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>BRIT’s top line improved by 15.5% YoY in Q4FY22 but remained flattish QoQ. The company reported revenues of Rs 3,508 Cr, up 15.5% YoY, driven by mid-single digit volume growth of 4% on account of share gains from unorganized players</li><li>Gross Margin (GPM) of 37.3% in Q4FY22 was lower than 136bps YoY owing to a sharp QoQ and YoY rise in prices of RMs like palm oil and crude that impacted prices of packing material and transport costs</li><li>Retain HOLD with revised TP of Rs 3,650 (earlier Rs 3,700), valuing BRIT at 43x PE its FY24E EPS.</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>

BRIT’s top line improved by 15.5% YoY in Q4FY22 but remained flattish QoQ. The company reported revenues of Rs 3,508 Cr, up 15.5% YoY, driven by mid-single digit volume growth of 4% on account of share gains from unorganized playersGross Margin (GPM) of 37.3% in Q4FY22 was lower than 136bps YoY owing to a sharp QoQ and YoY rise in prices of RMs like palm oil and crude that impacted prices of packing material and transport costsRetain HOLD with revised TP of Rs 3,650 (earlier Rs 3,700), valuing BRIT at 43x PE its FY24E EPS.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.

Britannia Industries: Volume Growth Encouraging; Maintaining Near-Term Profitability A Challenge