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>The company’s revenue (largely inline) was up 12%/3% YoY/QoQ on account of a 5% YoY increase in ASP (price hike and higher spares mix), and a 7%/2.5% YoY/QoQ growth in volumes (low base in Q4FY22).</li><li>ASP increased 1% QoQ led by price hikes in Jan’23 on account of input cost pass-through and to comply with regulatory norms.</li><li>EBITDA beat ours/consensus estimates by 9%/10% respectively and was up 31%/17%% YoY/QoQ while EBITDA margin at 13% (vs. 12%/11% in Q3FY23/Q4FY22) beat ours/consensus estimate of 12%.</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>

The company’s revenue (largely inline) was up 12%/3% YoY/QoQ on account of a 5% YoY increase in ASP (price hike and higher spares mix), and a 7%/2.5% YoY/QoQ growth in volumes (low base in Q4FY22).ASP increased 1% QoQ led by price hikes in Jan’23 on account of input cost pass-through and to comply with regulatory norms.EBITDA beat ours/consensus estimates by 9%/10% respectively and was up 31%/17%% YoY/QoQ while EBITDA margin at 13% (vs. 12%/11% in Q3FY23/Q4FY22) beat ours/consensus estimate of 12%.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.

Hero Motocorp - Strong Q4; Increasing Focus on Market Share Recovery