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. 

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)

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>Downgrade the stock to HOLD (BUY earlier) with revised TP of Rs. 3,775 (earlier Rs. 3,890) valuing BRIT at 43x PE its FY24E EPS</li><li>Q2FY22 Revenues healthy although EBITDA impacted: Despite the high inflation, operating profitability in H1 is comparable to pre-covid levels</li><li>Price hikes and cost optimization to mitigate RM pressures: Management has initiated pricing actions (combination of MRP increase and grammage reduction) in Q2FY22</li></ul><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>

Downgrade the stock to HOLD (BUY earlier) with revised TP of Rs. 3,775 (earlier Rs. 3,890) valuing BRIT at 43x PE its FY24E EPSQ2FY22 Revenues healthy although EBITDA impacted: Despite the high inflation, operating profitability in H1 is comparable to pre-covid levelsPrice hikes and cost optimization to mitigate RM pressures: Management has initiated pricing actions (combination of MRP increase and grammage reduction) in Q2FY22Content 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: Volumes To Be Subdued In The Near Term