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>Logistical issues continue to hit margins: During the quarter, a shortage of containers not only led to increased container rates but also resulted in inventory buildup and elevated warehousing and transportation costs.</li><li>Management mentioned that freight costs increased by as much as twice those of last year.</li><li>Despite these issues and uncertain global macroeconomic conditions, the company continued deliveries to the US with limited disruption and impact on revenues. </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.

Logistical issues continue to hit margins: During the quarter, a shortage of containers not only led to increased container rates but also resulted in inventory buildup and elevated warehousing and transportation costs.Management mentioned that freight costs increased by as much as twice those of last year.Despite these issues and uncertain global macroeconomic conditions, the company continued deliveries to the US with limited disruption and impact on revenues. 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 - Resilient Performance Amidst External Headwinds; Maintain BUY!

<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

Thematic (Sector/Industry)

<ul><li>Chemicals &amp; Agrochemicals: In Q2FY25, most specialty chemical companies under coverage are expected to show marginally improved performance, although demand recovery remains subdued and weak pricing persists.</li><li>Volume growth is anticipated compared to the previous quarter, which was affected by several headwinds, including weak demand (with exceptions in a few segments), logistical challenges at ports, and adverse weather conditions.</li><li>Growth prospects remain uncertain as a clear upward trend has yet to emerge.</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 Q2FY25, most specialty chemical companies under coverage are expected to show marginally improved performance, although demand recovery remains subdued and weak pricing persists.Volume growth is anticipated compared to the previous quarter, which was affected by several headwinds, including weak demand (with exceptions in a few segments), logistical challenges at ports, and adverse weather conditions.Growth prospects remain uncertain as a clear upward trend has yet to emerge.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.

Q2FY25 Earnings Preview - Chemicals, Capital Goods and Midcaps

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 - Resilient Performance Amidst External Headwinds; Maintain BUY!

Going forward, management expects the situation to settle down to some extent, as the company has observed some improvements in October, and has...

Axis Direct

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

Q2FY25 Earnings Preview - Chemicals, Capital Goods and Midcaps

In Q2FY25, most specialty chemical companies under coverage are expected to show marginally improved performance, although demand recovery remains...

Axis Direct

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