External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

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.

External broker reports(aggregated public sources)

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.

Equity Bottom-Up

<p>TRENT saw a strong recovery in revenue (beating our estimate, up 2.3x YoY, and 25% above pre-COVID or 2QFY20 levels) on the back of a 46% addition in its store footprint. On a LTL basis, sales came in ~20% below pre-COVID levels. Westside/Zudio grew 3%/3x from its pre-COVID base. EBITDA/PAT saw a strong 67%/3.3x jump from pre-COVID levels. Despite revenue being below pre-COVID levels on a LTL basis, margin has been much better. Zudio has grown 3x in the last two years, despite the impact of the COVID-19 outbreak, and is expected to contribute over onethird by FY23E.</p><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>

TRENT saw a strong recovery in revenue (beating our estimate, up 2.3x YoY, and 25% above pre-COVID or 2QFY20 levels) on the back of a 46% addition in its store footprint. On a LTL basis, sales came in ~20% below pre-COVID levels. Westside/Zudio grew 3%/3x from its pre-COVID base. EBITDA/PAT saw a strong 67%/3.3x jump from pre-COVID levels. Despite revenue being below pre-COVID levels on a LTL basis, margin has been much better. Zudio has grown 3x in the last two years, despite the impact of the COVID-19 outbreak, and is expected to contribute over onethird by FY23E.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

Aggressive store additions drive growth