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. 

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Equity Bottom-Up

<ul><li>The company reported one of its strongest quarters beating our estimate on the revenue front.</li><li>It reported revenue of 2,575 Cr, up 20% YoY beating our estimate of 2,465 Cr on account of growth in an emerging business along with growth in global branded business.</li><li>The EBITDA came in at 359 Cr, up 29% YoY, in line with our estimate of 350 Cr. This led to an overall PAT of 131 Cr, up 1.2% YoY but missed our estimate of 196 Cr by 33%.</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 reported one of its strongest quarters beating our estimate on the revenue front.It reported revenue of 2,575 Cr, up 20% YoY beating our estimate of 2,465 Cr on account of growth in an emerging business along with growth in global branded business.The EBITDA came in at 359 Cr, up 29% YoY, in line with our estimate of 350 Cr. This led to an overall PAT of 131 Cr, up 1.2% YoY but missed our estimate of 196 Cr by 33%.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.

Welspun Living Ltd - Strong Quarter; Exports Beat Our Expectations

<ul><li>We expect the company to do well in the coming quarters with the revival in demand for home textiles, moderating raw material prices, and reducing inventory pressure.</li><li>We maintain our BUY rating on this stock with an upside potential of 28% from the CMP as we roll forward our estimates to Sep FY26E.</li><li>The company reported one of its strongest quarters on all fronts on the back of strong replenishment demand in the USA;however, missed our estimates as we expected higher pickup in the flooring 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.

We expect the company to do well in the coming quarters with the revival in demand for home textiles, moderating raw material prices, and reducing inventory pressure.We maintain our BUY rating on this stock with an upside potential of 28% from the CMP as we roll forward our estimates to Sep FY26E.The company reported one of its strongest quarters on all fronts on the back of strong replenishment demand in the USA;however, missed our estimates as we expected higher pickup in the flooring 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.

Welspun Living Ltd - Structural Business Growth & Capex Plans to Bolster Revenue Visibility!

<ul><li>Welspun Living Ltd is a part of the $3 Bn Welspun Group.</li><li>The company offers Home textile products such as bed &amp; bath linen, advanced/technical textiles products, and flooring solutions.</li><li>With a distribution network in over 50 countries, Welspun is the largest exporter of home textile products from India. </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.

Welspun Living Ltd is a part of the $3 Bn Welspun Group.The company offers Home textile products such as bed &amp; bath linen, advanced/technical textiles products, and flooring solutions.With a distribution network in over 50 countries, Welspun is the largest exporter of home textile products from India. 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 - Welspun Living Ltd - 15 JAN 2024

<ul><li>Company reported one of its strongest quarters beating our estimates on all fronts on back of strong replishnishment demand in USA ahead of the festive season.</li><li>Company reproted Revenue of 2509 Cr beating our est of 2240 Cr. The EBITDA came in at 358 Cr much higher than our est of 311 Cr on account of flooring segment clocking 8.3% margins.</li><li>This lead to overall PAT of 200Cr up 23% Q-o-Q beating our est of 159 Cr by 26%. </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.

Company reported one of its strongest quarters beating our estimates on all fronts on back of strong replishnishment demand in USA ahead of the festive season.Company reproted Revenue of 2509 Cr beating our est of 2240 Cr. The EBITDA came in at 358 Cr much higher than our est of 311 Cr on account of flooring segment clocking 8.3% margins.This lead to overall PAT of 200Cr up 23% Q-o-Q beating our est of 159 Cr by 26%. 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.

Welspun Living - Flooring Scales New Heights

Thematic (Sector/Industry)

<ul><li>Chemicals &amp; Agrochemicals: In Q4FY24, we expect chemical companies under our coverage to declare sequential revenue improvement, except for commodity player Archean Chemical, as soft demand from end-user industries has led to a drop in prices.</li><li>The meaningful recovery for chemical companies will likely take another 2 quarters.</li><li>Agrochemicals demand continues to be under pressure, but there are green shoots in certain end-user industries such as dyes, pigments, and polymers, which have witnessed growth in demand and minor improvement in prices of final products. </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.

Chemicals &amp; Agrochemicals: In Q4FY24, we expect chemical companies under our coverage to declare sequential revenue improvement, except for commodity player Archean Chemical, as soft demand from end-user industries has led to a drop in prices.The meaningful recovery for chemical companies will likely take another 2 quarters.Agrochemicals demand continues to be under pressure, but there are green shoots in certain end-user industries such as dyes, pigments, and polymers, which have witnessed growth in demand and minor improvement in prices of final products. 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.

Chemicals - Q4FY2024 - Earnings Preview (Agro-Chem SpChem)

India

Welspun India Limited is a home textile manufacturer with a global distribution network.

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Welspun India (WLSI IN)

Welspun Living Ltd - Strong Quarter; Exports Beat Our Expectations

The EBITDA came in at 359 Cr, up 29% YoY, in line with our estimate of 350 Cr. This led to an overall PAT of 131 Cr, up 1.2% YoY but missed our...

Axis Direct

Welspun Living Ltd - Structural Business Growth & Capex Plans to Bolster Revenue Visibility!

We expect the company to do well in the coming quarters with the revival in demand for home textiles, moderating raw material prices, and reducing...

Axis Direct

Pick of the Week - Welspun Living Ltd - 15 JAN 2024

The company offers Home textile products such as bed & bath linen, advanced/technical textiles products, and flooring solutions.

Axis Direct

Welspun Living - Flooring Scales New Heights

Company reported one of its strongest quarters beating our estimates on all fronts on back of strong replishnishment demand in USA ahead of the...

Axis Direct

Chemicals - Q4FY2024 - Earnings Preview (Agro-Chem SpChem)

Chemical companies with strong brands and a consistent track record are seeing traction in CSM/CDMO business opportunities as China +1 and Euro +1...

Axis Direct

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