External broker reports(aggregated public sources), Axis Direct

Axis Direct

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

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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

<div><div><div><div><ul><li>Ashok Leyland reported robust Q1FY24 numbers on a YoY basis (In Q4FY23, sales volumes were significantly higher due to pre-buying ahead of the OBD phase II norms.</li><li>Moreover, Q4 being a seasonally stronger quarter, the QoQ numbers are not strictly comparable). Revenue grew by 13% YoY (inline), but declined 30% QoQ on account of higher ASP (ASP was up 9%/2% YoY/QoQ due to price hikes taken during the year/quarter) along with higher sales volumes (up 4% YoY, down 31 % QoQ).</li><li>EBITDA jumped up by 156% YoY (but declined 36% QoQ), beating ours and consensus estimates by 16% and 3% respectively, largely led by higher GMs (up ~560/200 bps YoY/QoQ) at 26.3% as the benefit of the lower RM costs flows through QoQ. </li></ul></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>

Ashok Leyland reported robust Q1FY24 numbers on a YoY basis (In Q4FY23, sales volumes were significantly higher due to pre-buying ahead of the OBD phase II norms.Moreover, Q4 being a seasonally stronger quarter, the QoQ numbers are not strictly comparable). Revenue grew by 13% YoY (inline), but declined 30% QoQ on account of higher ASP (ASP was up 9%/2% YoY/QoQ due to price hikes taken during the year/quarter) along with higher sales volumes (up 4% YoY, down 31 % QoQ).EBITDA jumped up by 156% YoY (but declined 36% QoQ), beating ours and consensus estimates by 16% and 3% respectively, largely led by higher GMs (up ~560/200 bps YoY/QoQ) at 26.3% as the benefit of the lower RM costs flows through QoQ. 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.

Ashok Leyland - Gross Margin Drives Beat; Maintain BUY