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>Maruti reported a mixed set of numbers for Q1FY24. Revenue (slight beat) grew by 22% YoY led by higher sales volumes (up 6% YoY) and higher ASP (up 15% YoY) on the back of a richer product mix SUV (~25% of total sales mix in Q1FY24 vs 17% in Q1FY23).</li><li>On a sequential basis, revenue grew 1%, led by higher ASP (up ~3.5% QoQ) and was only partly offset by lower sales volume (down 3%). EBITDA (missed estimates) grew by 56% YoY but declined 11% QoQ due to a richer product mix, favourable forex impact offset by retention/retiral benefits to employees and higher other expenses.</li><li>GMs were up 180bps/50bps YoY/QoQ and beat our estimate by 30bps. </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>

Maruti reported a mixed set of numbers for Q1FY24. Revenue (slight beat) grew by 22% YoY led by higher sales volumes (up 6% YoY) and higher ASP (up 15% YoY) on the back of a richer product mix SUV (~25% of total sales mix in Q1FY24 vs 17% in Q1FY23).On a sequential basis, revenue grew 1%, led by higher ASP (up ~3.5% QoQ) and was only partly offset by lower sales volume (down 3%). EBITDA (missed estimates) grew by 56% YoY but declined 11% QoQ due to a richer product mix, favourable forex impact offset by retention/retiral benefits to employees and higher other expenses.GMs were up 180bps/50bps YoY/QoQ and beat our estimate by 30bps. 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.

Maruti Suzuki  - Q1FY24 Reports Mixed Results

Maruti Suzuki India

Maruti Suzuki - Q1FY24 Reports Mixed Results