External broker reports(aggregated public sources), Axis Direct

Axis Direct

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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.

Thematic (Sector/Industry)

India Consumer discretionary / Thematic (Sector/Industry)

<div><div><div><div><ul><li>We expect Revenue/EBITDA/PAT of Auto OEMs to grow at 17%/39%/45% YoY in Q3FY23.</li><li>However, we expect Auto OEMs to post de-growth of 6%/1.5%/2.3% on a sequential basis, which would be led by volume de-growth as OEM’s wholesale volumes declined in Dec’22 post-festive season due to the normalization of channel inventories.</li><li>On the other hand, EBITDA margins are expected to expand both YoY/QoQ led by price hikes taken in the quarter, RM tailwinds, and FX benefits. Exports for 2W Auto OEMs continue to remain weak.</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>

We expect Revenue/EBITDA/PAT of Auto OEMs to grow at 17%/39%/45% YoY in Q3FY23.However, we expect Auto OEMs to post de-growth of 6%/1.5%/2.3% on a sequential basis, which would be led by volume de-growth as OEM’s wholesale volumes declined in Dec’22 post-festive season due to the normalization of channel inventories.On the other hand, EBITDA margins are expected to expand both YoY/QoQ led by price hikes taken in the quarter, RM tailwinds, and FX benefits. Exports for 2W Auto OEMs continue to remain weak.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.

Auto Q3FY23 Preview - Margin Recovery Likely in Q3