External broker reports(aggregated public sources), Axis Direct

Axis Direct

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

<div><div><div><div><ul><li>TCS reported robust deal wins of $34.6 Bn in FY22, spread across verticals and geographies with an impressive book-to-bill ratio of 1.3.</li><li>The company demonstrated its strong execution capabilities, aided mainly by its superior ability to manage attrition, ramp up in the projects won in the previous quarters, and the market share gains.</li><li>TCS continues to invest in employee addition to ramp up the new deals it has won in the previous quarters as well as to deliver projects on the promised timelines. We believe this will enable the company to achieve sustainable growth in the long run.</li></ul></div></div></div></div><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>

TCS reported robust deal wins of $34.6 Bn in FY22, spread across verticals and geographies with an impressive book-to-bill ratio of 1.3.The company demonstrated its strong execution capabilities, aided mainly by its superior ability to manage attrition, ramp up in the projects won in the previous quarters, and the market share gains.TCS continues to invest in employee addition to ramp up the new deals it has won in the previous quarters as well as to deliver projects on the promised timelines. We believe this will enable the company to achieve sustainable growth in the long run.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.

Tata Consultancy Services Ltd - Another Robust Year

External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

A Relationship Beyond Broking

Nirmal Bang, one of the leading stock broking companies in India, caters to retail and institutional clients by offering them a range of financial products and services, including equities, derivatives, commodities, currency derivatives, mutual funds, IPOs, insurance, depository services and PMS.

Nirmal Bang is drawn from a diversity of professional backgrounds, and blend of experience, skill and dedication is shared with its clients. Nirmal Bang emphasizes adequate, thorough research local and world-wide developments, balancing these with the astute discovery of intrinsic values, synergies and growth. The aim is simply to help the investors to maximize their returns.

<div><div><div><div><ul><li>Macro not hitting demand yet: TCS indicated that order pipeline velocity and deal closures continue to be strong.</li><li>While client conversations at the CXO levels see great deal of discussions on the macro challenges, they have not translated into spending cuts yet.</li><li>TCS stated that it has been constantly polling clients to see whether there is an early indication of demand softening, and as of now there is none to speak of.</li></ul></div></div></div></div><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>

Macro not hitting demand yet: TCS indicated that order pipeline velocity and deal closures continue to be strong.While client conversations at the CXO levels see great deal of discussions on the macro challenges, they have not translated into spending cuts yet.TCS stated that it has been constantly polling clients to see whether there is an early indication of demand softening, and as of now there is none to speak of.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.

Tata Consultancy Services - Steady as of Now but Visibility and Order Inflow Seem Challenges

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund 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.

Thematic (Sector/Industry)

<div><div><div><div><ul><li>Top-down assessment: Despite the correlation to the macro, the demand for the sector is structural (double-digit CAGR over five years is high probability).</li><li>Enterprise trends–growth vectors: Enterprise tech spends are strong and there’s limited impact on overall growth due to any vertical-specific slowdown.</li><li>Cloud partnerships–the second order impact: Tech value migration towards cloud providers is underway and will drive the growth curve of SIs.</li></ul><ul style="list-style-type: none;"><li><div><div><div><div><ul style="list-style-type: none;"><li> </li></ul></div></div></div></div></li></ul></div></div></div></div><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>

Top-down assessment: Despite the correlation to the macro, the demand for the sector is structural (double-digit CAGR over five years is high probability).Enterprise trends–growth vectors: Enterprise tech spends are strong and there’s limited impact on overall growth due to any vertical-specific slowdown.Cloud partnerships–the second order impact: Tech value migration towards cloud providers is underway and will drive the growth curve of SIs. 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.

External broker reports(aggregated public sources), Emkay Global Financial Services Limited

Emkay

Emkay Global Financial Services Limited

Emkay Global Financial Services Ltd. is a leader in the financial services sector, actively creating wealth for our clients for over two decades. 

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.

