External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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)

<ul><li>The IT sector is expected to post mixed revenue growth in Q1, with tier-1 reporting muted CC revenue growth while mid-tier is expected to deliver strong growth</li><li>There is a huge cross-currency tailwind in the quarter which will result in strong USD growth QoQ</li><li>The companies will maintain their full-year FY26E guidance amid the ongoing global economic uncertainty</li></ul>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.

The IT sector is expected to post mixed revenue growth in Q1, with tier-1 reporting muted CC revenue growth while mid-tier is expected to deliver strong growthThere is a huge cross-currency tailwind in the quarter which will result in strong USD growth QoQThe companies will maintain their full-year FY26E guidance amid the ongoing global economic uncertaintyContent 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.

IT Sector (Q1FY26E Results Preview): Resilience Amidst Challenges

<ul><li>Tata Consultancy Services: Tata Consultancy Services (TCS) delivered in-line revenue growth and operating performance in Q3, albeit with a pick-up in deal wins (best book-to-bill for Q3 &amp; Q4 traditionally being strongest in bookings)</li><li>Key positives for TCS include (1) strong TCV of USD 10.2bn, driven by large deal wins across various markets and industries, (2) positive commentary on broad basing of discretionary spend beyond the BFSI vertical, (3) management’s outlook of CY25 growth to be better than CY24 (despite the impact of BSNL deal), supported by increase in successful deployment of GenAI engagements, (4) TCS’ full stack capabilities and growth across managed services, operating model transformation, vendor consolidation, legacy modernization, CX transformation, and GenAI-led transformation, and (5) higher fresher addition next year indicative of better visibility</li><li>BSNL deal tapering-off in FY26E will impact growth (improve margins), even as discretionary spend recovers</li></ul>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: Tata Consultancy Services (TCS) delivered in-line revenue growth and operating performance in Q3, albeit with a pick-up in deal wins (best book-to-bill for Q3 &amp; Q4 traditionally being strongest in bookings)Key positives for TCS include (1) strong TCV of USD 10.2bn, driven by large deal wins across various markets and industries, (2) positive commentary on broad basing of discretionary spend beyond the BFSI vertical, (3) management’s outlook of CY25 growth to be better than CY24 (despite the impact of BSNL deal), supported by increase in successful deployment of GenAI engagements, (4) TCS’ full stack capabilities and growth across managed services, operating model transformation, vendor consolidation, legacy modernization, CX transformation, and GenAI-led transformation, and (5) higher fresher addition next year indicative of better visibilityBSNL deal tapering-off in FY26E will impact growth (improve margins), even as discretionary spend recoversContent 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.

HSIE Results Daily: Tata Consultancy Services, Tata Elxsi

Equity Bottom-Up

<ul><li>Tata Consultancy Services (TCS) posted a mixed quarter with a growth skew from the BSNL deal, but the outlook trendline remains positive</li><li>The positive markers that aid growth visibility are (1) BFSI acceleration, (2) transitory factors, for Q2 moderation, (3) strong deal pipeline &amp; commentary on discretionary spending improving, and (4) pent-up spending on tech modernisation and incremental opportunity from GenAI (doubling of PoCs/engagements)</li><li>The concerns of broadening vertical portfolio underperformance and the absence of mega deals in H1FY25 are transitory and client-specific.</li></ul>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 (TCS) posted a mixed quarter with a growth skew from the BSNL deal, but the outlook trendline remains positiveThe positive markers that aid growth visibility are (1) BFSI acceleration, (2) transitory factors, for Q2 moderation, (3) strong deal pipeline &amp; commentary on discretionary spending improving, and (4) pent-up spending on tech modernisation and incremental opportunity from GenAI (doubling of PoCs/engagements)The concerns of broadening vertical portfolio underperformance and the absence of mega deals in H1FY25 are transitory and client-specific.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 (Q2FY25): Outlook Trendline Remains Positive. Maintain ADD

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.

<ul><li>Execution prowess: TCS has demonstrated commendable execution even during challenging times by increasing client engagement.</li><li>This has helped the company report encouraging margin expansion.</li><li>Demand slowly picking up: BFSI and Retail verticals reported moderated growth. However, there are some green shoots visible alongside increased client engagement.</li></ul>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.

Execution prowess: TCS has demonstrated commendable execution even during challenging times by increasing client engagement.This has helped the company report encouraging margin expansion.Demand slowly picking up: BFSI and Retail verticals reported moderated growth. However, there are some green shoots visible alongside increased client engagement.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 - Superior Execution; Demand Shaping-Up

<ul><li>The IT sector growth is in the middle of its recovery, having bottomed out two quarters ago, and is expected to achieve a high single-digit over the next three quarters</li><li>Current stock prices reflect increased confidence in this trajectory</li><li>AI is proving to be a net positive for the sector, and with GCC growth differential peaking, concerns around terminal growth are easing, supporting sustained demand</li></ul>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.

The IT sector growth is in the middle of its recovery, having bottomed out two quarters ago, and is expected to achieve a high single-digit over the next three quartersCurrent stock prices reflect increased confidence in this trajectoryAI is proving to be a net positive for the sector, and with GCC growth differential peaking, concerns around terminal growth are easing, supporting sustained demandContent 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.

IT Sector (Q2FY25E Results Preview): Recovery in progress

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)

IT Sector (Q1FY26E Results Preview): Resilience Amidst Challenges

The IT sector is expected to post mixed revenue growth in Q1, with tier-1 reporting muted CC revenue growth while mid-tier is expected to deliver...

HDFC Securities

HSIE Results Daily: Tata Consultancy Services, Tata Elxsi

Tata Consultancy Services (TCS) delivered in-line revenue growth and operating performance in Q3, albeit with a pick-up in deal wins

HDFC Securities

Tata Consultancy Services (Q2FY25): Outlook Trendline Remains Positive. Maintain ADD

Tata Consultancy Services (TCS) posted a mixed quarter with a growth skew from the BSNL deal, but the outlook trendline remains positive

HDFC Securities

Tata Consultancy Services Ltd - Superior Execution; Demand Shaping-Up

Execution prowess: TCS has demonstrated commendable execution even during challenging times by increasing client engagement.

Axis Direct

IT Sector (Q2FY25E Results Preview): Recovery in progress

The IT sector growth is in the middle of its recovery, having bottomed out two quarters ago, and is expected to achieve a high single-digit over...

HDFC Securities

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