External broker reports(aggregated public sources), HDFC Securities

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External broker reports(aggregated public sources)

Equity Bottom-Up

<p>We maintain our SELL recommendation on DMART with a revised DCF-based TP of INR 2,260/sh (earlier 2,160/sh), implying 34x Jun-23E for the standalone business + 4x Jun-23E sales for DMART Ready. Note: the target price change is a function of EPS change (+3%; led by lower cost of retailing) for FY23 and DCF rollover (+2%) to Jun-23. Avenue Supermarts: While D-MARTs revenue recovery came in line with expectations, its profitability disappointed. Revenue grew 31% to INR 50.3bn (in-line), while curbs on non-essential sales during the second COVID-led lockdown put pressure on its gross margin (GM), which contracted 129bps to 12.4% (HSIE: 13.5%).</p><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>

We maintain our SELL recommendation on DMART with a revised DCF-based TP of INR 2,260/sh (earlier 2,160/sh), implying 34x Jun-23E for the standalone business + 4x Jun-23E sales for DMART Ready. Note: the target price change is a function of EPS change (+3%; led by lower cost of retailing) for FY23 and DCF rollover (+2%) to Jun-23. Avenue Supermarts: While D-MARTs revenue recovery came in line with expectations, its profitability disappointed. Revenue grew 31% to INR 50.3bn (in-line), while curbs on non-essential sales during the second COVID-led lockdown put pressure on its gross margin (GM), which contracted 129bps to 12.4% (HSIE: 13.5%).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.

Avenue Supermarts Ltd

HSIE Results Daily: Avenue Supermarts