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

<ul><li>Asian Paints Q2FY23 print was disappointment across all fronts, mainly on margins front which was below ours and consensus estimates.</li><li>Consol revenue grew by ~20% YoY (19% on a 3-year CAGR) to Rs 8,458 Cr, led by 10% volume and price growth each.</li><li>The management highlighted extended monsoon impacted the projects and institutional sales (15-20% of sales) mainly in south and west region while growth remained intact in rural / T3/ T4 centers as it grew faster than urban/metros centers, which led to higher saliance of low margins economy emulsions and putty sales, while there was downtrading in luxury, premium and economy emulsions.</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>

Asian Paints Q2FY23 print was disappointment across all fronts, mainly on margins front which was below ours and consensus estimates.Consol revenue grew by ~20% YoY (19% on a 3-year CAGR) to Rs 8,458 Cr, led by 10% volume and price growth each.The management highlighted extended monsoon impacted the projects and institutional sales (15-20% of sales) mainly in south and west region while growth remained intact in rural / T3/ T4 centers as it grew faster than urban/metros centers, which led to higher saliance of low margins economy emulsions and putty sales, while there was downtrading in luxury, premium and economy emulsions.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.

Asian Paints - Near Term Challenges Persist