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.

Thematic (Sector/Industry)

India Consumer discretionary / Thematic (Sector/Industry)

<ul><li>Auto OEMs: We expect Revenue/EBITDA/PAT for our OEM coverage universe to grow by ~12.7%/10.3%/10.6% YoY with a 30 bps decline expected in EBITDA Margins.</li><li>The growth will be driven by (i) High single-digit volume growth in 2Ws and tractors, (ii) Low to mid-single digit growth for PVs being partly offset by a slight decline in CVs.</li><li>The expected YoY EBITDA margin decline is an outcome of (i) inferior product mix, (ii) higher discounts (PV), (iii) increased sales and marketing expenses being partly offset by RM softening and (iv) price hikes taken over the past one year. </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>

Auto OEMs: We expect Revenue/EBITDA/PAT for our OEM coverage universe to grow by ~12.7%/10.3%/10.6% YoY with a 30 bps decline expected in EBITDA Margins.The growth will be driven by (i) High single-digit volume growth in 2Ws and tractors, (ii) Low to mid-single digit growth for PVs being partly offset by a slight decline in CVs.The expected YoY EBITDA margin decline is an outcome of (i) inferior product mix, (ii) higher discounts (PV), (iii) increased sales and marketing expenses being partly offset by RM softening and (iv) price hikes taken over the past one year. 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.

Q3FY25 Earnings Preview - Automobile