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.
Motilal Oswal Report
The revenue recovery in Avenue Supermarts Ltd. has been much better than that during the previous lockdown, growing 33% YoY (13% below pre-Covid-19 levels).
Gross margin declined by 110 basis point YoY, despite the base quarter having seen a severe impact on the margin accretive discretionary category due to Covid-19.
We have largely maintained our estimates and expect a buoyant recovery from Q2 FY22 onwards, factoring in 24% revenue/profit after tax compound annual growth rate over FY20-23E.
We see a limited upside given the rich valuations.
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