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>Trent's Q3FY23 print was better than our expectations.</li><li>It maintained its strong revenue growth momentum, up 61% YoY (36% on a 3-Year CAGR basis) to Rs 2172 Cr led by increased footfalls, strong growth across emerging categories (incl. beauty, personal care innerwear, and footwear) and continued thrust on store expansion.</li><li>EBITDA grew 15% YoY (25% 3-Year CAGR), while EBITDA margins at 15.5% declined by 620bps YoY due to gross margin pressure – higher RM and increased mix of low margin Zudio portfolio coupled with higher operating expenses. PAT stood at Rs 161 Cr, up 21% YoY.</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>

Trent's Q3FY23 print was better than our expectations.It maintained its strong revenue growth momentum, up 61% YoY (36% on a 3-Year CAGR basis) to Rs 2172 Cr led by increased footfalls, strong growth across emerging categories (incl. beauty, personal care innerwear, and footwear) and continued thrust on store expansion.EBITDA grew 15% YoY (25% 3-Year CAGR), while EBITDA margins at 15.5% declined by 620bps YoY due to gross margin pressure – higher RM and increased mix of low margin Zudio portfolio coupled with higher operating expenses. PAT stood at Rs 161 Cr, up 21% YoY.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.

Trent Ltd - Outstanding Performance; Maintain BUY