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>The company’s robust all-around performance was led by volume growth of 18% YoY (~14% in CY23), driven by strong double-digit volume growth in the Indian and international markets.</li><li>The realization in CY23 grew by 7% at Rs 176/case, led by an improved product mix of smaller SKUs (205 ml-smaller SKUs have higher realization), increased salience of the sting portfolio in the domestic market, and improved realization in international markets.</li><li>Gross and EBITDA margin expanded by 34bps/179bps YoY to 56.6%/15.7% on account of lower PET prices, higher realization, and operational efficiencies.</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>

The company’s robust all-around performance was led by volume growth of 18% YoY (~14% in CY23), driven by strong double-digit volume growth in the Indian and international markets.The realization in CY23 grew by 7% at Rs 176/case, led by an improved product mix of smaller SKUs (205 ml-smaller SKUs have higher realization), increased salience of the sting portfolio in the domestic market, and improved realization in international markets.Gross and EBITDA margin expanded by 34bps/179bps YoY to 56.6%/15.7% on account of lower PET prices, higher realization, and operational efficiencies.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.

Varun Beverages Ltd - STRONG VOLUME-LED GROWTH CONTINUES; MAINTAIN BUY