs).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.

Consumer Discretionary - Healthy Quarter!

India

Relaxo Footwears Ltd. is the marketing company for Relaxo Group.  The Group manufactures Hawai and lightweight chappals.

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Relaxo Footwears (RLXF IN)

HSIE Results Daily: Avenue Supermarts, Tata Motors, DLF

Avenue Supermarts: Revenue grew by 20.1% (four-year CAGR: 19.7%) Sales density remained lower than the pre-pandemic level (~INR31.1k/sq ft in FY23...

HDFC Securities

Relaxo Footwear Ltd - Recovery on Cards: Upgrade to BUY

The Company’s Q4FY23 result was robust. Revenue grew 10% YoY (24% volume growth) as company regained the lost market share and strong growth in...

Axis Direct

Consumer Discretionary - Discretionary Peak Most Certainly Behind Us

Demand peak in discretionary categories seems to be behind us: Our discretionary universe is expected to grow by ~19% YoY (revenue) in Q4FY23 (four...

HDFC Securities

Relaxo Footwear - Miss on All Fronts; Maintain HOLD

This was on account of continued weak demand in mass open footwear, consumers down-trading to cheaper footwear, and high-cost inventory in the system.

Axis Direct

Consumer Discretionary - Healthy Quarter!

Our discretionary universe is expected to grow by ~14/% YoY (revenue) in Q3FY23 (three-year revenue/EBITDA CAGRs of 17/12% resp)

HDFC Securities

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