<div><div><div><div><ul><li>Optimistic about sustaining revenue growth momentum in FY23: TCS has implemented a new organization structure to enhance its customer centricity in order to capture Horizon 2 and Horizon 3 demand and to drive sustained revenue growth.</li><li>The new structure retains the atomicity of its earlier architecture, and its three dimensions – industry verticals, horizontal service lines and geography-based sales.</li><li>TCS has now added a fourth dimension, the stage of the customer’s relationship journey with TCS, wherein it has rearranged existing units into three business groups, each aligned to a particular phase in the customer relationship journey</li></ul></div></div></div></div><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>

Optimistic about sustaining revenue growth momentum in FY23: TCS has implemented a new organization structure to enhance its customer centricity in order to capture Horizon 2 and Horizon 3 demand and to drive sustained revenue growth.The new structure retains the atomicity of its earlier architecture, and its three dimensions – industry verticals, horizontal service lines and geography-based sales.TCS has now added a fourth dimension, the stage of the customer’s relationship journey with TCS, wherein it has rearranged existing units into three business groups, each aligned to a particular phase in the customer relationship journeyContent 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.

Tcs - Healthy Demand Environment; H1 Likely to See Usual Seasonality

<div><div><div><div><ul><li>4QFY22 key takeaways: While the revenues were broadly in line with expectations, supply-side challenges meant that margins disappointed.</li></ul><div><div><div><div><ul><li>A massive margin regime change on the cards in FY24, but this will not mean much from a stock performance perspective in the next 12 months:</li></ul><div><div><div><div><ul><li>Tier-2 could face significant risks in the new environment: We fear Indian Tier-2 IT would suffer more because of vendor consolidation under the pressured profit picture for customers, a less diversified revenue mix (client, service line, vertical), which could throw up negative growth surprises, and a larger exposure to non-Global 1000 clientele whose profits are more vulnerable in the current challenging macro environment. Indian Tier-2 IT is now at a PE premium of ~20% to Tier-1 from a discount of 14% on 1st January, 2020.</li></ul></div></div></div></div></div></div></div></div></div></div></div></div><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>

4QFY22 key takeaways: While the revenues were broadly in line with expectations, supply-side challenges meant that margins disappointed.A massive margin regime change on the cards in FY24, but this will not mean much from a stock performance perspective in the next 12 months:Tier-2 could face significant risks in the new environment: We fear Indian Tier-2 IT would suffer more because of vendor consolidation under the pressured profit picture for customers, a less diversified revenue mix (client, service line, vertical), which could throw up negative growth surprises, and a larger exposure to non-Global 1000 clientele whose profits are more vulnerable in the current challenging macro environment. Indian Tier-2 IT is now at a PE premium of ~20% to Tier-1 from a discount of 14% on 1st January, 2020.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.

Sector Update - Cut Target Prices yet Again; Customer Stress Shows up Earlier than Expected

India

Tata Consultancy Services, a division of Tata Sons Limited, is a global IT services organization that provides a comprehensive range of IT services to its clients in diverse industries. The Company, caters to finance and banking, insurance, telecommunication, transportation, retail, manufacturing, pharmaceutical, and utility industries.

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Tata Consultancy Svcs (TCS IN)

Tata Consultancy Services Ltd - Another Robust Year

TCS reported robust deal wins of $34.6 Bn in FY22, spread across verticals and geographies with an impressive book-to-bill ratio of 1.3.

Axis Direct

Tata Consultancy Services - Steady as of Now but Visibility and Order Inflow Seem Challenges

TCS delivered 3.5% CC QoQ revenue growth, below our estimate of 4.5% but likely in line with consensus. EBIT margin at 23.1% came in line with our...

Nirmal Bang

IT Sector - Decoding Signal from Noise

In this note, we decode the signal from noise and probe some key questions: (1) How structural is the demand and how correlated is it to the macros...

HDFC Securities

Tcs - Healthy Demand Environment; H1 Likely to See Usual Seasonality

As per our interaction with TCS management, the company does not see any softness in demand or any delay in decision-making from clients despite...

Emkay

Sector Update - Cut Target Prices yet Again; Customer Stress Shows up Earlier than Expected

Just 40 days post our downgrade of the IT sector to ‘underweight’, we have reduced target prices yet again and have moved our entire coverage...

Nirmal Bang

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