BQ Blue's special research section collates quality and in-depth equity and economy research reports from across India's top brokerages, asset managers and research agencies. These reports offer BloombergQuint's subscribers an opportunity to expand their understanding of companies, sectors and the economy.
ICICI Securities Report
Consensus (continues to) believe that Avenue Supermarts Ltd. is a linear and secular growth story. We disagree. This analyst's more than 20 years consumer experience suggests that in India, nuances matter more. We disagree with consensus' over-enthusiasm of buy at any price.
Watch-out for D-Mart (and modern retail) potentially getting disrupted like how India skipped wireline penetration and jumped directly to wireless.
D-Mart's Q3 revenue performance was underwhelming despite near-normal operating conditions plus significant commodity inflation (traders/retailers are 'assumed' to be beneficiaries).
Gross margin print of 14.9% was dismal – weak recovery in fashion and general merchandise continues to weigh on both revenue and margins, in our opinion.
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