External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

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External broker reports(aggregated public sources)

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund 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

Devyani International  / Equity Bottom-Up

<ul><li>Devyani’s (DIL) 4QFY24 results were below our estimates, as core brands (KFC and PH) disappointed on the SSSG front</li><li>Although the India gross margin expanded c200bps YoY, operating deleverage (KFC SSS declined 7%, whereas PH saw 14% SSS decline) dented domestic profitability (flat EBITDA growth vs revenue growth of 11% YoY)</li><li>Further adding to woes, currency devaluation (Nigerian business) relating to international business dragged overall performance (consolidated EBITDA grew 5% YoY only).</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>

Devyani’s (DIL) 4QFY24 results were below our estimates, as core brands (KFC and PH) disappointed on the SSSG frontAlthough the India gross margin expanded c200bps YoY, operating deleverage (KFC SSS declined 7%, whereas PH saw 14% SSS decline) dented domestic profitability (flat EBITDA growth vs revenue growth of 11% YoY)Further adding to woes, currency devaluation (Nigerian business) relating to international business dragged overall performance (consolidated EBITDA grew 5% YoY only).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.

Devyani International (4QFY24): No Light at the End of the Tunnel. Maintain REDUCE