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>Revenue declined 13% on a YoY basis as volume declined ~14% YoY owing to a sharp fall in demand and implementation of the Auto Replenishment Shipment (ARS) which impacted the primary sales.</li><li>Gross margins stood at 56.6%, down 280bps YoY owing to high- cost raw material inventory.</li><li>EBITDA declined 50% YoY while EBITDA margins stood at 13.9%, down from 24% in Q4FY22 on account of higher marketing spends and negative operating leverage.</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>

Revenue declined 13% on a YoY basis as volume declined ~14% YoY owing to a sharp fall in demand and implementation of the Auto Replenishment Shipment (ARS) which impacted the primary sales.Gross margins stood at 56.6%, down 280bps YoY owing to high- cost raw material inventory.EBITDA declined 50% YoY while EBITDA margins stood at 13.9%, down from 24% in Q4FY22 on account of higher marketing spends and negative operating leverage.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.

Page Industries Ltd - Subdued Performance with Bleak Outlook; Maintain HOLD