External broker reports(aggregated public sources), HDFC Securities

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External broker reports(aggregated public sources)

Equity Bottom-Up

ITD Cementation India  / Equity Bottom-Up

<p>V-MART Retail: V-MART's recovery remains better than most, although it fell short of expectations (5.8% vs HSIE: 12%). Recovery was led by pent-up demand for summer collection and improving footfalls. Better inventory relevance/control (translating into lower discounting) led to gross margin expansion. GM/EBITDAM expanded 127/117bp to 29.8/9.5% (HSIE: 28.6/8.4%). Working capital (WC) remains elevated due to stock-up of fresh assortment (to play the recovery). Note: VMART recently raised INR 3.75bn (for furthering growth aspirations).</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>

V-MART Retail: V-MART's recovery remains better than most, although it fell short of expectations (5.8% vs HSIE: 12%). Recovery was led by pent-up demand for summer collection and improving footfalls. Better inventory relevance/control (translating into lower discounting) led to gross margin expansion. GM/EBITDAM expanded 127/117bp to 29.8/9.5% (HSIE: 28.6/8.4%). Working capital (WC) remains elevated due to stock-up of fresh assortment (to play the recovery). Note: VMART recently raised INR 3.75bn (for furthering growth aspirations).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.

HSIE Results Daily: ITC, Siemens, Gujarat Gas, V-MART Retail, ITD Cementation