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>Westlife Foodworld Ltd (erstwhile Westlife Development Ltd) delivered a resilient performance in Q12FY23.</li><li>Reported sales grew by 48% YoY (13% on a 3-Year CAGR) to Rs 572 Cr.</li><li>The company’s SSSG was up 40% YoY driven by strong growth in dine-in, up 24% over the pre- Covid base (Q2FY20) and Convenience channels, which was up 55% YoY. </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>

Westlife Foodworld Ltd (erstwhile Westlife Development Ltd) delivered a resilient performance in Q12FY23.Reported sales grew by 48% YoY (13% on a 3-Year CAGR) to Rs 572 Cr.The company’s SSSG was up 40% YoY driven by strong growth in dine-in, up 24% over the pre- Covid base (Q2FY20) and Convenience channels, which was up 55% YoY. 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.

Westlife Foodworld Ltd - Resilient Performance Amidst Challenging Environment

Thematic (Sector/Industry)

<ul><li>Axis Diwali Muhurat Picks: SAMVAT 2079: We are glad to share our report – Axis Diwali Muhurat Picks: SAMVAT 2079 with you.</li><li>The report contains carefully selected and deeply researched stocks that are well-positioned to benefit from the robust festive demand and India’s favourable macroeconomic developments.</li><li>During the month, we published the Consolidated Preview for Q2FY23. You may refer to the full report here.</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>

Axis Diwali Muhurat Picks: SAMVAT 2079: We are glad to share our report – Axis Diwali Muhurat Picks: SAMVAT 2079 with you.The report contains carefully selected and deeply researched stocks that are well-positioned to benefit from the robust festive demand and India’s favourable macroeconomic developments.During the month, we published the Consolidated Preview for Q2FY23. You may refer to the full report here.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>Samvat 2078 was a year of peaks and troughs with a roller-coaster ride in the equity market across the world.</li><li>Since the last Diwali, the market has witnessed significant volatility led by liquidity reversal, policy tightening, the Russia-Ukraine geopolitical crisis, and rising inflation.</li><li>While these developments inflicted notable changes in the market regimes, especially with higher commodity prices of base metals and crude oil over the first half of the Samvat, a trend reversal was seen in the second half of the Samvat with the majority of commodity prices cooling off primarily due to the policy tightening and the expectation of a slowdown in global growth.</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>

Samvat 2078 was a year of peaks and troughs with a roller-coaster ride in the equity market across the world.Since the last Diwali, the market has witnessed significant volatility led by liquidity reversal, policy tightening, the Russia-Ukraine geopolitical crisis, and rising inflation.While these developments inflicted notable changes in the market regimes, especially with higher commodity prices of base metals and crude oil over the first half of the Samvat, a trend reversal was seen in the second half of the Samvat with the majority of commodity prices cooling off primarily due to the policy tightening and the expectation of a slowdown in global growth.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), Emkay Global Financial Services Limited

Emkay

Emkay Global Financial Services Limited

Emkay Global Financial Services Ltd. is a leader in the financial services sector, actively creating wealth for our clients for over two decades. 

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.

<div><ul><li>Strong performance with best-ever Q4 revenue/PAT: WLDL reported ~27% growth in revenues, led by 23% SSG and new store additions (up 7% to 326 stores).</li></ul><div><div><div><div><ul><li>Consistent delivery should boost Street confidence: Pre-IndAS EBITDA margins improved 260bps to 11.8% (vs. ~9% in FY20), despite a RM spike, which affected gross margin by ~150bps.</li></ul><div><div><div><div><ul><li>Attractive valuations vs. peers; maintain Buy: We forecast healthy sales/EBITDA CAGRs of 13%/24% in FY20-25E.</li></ul></div></div></div></div></div></div></div></div></div><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>

Strong performance with best-ever Q4 revenue/PAT: WLDL reported ~27% growth in revenues, led by 23% SSG and new store additions (up 7% to 326 stores).Consistent delivery should boost Street confidence: Pre-IndAS EBITDA margins improved 260bps to 11.8% (vs. ~9% in FY20), despite a RM spike, which affected gross margin by ~150bps.Attractive valuations vs. peers; maintain Buy: We forecast healthy sales/EBITDA CAGRs of 13%/24% in FY20-25E.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.

Westlife Development - Strong Consecutive Beat Boosts Confidence

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.

<div><ul><li>In line result, fair valuations limit the upside - <span style="font-size: var(--content-font-size);">All operating parameters for WLDL – SSSG, sales, gross margin, and EBITDA – were in line</span></li></ul><div><ul><li>Operating performance in line - <span style="font-size: var(--content-font-size);">Sales grew 27.3% YoY to INR4.5b (inline). SSSG stood at 23% YoY (inline).</span></li></ul><div><ul><li>Key takeaways from the management commentary - <span style="font-size: var(--content-font-size);">The management has raised prices in 1QFY23. Along with the mix and efficiency, it said it can manage margin.</span></li></ul></div></div></div><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>

In line result, fair valuations limit the upside - All operating parameters for WLDL – SSSG, sales, gross margin, and EBITDA – were in lineOperating performance in line - Sales grew 27.3% YoY to INR4.5b (inline). SSSG stood at 23% YoY (inline).Key takeaways from the management commentary - The management has raised prices in 1QFY23. Along with the mix and efficiency, it said it can manage margin.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.

4QFY22 Results Update - Westlife Development

India

Westlife Development Limited is an operating-cum-investment company that puts up and operates quick service restaurants. The Company, through its subsidiary, operates fast food franchise restaurants across western and southern India.

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Westlife Development (WLDL IN)

Westlife Foodworld Ltd - Resilient Performance Amidst Challenging Environment

Westlife Foodworld Ltd (erstwhile Westlife Development Ltd) delivered a resilient performance in Q12FY23. Reported sales grew by 48% YoY (13% on a...

Axis Direct

Axis Research Scorecard Report - Oct 22

The report contains carefully selected and deeply researched stocks that are well-positioned to benefit from the robust festive demand and India’s...

Axis Direct

Axis Diwali Muhurat Picks: SAMVAT 2079

Since the last Diwali, the market has witnessed significant volatility led by liquidity reversal, policy tightening, the Russia-Ukraine...

Axis Direct

Westlife Development - Strong Consecutive Beat Boosts Confidence

Q4 is the second consecutive quarter where WLDL’s operating performance is 30-50% higher than street estimates and ~20% higher than our estimates.

Emkay

4QFY22 Results Update - Westlife Development

In line result, fair valuations limit the upside - All operating parameters for WLDL – SSSG, sales, gross margin, and EBITDA – were in line

Motilal Oswal

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