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.

Equity Bottom-Up

<ul><li>Excellent growth despite challenging environment – Revenue growth of 37% YoY to Rs 4,535 Cr is commendable despite the challenging environment.</li><li>The fashion format reported high single-digit LFL growth. For 9MFY25, revenue grew 43%, with a volume growth of 39%, driven by aggressive store expansion.</li><li>The total footprint expanded by 33% over the last year, reaching 11 msq. ft across fashion brands.</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.

Excellent growth despite challenging environment – Revenue growth of 37% YoY to Rs 4,535 Cr is commendable despite the challenging environment.The fashion format reported high single-digit LFL growth. For 9MFY25, revenue grew 43%, with a volume growth of 39%, driven by aggressive store expansion.The total footprint expanded by 33% over the last year, reaching 11 msq. ft across fashion brands.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.

Trent Ltd - Marginal Miss on Operating Front; Maintain BUY

<ul><li>As part of the Tata Group, Trent primarily operates stores across five key concepts: Westside, Zudio, Star, Landmark, and Utsav.</li><li>Its flagship concept, Westside, offers branded fashion apparel, footwear, accessories for women, men, and children, and a diverse range of home furnishings and décor.</li><li>Zudio, the company’s value fashion concept, provides trendy fashion for men, women, and children at highly competitive price points, with exclusive in-house curated collections. </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.

As part of the Tata Group, Trent primarily operates stores across five key concepts: Westside, Zudio, Star, Landmark, and Utsav.Its flagship concept, Westside, offers branded fashion apparel, footwear, accessories for women, men, and children, and a diverse range of home furnishings and décor.Zudio, the company’s value fashion concept, provides trendy fashion for men, women, and children at highly competitive price points, with exclusive in-house curated collections. 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.

Pick of the Week: Trent Limited - 25th January 2025

<ul><li>Solid growth compared to peers – Trent's Q2FY25 results, although falling short of expectations, showcased a robust revenue growth of 39.6% YoY to Rs 4,036 Cr.</li><li>Despite the challenging environment, Trent's ability to deliver strong numbers compared to its peers is commendable.</li><li>The fashion format sustained double-digit LFL growth, driven by aggressive store expansion.</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.

Solid growth compared to peers – Trent's Q2FY25 results, although falling short of expectations, showcased a robust revenue growth of 39.6% YoY to Rs 4,036 Cr.Despite the challenging environment, Trent's ability to deliver strong numbers compared to its peers is commendable.The fashion format sustained double-digit LFL growth, driven by aggressive store expansion.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.

Trent Ltd - Strong Show Despite Weak Consumer Sentiment; Maintain BUY

<ul><li>Trent's Q1FY25 numbers exceeded expectations. The company achieved robust revenue growth, increasing by 57% YoY to Rs 3,992 Cr.</li><li>This growth was driven by increased footfalls, and strong performance across brands, concepts, categories, and channels, despite subdued market sentiments and heightened competitive intensity.</li><li>The company’s EBITDA grew by 67% YoY, with EBITDA margins expanding by 88 bps YoY to 15.3%, driven by gross margin expansion. </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.

Trent's Q1FY25 numbers exceeded expectations. The company achieved robust revenue growth, increasing by 57% YoY to Rs 3,992 Cr.This growth was driven by increased footfalls, and strong performance across brands, concepts, categories, and channels, despite subdued market sentiments and heightened competitive intensity.The company’s EBITDA grew by 67% YoY, with EBITDA margins expanding by 88 bps YoY to 15.3%, driven by gross margin expansion. 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.

Trent Ltd - Strong Performance Continues; Maintain BUY

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>Trent continued to report strong standalone/consolidated revenue growth of 55%/50% YoY to INR119b/INR124b in FY24, aided by 51% YoY area addition and +10% LFL growth.</li><li>Despite a slight contraction in standalone gross margin by 20bp (due to higher Zudio mix), EBITDA margin (pre Ind-AS) improved to 11.7% (up 300bp YoY), aided by lower ad spending and operating leverage.</li><li>Standalone adj. PAT improved to INR10.3b (vs. INR5.5b in FY23). In addition, the Booker subsidiary and Star (JV) losses have narrowed. </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.

Trent continued to report strong standalone/consolidated revenue growth of 55%/50% YoY to INR119b/INR124b in FY24, aided by 51% YoY area addition and +10% LFL growth.Despite a slight contraction in standalone gross margin by 20bp (due to higher Zudio mix), EBITDA margin (pre Ind-AS) improved to 11.7% (up 300bp YoY), aided by lower ad spending and operating leverage.Standalone adj. PAT improved to INR10.3b (vs. INR5.5b in FY23). In addition, the Booker subsidiary and Star (JV) losses have narrowed. 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.

Trent - Aggressive Expansion with Improved Cash Flow

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)

Trent Ltd - Marginal Miss on Operating Front; Maintain BUY

Excellent growth despite challenging environment – Revenue growth of 37% YoY to Rs 4,535 Cr is commendable despite the challenging environment.

Axis Direct

Pick of the Week: Trent Limited - 25th January 2025

As part of the Tata Group, Trent primarily operates stores across five key concepts: Westside, Zudio, Star, Landmark, and Utsav. Its flagship...

Axis Direct

Trent Ltd - Strong Show Despite Weak Consumer Sentiment; Maintain BUY

Solid growth compared to peers – Trent's Q2FY25 results, although falling short of expectations, showcased a robust revenue growth of 39.6% YoY to...

Axis Direct

Trent Ltd - Strong Performance Continues; Maintain BUY

Trent's Q1FY25 numbers exceeded expectations. The company achieved robust revenue growth, increasing by 57% YoY to Rs 3,992 Cr.

Axis Direct

Trent - Aggressive Expansion with Improved Cash Flow

Trent continued to report strong standalone/consolidated revenue growth of 55%/50% YoY to INR119b/INR124b in FY24, aided by 51% YoY area addition...

Motilal Oswal

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