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>Eicher reported a strong set of numbers with EBITDA and PAT beating our estimate. Revenue stood in line with our estimate (up 20%/2% YoY/QoQ).</li><li>The company’s sales volume (Reported earlier) was up by 22%/4% YoY/QoQ to 227k units in Q1FY24. EBITDA grew by 29%/7% YoY/QoQ, a 6% beat vs. our estimate to Rs 1,013 Cr driven by improvement in GMs (up 63/42 bps YoY/QoQ and 42 bps beat vs our estimate), lower other expenses, partially offset by higher employee expenses (increments in Q1).</li><li>EBITDA margins improved to 26% (vs 24.3% in Q1FY23 and 24.7% in Q4FY23) beating our estimate by 136bps despite the higher mix of the hunter and lower exports mainly due to the price hikes taken in May’23 and ~80bps savings from sourcing cost. </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>

Eicher reported a strong set of numbers with EBITDA and PAT beating our estimate. Revenue stood in line with our estimate (up 20%/2% YoY/QoQ).The company’s sales volume (Reported earlier) was up by 22%/4% YoY/QoQ to 227k units in Q1FY24. EBITDA grew by 29%/7% YoY/QoQ, a 6% beat vs. our estimate to Rs 1,013 Cr driven by improvement in GMs (up 63/42 bps YoY/QoQ and 42 bps beat vs our estimate), lower other expenses, partially offset by higher employee expenses (increments in Q1).EBITDA margins improved to 26% (vs 24.3% in Q1FY23 and 24.7% in Q4FY23) beating our estimate by 136bps despite the higher mix of the hunter and lower exports mainly due to the price hikes taken in May’23 and ~80bps savings from sourcing cost. 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.

Eicher Motors - Strong Q1, Increasing Competitive Landscape in the Mid-Term