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>Bajaj Auto: Bajaj Auto’s Q3 PAT at INR20.4bn was ahead of our estimate of INR 19.7bn due to a better-than-expected margin of 20.1% (estimate of 19.5%)</li><li>The margin beat was due to an improved mix and better export realisation</li><li>While BAL has posted a healthy performance in FY24 so far, it is unlikely to sustain it, going forward, as (1) exports will take longer to revive in key markets like Africa and Latin America since they remain stressed due to inflation and fears linger due to current Red Sea crisis, (2) we expect growth rates in domestic motorcycles (and in 3Ws) to normalise in coming quarters on a high base and due to lack of adequate rainfall this fiscal, (3) Triumph is already available off the shelf, and (4) in 2W EVs, BAL is facing acute competitive pressure and uncertainty persists around FAME subsidy sustenance</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.

Bajaj Auto: Bajaj Auto’s Q3 PAT at INR20.4bn was ahead of our estimate of INR 19.7bn due to a better-than-expected margin of 20.1% (estimate of 19.5%)The margin beat was due to an improved mix and better export realisationWhile BAL has posted a healthy performance in FY24 so far, it is unlikely to sustain it, going forward, as (1) exports will take longer to revive in key markets like Africa and Latin America since they remain stressed due to inflation and fears linger due to current Red Sea crisis, (2) we expect growth rates in domestic motorcycles (and in 3Ws) to normalise in coming quarters on a high base and due to lack of adequate rainfall this fiscal, (3) Triumph is already available off the shelf, and (4) in 2W EVs, BAL is facing acute competitive pressure and uncertainty persists around FAME subsidy sustenanceContent 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: Bajaj Auto, Tech Mahindra, TVS Motor, United Spirits, Hitachi Energy

<ul><li>The big news is that not much has changed in the past few months</li><li>Most of the demand indicators are trailing 10-15% below levels at the beginning of the year and only slightly better than the July lows, the supply-side factors remain favourable, supporting operational resilience despite soft growth</li><li>In Q2FY24, the IT sector is expected to deliver a soft quarter, although Q2 has historically been a seasonally strong quarter.</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 big news is that not much has changed in the past few monthsMost of the demand indicators are trailing 10-15% below levels at the beginning of the year and only slightly better than the July lows, the supply-side factors remain favourable, supporting operational resilience despite soft growthIn Q2FY24, the IT sector is expected to deliver a soft quarter, although Q2 has historically been a seasonally strong quarter.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), Sharekhan

Sharekhan

Sharekhan is India's leading broking house providing services from easy online trading, research to wide array of financial products. 

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

<ul><li>Birlasoft reported revenue at $160.8 million, down 1.1% q-o-q/0.1% y-o-y, in constant currency (CC) terms, missing our estimate of $164.3 million.</li><li>EBITDA margin fell ~10 bps q-o-q to 12%, beating our estimate of 10.6%.</li><li>The company signed TCV deals of $226 million, up 66%q-o-q/4% y-o-y.</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.

Birlasoft reported revenue at $160.8 million, down 1.1% q-o-q/0.1% y-o-y, in constant currency (CC) terms, missing our estimate of $164.3 million.EBITDA margin fell ~10 bps q-o-q to 12%, beating our estimate of 10.6%.The company signed TCV deals of $226 million, up 66%q-o-q/4% y-o-y.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.

Birlasoft Ltd - Higher than Usual Furloughs Mars Q3

<ul><li>Birlasoft (BSOFT) posted in-line results with revenue increasing by 1.6% QoQ and margin expanding, a positive in the current context</li><li>BSOFT’s growth potential is supported by its highly scalable and resilient service line and senior management induction over the past year</li><li>Strong large client mining, BFSI growth opportunity, and consistent operational improvement (incl cash flows) are clear positives</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.

Birlasoft (BSOFT) posted in-line results with revenue increasing by 1.6% QoQ and margin expanding, a positive in the current contextBSOFT’s growth potential is supported by its highly scalable and resilient service line and senior management induction over the past yearStrong large client mining, BFSI growth opportunity, and consistent operational improvement (incl cash flows) are clear positivesContent 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.

Birlasoft (Q4FY24): Steady Progression. Maintain ADD

<ul><li>Birlasoft’s (BSOFT) growth momentum has the potential to accelerate, accompanied by sustainable margin expansion ahead</li><li>We believe that BSOFT possesses a scalable services portfolio and resilience in the current macroeconomic scenario (Birlasoft – the next large mid-tier)</li><li>Recent senior-level hires from tier-1 companies across service lines and sales are expected to support the addition of marquee logos, facilitate market-share gains in the BFSI vertical, and ensure the continuity of large account mining (T10 growing ahead of the company average)</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.

Birlasoft’s (BSOFT) growth momentum has the potential to accelerate, accompanied by sustainable margin expansion aheadWe believe that BSOFT possesses a scalable services portfolio and resilience in the current macroeconomic scenario (Birlasoft – the next large mid-tier)Recent senior-level hires from tier-1 companies across service lines and sales are expected to support the addition of marquee logos, facilitate market-share gains in the BFSI vertical, and ensure the continuity of large account mining (T10 growing ahead of the company average)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.

India

Birlasoft is an Indian multinational information technology services and consulting company. It specializes in digital transformation, integrating cloud, AI, and data analytics into operations, and offers services such as intelligent automation, product lifecycle management, and enterprise resource planning. The company is headquartered in Pune, India, and was founded in 1990.

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Birlasoft (BSOFT IN)

HSIE Results Daily: Bajaj Auto, Tech Mahindra, TVS Motor, United Spirits, Hitachi Energy

Bajaj Auto’s Q3 PAT at INR20.4bn was ahead of our estimate of INR 19.7bn due to a better-than-expected margin of 20.1% (estimate of 19.5%)

HDFC Securities

IT Sector - Soft Q2, Status Quo Remains

Most of the demand indicators are trailing 10-15% below levels at the beginning of the year and only slightly better than the July lows

HDFC Securities

Birlasoft Ltd - Higher than Usual Furloughs Mars Q3

Birlasoft reported revenue at $160.8 million, down 1.1% q-o-q/0.1% y-o-y, in constant currency (CC) terms, missing our estimate of $164.3 million.

Sharekhan

Birlasoft (Q4FY24): Steady Progression. Maintain ADD

Birlasoft (BSOFT) posted in-line results with revenue increasing by 1.6% QoQ and margin expanding, a positive in the current context

HDFC Securities

Birlasoft: Getting Better. Maintain BUY

We believe that BSOFT possesses a scalable services portfolio and resilience in the current macroeconomic scenario (Birlasoft – the next large mid...

HDFC Securities

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