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.

Thematic (Sector/Industry)

<ul><li>Cables &amp; Wires demand was buoyant during the quarter, though the overall demand for consumer durables remained moderate.</li><li>The demand was driven by government spends on infrastructure projects along with stale demand from overseas markets.</li><li>Furthermore, it was led by an increase in private Capex spending and real estate up-cycle. The demand for cooling products was tepid (being a seasonally soft quarter) with some brands resorting to discounts to clear inventory. </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.

Cables &amp; Wires demand was buoyant during the quarter, though the overall demand for consumer durables remained moderate.The demand was driven by government spends on infrastructure projects along with stale demand from overseas markets.Furthermore, it was led by an increase in private Capex spending and real estate up-cycle. The demand for cooling products was tepid (being a seasonally soft quarter) with some brands resorting to discounts to clear inventory. 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.

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>With Q2 being one of the weakest quarters for the industry, neither is there any real sequential improvement seen in B2C demand environment, nor any sign of further deceleration.</li><li>On the other hand, demand momentum in B2B portfolio has sustained.</li><li>However, challenges witnessed in the past 12 months is expected to near its end (inflation, fan rating change). </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.

With Q2 being one of the weakest quarters for the industry, neither is there any real sequential improvement seen in B2C demand environment, nor any sign of further deceleration.On the other hand, demand momentum in B2B portfolio has sustained.However, challenges witnessed in the past 12 months is expected to near its end (inflation, fan rating change). 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 Durables: Unchanged demand trend, margin likely bottoming out

<ul><li>In Q1FY24, the HSIE CD index revenue (ex-OEM) grew by 11% YoY (+9% four-year CAGR)</li><li>The growth was largely led by C&amp;W categories, which grew by 29% YoY (18% four-year CAGR), given sustained momentum in domestic infra/industrial and export tailwinds</li><li>Ex of C&amp;W, performance remained weak, given (1) high inflation impacting demand and (2) erratic weather impacting the sale of cooling products in April-May (June saw some recovery)</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.

In Q1FY24, the HSIE CD index revenue (ex-OEM) grew by 11% YoY (+9% four-year CAGR)The growth was largely led by C&amp;W categories, which grew by 29% YoY (18% four-year CAGR), given sustained momentum in domestic infra/industrial and export tailwindsEx of C&amp;W, performance remained weak, given (1) high inflation impacting demand and (2) erratic weather impacting the sale of cooling products in April-May (June saw some recovery)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 Durables: Recovery visible on growth and margin

<ul><li>Unseasonal rains disrupt sale of summer products, aggregate revenue YoY/four-year CAGR at 6/8%: Our appliances coverage universe is expected to deliver revenue YoY/four-year CAGR (ex-Butterfly/Sunflame acquisition) of 6/8% in Q1FY24 (vs 63/10% in Q1FY23 and 5/11% in Q4FY23)</li><li>The demand environment continues to remain volatile given rating change (fans and RAC), softness in consumer sentiment (largely bottom of the pyramid), and pricing actions</li><li>In addition to this, unseasonal rains during peak summer months disrupted sales of cooling products (room AC, air coolers, fans, etc.)</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.

Unseasonal rains disrupt sale of summer products, aggregate revenue YoY/four-year CAGR at 6/8%: Our appliances coverage universe is expected to deliver revenue YoY/four-year CAGR (ex-Butterfly/Sunflame acquisition) of 6/8% in Q1FY24 (vs 63/10% in Q1FY23 and 5/11% in Q4FY23)The demand environment continues to remain volatile given rating change (fans and RAC), softness in consumer sentiment (largely bottom of the pyramid), and pricing actionsIn addition to this, unseasonal rains during peak summer months disrupted sales of cooling products (room AC, air coolers, fans, etc.)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 Durables - Unseasonal Rains Add to a Volatile Demand Environment

<ul><li>In Q4FY23, the HSIE CD index revenue (ex-OEM) grew by 6% YoY (+12% four-year CAGR), led by cooling/C&amp;W categories, which grew by 14/11/% YoY (15/15% CAGR)</li><li>Electric consumer durable (ECD) and lighting categories were weak at -3%/flat YoY (+7%/flat four-year CAGR)</li><li>Aggregate EBIT (ex-OEM) was up by 9% YoY (9% four-year CAGR) but it was largely driven by C&amp;W, which was up 30/19% YoY/CAGR</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.

In Q4FY23, the HSIE CD index revenue (ex-OEM) grew by 6% YoY (+12% four-year CAGR), led by cooling/C&amp;W categories, which grew by 14/11/% YoY (15/15% CAGR)Electric consumer durable (ECD) and lighting categories were weak at -3%/flat YoY (+7%/flat four-year CAGR)Aggregate EBIT (ex-OEM) was up by 9% YoY (9% four-year CAGR) but it was largely driven by C&amp;W, which was up 30/19% YoY/CAGRContent 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 Durables: Demand a mixed bag comfort on valuation

India

Symphony Ltd. manufactures a wide range of air coolers.  The Company's products include evaporative air coolers, air conditioners, and water heaters.

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Symphony Ltd (SYML IN)

Q2FY24 - Consolidated Earnings Preview

Cables & Wires demand was buoyant during the quarter, though the overall demand for consumer durables remained moderate.Dixon

Axis Direct

Consumer Durables: Unchanged demand trend, margin likely bottoming out

With Q2 being one of the weakest quarters for the industry, neither is there any real sequential improvement seen in B2C demand environment, nor...

HDFC Securities

Consumer Durables: Recovery visible on growth and margin

The growth was largely led by C&W categories, which grew by 29% YoY (18% four-year CAGR), given sustained momentum in domestic infra/industrial and...

HDFC Securities

Consumer Durables - Unseasonal Rains Add to a Volatile Demand Environment

The demand environment continues to remain volatile given rating change (fans and RAC), softness in consumer sentiment (largely bottom of the...

HDFC Securities

Consumer Durables: Demand a mixed bag comfort on valuation

In Q4FY23, the HSIE CD index revenue (ex-OEM) grew by 6% YoY (+12% four-year CAGR), led by cooling/C&W categories, which grew by 14/11/% YoY (15...

HDFC Securities

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