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>Lower Demand in export market, High inventory levels with large retailers in USA</li><li>Moderating Headwinds from Raw Material Prices and Ocean Freight</li><li>Focus on Domestic Textile Business growth, Total TAM size – 50,000 Cr</li></ul><p><em>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.</em></p>

Lower Demand in export market, High inventory levels with large retailers in USAModerating Headwinds from Raw Material Prices and Ocean FreightFocus on Domestic Textile Business growth, Total TAM size – 50,000 CrContent 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>Welspun India Ltd (WIL) reported weak numbers as the company continues to face severe headwinds on demand front as well infaltionary environment in key markets.</li><li>The numbers were largelt in line with our estimates.</li><li>WILs posted Revenue of Rs 2,113Cr &amp;EBITDA of Rs 129 Cr, down 69% YoY (our estimate:139 Cr), due to lower EBITDA margin of 6.1%(our estimate: 7.3%),down 1,040bps y-o-y.</li></ul><p><em>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.</em></p>

Welspun India Ltd (WIL) reported weak numbers as the company continues to face severe headwinds on demand front as well infaltionary environment in key markets.The numbers were largelt in line with our estimates.WILs posted Revenue of Rs 2,113Cr &amp;EBITDA of Rs 129 Cr, down 69% YoY (our estimate:139 Cr), due to lower EBITDA margin of 6.1%(our estimate: 7.3%),down 1,040bps y-o-y.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 India Ltd - Exports Struggle, Green Shoots in Domestic Business; Maintain SELL

<ul><li>Welspun India Ltd (WIL) posted its worst quarterly numbers in the last two years as company continues to face severe headwinds on cost front and which is also beginning to weaken demand environment.</li><li>The numbers were a complete miss on all fronts. WILs revenue for the quarter stood at Rs 2,227 Cr (down 10% from our estimate of Rs 2,477 Cr), up 4.3% YoY</li><li>Effectively, we change our rating from BUY to HOLD with a revised target price of Rs 70 (from Rs 133 earlier), valuing the company at 9x FY24 EPS of Rs 7.8 per share, implying an upside of ~2% from the CMP 69.</li></ul><p><em>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.</em></p>

Welspun India Ltd (WIL) posted its worst quarterly numbers in the last two years as company continues to face severe headwinds on cost front and which is also beginning to weaken demand environment.The numbers were a complete miss on all fronts. WILs revenue for the quarter stood at Rs 2,227 Cr (down 10% from our estimate of Rs 2,477 Cr), up 4.3% YoYEffectively, we change our rating from BUY to HOLD with a revised target price of Rs 70 (from Rs 133 earlier), valuing the company at 9x FY24 EPS of Rs 7.8 per share, implying an upside of ~2% from the CMP 69.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 India: No Respite from Margin Pressure Pain; Weak Outlook. Maintain Buy

<ul><li>Welspun India posted a weak set of numbers for the quarter as company’s performance missed our expectations on all fronts</li><li>WILs Revenue for the quarter stood at Rs 2,418 Cr (against our estimate of Rs 2585 Cr) as compared to Rs 2488 Cr in Q3 FY21</li><li>We maintain our rating of BUY with a revised target price of Rs 133 (from Rs 173 earlier) valuing the company at 15x (~20% discount to TTM PE of 18x) FY23 EPS</li></ul><div class="content-highlight"><em>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.</em></div>

Welspun India posted a weak set of numbers for the quarter as company’s performance missed our expectations on all frontsWILs Revenue for the quarter stood at Rs 2,418 Cr (against our estimate of Rs 2585 Cr) as compared to Rs 2488 Cr in Q3 FY21We maintain our rating of BUY with a revised target price of Rs 133 (from Rs 173 earlier) valuing the company at 15x (~20% discount to TTM PE of 18x) FY23 EPSContent 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 India: Negative Surprise on Gross & Operating Margins

<ul>
<li>Welspun India Ltd. (WIL) – a part of the Welspun Group of companies is one of the largest Indian Home Textile companies</li>
<li>It has a strong export presence in the USA and European markets with ~90% of the revenues contributed by exports</li>
<li>We recommend BUY with a TP of Rs 175/share</li>
</ul>
<div class="content-highlight"><em>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.</em></div>


Welspun India Ltd. (WIL) – a part of the Welspun Group of companies is one of the largest Indian Home Textile companies
It has a strong export presence in the USA and European markets with ~90% of the revenues contributed by exports
We recommend BUY with a TP of Rs 175/share

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.

India

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

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Welspun India (WLSI IN)

Welspun India - Weak Demand Environment

Lower Demand in export market, High inventory levels with large retailers in USA. Moderating Headwinds from Raw Material Prices and Ocean Freight

Axis Direct

Welspun India Ltd - Exports Struggle, Green Shoots in Domestic Business; Maintain SELL

Welspun India Ltd (WIL) reported weak numbers as the company continues to face severe headwinds on demand front as well infaltionary environment in...

Axis Direct

Welspun India: No Respite from Margin Pressure Pain; Weak Outlook. Maintain Buy

Effectively, we change our rating from BUY to HOLD with a revised target price of Rs 70 (from Rs 133 earlier), valuing the company at 9x FY24 EPS...

Axis Direct

Welspun India: Negative Surprise on Gross & Operating Margins

We maintain our rating of BUY with a revised target price of Rs 133 (from Rs 173 earlier) valuing the company at 15x (~20% discount to TTM PE of...

Axis Direct

Pick of the Week: Welspun India

Welspun India Ltd. (WIL) – a part of the Welspun Group of companies is one of the largest Indian Home Textile companies. It has a strong export...

Axis Direct

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