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>V-Mart result was a miss on all fronts as demand in Tier 2/3/4 cities remained impacted owing to inflationary pressure.</li><li>Gross margins stood at 35.4% (down 160bps YoY) owing to weak winter sales (higher inventory) and price cuts to attract value customers despite cotton prices remaining firm above Pre-COVID levels.</li><li>EBITDA margins stood at 13.3% (down 620 bps YoY) owing to negative operating leverage and higher business &amp; integrated related expenses of Limeroad (which the company acquired in Nov’22).</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>

V-Mart result was a miss on all fronts as demand in Tier 2/3/4 cities remained impacted owing to inflationary pressure.Gross margins stood at 35.4% (down 160bps YoY) owing to weak winter sales (higher inventory) and price cuts to attract value customers despite cotton prices remaining firm above Pre-COVID levels.EBITDA margins stood at 13.3% (down 620 bps YoY) owing to negative operating leverage and higher business &amp; integrated related expenses of Limeroad (which the company acquired in Nov’22).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.

V-Mart Ltd -Remain Cautiously Optimistic; Maintain BUY

V-Mart Retail

V-Mart Ltd -Remain Cautiously Optimistic; Maintain BUY