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>Q1FY25 earnings season was marked by a) Robust PMI manufacturing and Services, b) Stronger E-way bill and GST collection, d) Heat waves and electricity demand, and e) Election campaigns and rallies. Domestic-facing sectors largely enjoyed the economic recovery backed by these factors and hence, margins may surprise positively.</li><li>On the other hand, export-oriented themes are likely to showcase relatively weaker performance.</li><li>Most of the domestic high-frequency indicators have trended higher during the quarter which is likely to translate into good demand momentum for the domestic corporate segment. </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.

Q1FY25 earnings season was marked by a) Robust PMI manufacturing and Services, b) Stronger E-way bill and GST collection, d) Heat waves and electricity demand, and e) Election campaigns and rallies. Domestic-facing sectors largely enjoyed the economic recovery backed by these factors and hence, margins may surprise positively.On the other hand, export-oriented themes are likely to showcase relatively weaker performance.Most of the domestic high-frequency indicators have trended higher during the quarter which is likely to translate into good demand momentum for the domestic corporate segment. 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>Consumer demand remain tepid: The discretionary demand remains tepid with a greater impact seen on QSR, while value segment has seen some recovery.</li><li>Premium vs. Value segment: While the premium segment remains strong, the value segment saw some recovery but remain a mixed bag.</li><li>Store expansion continues: Despite muted environment, most companies in our coverage universe have maintained/increased store opening guidance as they move into smaller towns and long-term growth levers remain strong.</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.

Consumer demand remain tepid: The discretionary demand remains tepid with a greater impact seen on QSR, while value segment has seen some recovery.Premium vs. Value segment: While the premium segment remains strong, the value segment saw some recovery but remain a mixed bag.Store expansion continues: Despite muted environment, most companies in our coverage universe have maintained/increased store opening guidance as they move into smaller towns and long-term growth levers remain strong.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>UltraTech Cement: We maintain BUY on UltraTech (UTCEM) with an unchanged target price of INR 10,820 (16.5x Mar-26E consolidated EBITDA)</li><li>We continue to like UTCEM for its robust growth and margin outlook and balance sheet management</li><li>During Q4FY24, UTCEM reported all-around performance: volumes rose 11/28% YoY/QoQ and the margin remained flattish and strong at INR 1173/MT</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.

UltraTech Cement: We maintain BUY on UltraTech (UTCEM) with an unchanged target price of INR 10,820 (16.5x Mar-26E consolidated EBITDA)We continue to like UTCEM for its robust growth and margin outlook and balance sheet managementDuring Q4FY24, UTCEM reported all-around performance: volumes rose 11/28% YoY/QoQ and the margin remained flattish and strong at INR 1173/MTContent 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: UltraTech Cement, Trent, Supreme Industries

<ul><li>Our discretionary universe is expected to grow by ~13.1% YoY in Q4FY24 (ex-jewellery: ~12%)</li><li>Q4 is likely to be the last quarter contending with a high base</li><li>Wedding season hasn’t been as upbeat as expected</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.

Our discretionary universe is expected to grow by ~13.1% YoY in Q4FY24 (ex-jewellery: ~12%)Q4 is likely to be the last quarter contending with a high baseWedding season hasn’t been as upbeat as expectedContent 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  - Soft Quarter, Green Shoots Visible in Value Fashion

Consumer Discretionary - Soft Quarter, Green Shoots Visible in Value Fashion

India

Trent Limited operates a chain of retail stores that sell fashion apparel, cosmetics, perfumery products and toiletry items. The Company sells apparel for men, women and children. Trent sells its cosmetics products under the "Westside" and "Trent" brand names.

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Trent Ltd (TRENT IN)

Q1FY25 - Consolidated Earnings Preview

Based on our and consensus estimates, we forecast Nifty to deliver Revenue/EBITDA/PAT growth of 7.8%/3%/1.2% respectively for the quarter.

Axis Direct

Top Sector Ideas - Retail Q4FY24

Consumer demand remain tepid: The discretionary demand remains tepid with a greater impact seen on QSR, while value segment has seen some recovery.

Axis Direct

HSIE Results Daily: UltraTech Cement, Trent, Supreme Industries

UltraTech Cement: We maintain BUY on UltraTech (UTCEM) with an unchanged target price of INR 10,820 (16.5x Mar-26E consolidated EBITDA)

HDFC Securities

Consumer Discretionary - Soft Quarter, Green Shoots Visible in Value Fashion

Our discretionary universe is expected to grow by ~13.1% YoY in Q4FY24 (ex-jewellery: ~12%). Q4 is likely to be the last quarter contending with a...

HDFC Securities

Consumer Discretionary - Soft Quarter, Green Shoots Visible in Value Fashion

Our discretionary universe is expected to grow by ~13.1% YoY in Q4FY24 (ex-jewellery: ~12%). Q4 is likely to be the last quarter contending with a...

HDFC Securities

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