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HDFC Securities Institutional Equities
In its latest post-results review on Avenue Supermarts Ltd. (DMart), LTM Ltd., Indian Bank and Bank of Maharashtra, HDFC Securities has reiterated a broadly positive stance on the four stocks despite a mixed earnings season.
The brokerage retained its Buy recommendations on LTM, Indian Bank and Bank of Maharashtra, while maintaining an Add rating on DMart.
Avenue Supermarts Q1 Results
DMart reported standalone revenue of Rs 183.4 billion, up 15.1% YoY, driven by healthy growth in non-metro markets. However, same-store sales growth slowed to 5.5%, impacted by flat growth in older metro stores. Gross margin expanded 46 basis points to 15.1%, aided by a favourable product mix led by stronger growth in the general merchandise and apparel segment.
While profitability remained healthy, HDFC Securities trimmed its FY27 and FY28 earnings estimates by around 3% and 2%, respectively, citing weaker-than-expected large-metro performance. The brokerage retained its Add rating but reduced the target price to Rs 4,150 from Rs 4,300.
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