India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Equity Bottom-Up

<ul>
<li>The Cigniti-Coforge acquisition presents a unique investment opportunity in the IT services sector, with potential for significant returns.</li>
<li>Coforge plans to acquire a 54% stake in Cigniti Technologies, expanding its presence in digital assurance and AI services.</li>
<li>The deal is expected to be completed by Q2 of FY25, with an open offer price potentially higher than the current market value of Cigniti shares.</li>
</ul>


The Cigniti-Coforge acquisition presents a unique investment opportunity in the IT services sector, with potential for significant returns.
Coforge plans to acquire a 54% stake in Cigniti Technologies, expanding its presence in digital assurance and AI services.
The deal is expected to be completed by Q2 of FY25, with an open offer price potentially higher than the current market value of Cigniti shares.


Cigniti Technologies - A Special Situation Bet

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.

<ul><li>In Q4FY24, Coforge Ltd. (Coforge) reported revenue of Rs 2,359 Cr, up 1.5% QoQ and 1.8% QoQ (in CC terms) which stood below expectations.</li><li>The company’s operating profit stood at Rs 425 Cr, up 5.9% QoQ due to moderated operating expenses.</li><li>Its operating margins improved by 75bps to 18%, which was largely led by moderated operating expenses and higher utilization during the 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.

In Q4FY24, Coforge Ltd. (Coforge) reported revenue of Rs 2,359 Cr, up 1.5% QoQ and 1.8% QoQ (in CC terms) which stood below expectations.The company’s operating profit stood at Rs 425 Cr, up 5.9% QoQ due to moderated operating expenses.Its operating margins improved by 75bps to 18%, which was largely led by moderated operating expenses and higher utilization during the 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.

Coforge - Results Below Expectations; Strong Outlook Continues

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.

<ul><li>Sharekhan's research report onCoforge Fund-raising through QIP to assist the company in acquiring horizontal capability, forging partnerships/alliances and expansion in existing verticals or building new verticals.</li><li>The company expects a complete reversal of furloughs and deal ramp-ups to contribute to a sharp uptick in margins in Q4FY24.</li><li>Further, moderating attrition, peaking out of SG&amp;A expenses, higher offshoring and better utilization would aid in margins uptick in FY25.</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.

Sharekhan's research report onCoforge Fund-raising through QIP to assist the company in acquiring horizontal capability, forging partnerships/alliances and expansion in existing verticals or building new verticals.The company expects a complete reversal of furloughs and deal ramp-ups to contribute to a sharp uptick in margins in Q4FY24.Further, moderating attrition, peaking out of SG&amp;A expenses, higher offshoring and better utilization would aid in margins uptick in FY25.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.

Coforge Ltd - Well Placed to Deliver Top Quadrant Performance

<ul><li>Accenture’s Q2FY24 results stood below street expectations on all financial and operational fronts.</li><li>Revenue for the quarter stood at $15.8 Bn, flat in local currency YoY and a decline of 0.1% in US$ terms.</li><li>It registered GAAP EPS of $2.63 for the quarter while adjusted EPS stood at $2.77, reporting 10% YoY growth.</li><li>The company’s new bookings stood at $21.6 Bn, which was its second-highest ever. </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.

Accenture’s Q2FY24 results stood below street expectations on all financial and operational fronts.Revenue for the quarter stood at $15.8 Bn, flat in local currency YoY and a decline of 0.1% in US$ terms.It registered GAAP EPS of $2.63 for the quarter while adjusted EPS stood at $2.77, reporting 10% YoY growth.The company’s new bookings stood at $21.6 Bn, which was its second-highest ever. 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.

Accenture - Uncertainty Persists; Long-Term Demand Continues Strong

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Tata Consultancy Services / Equity Capital Markets

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>On the IPO front, <a href="https://www.smartkarma.com/entities/trial-holdings-inc" target="_blank" data-smartkarma-citation="entities:36821:1" rel="noopener">Trial Holdings (5882 JP)</a> ended up doing better than we expected, while Hong Kong finally got its first US$100m+ listing for the year.</li>
<li>For placements, India was again at the forefront, this time with a not-so-pleasant results of <a href="https://www.smartkarma.com/entities/tata-consultancy-svcs-ltd" target="_blank" data-smartkarma-citation="entities:18708:1" rel="noopener">Tata Consultancy Svcs (TCS IN)</a>. </li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
On the IPO front, Trial Holdings (5882 JP) ended up doing better than we expected, while Hong Kong finally got its first US$100m+ listing for the year.
For placements, India was again at the forefront, this time with a not-so-pleasant results of Tata Consultancy Svcs (TCS IN). 


ECM Weekly (25th Mar 2024) - TCS, Akeso, Coforge, ABSL, Tokio Marine, Trial, Migao, Mixue, Reddit

India

Coforge Limited is an Indian multinational information technology company specializing in digital transformation, consulting, and IT services. It provides solutions in areas such as artificial intelligence, cloud, data, and automation to industries including banking, financial services, insurance, travel, and healthcare. The company is headquartered in Noida, Uttar Pradesh, India, and was founded in 1992.

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Coforge (COFORGE IN)

Cigniti Technologies - A Special Situation Bet

Coforge's acquisition of Cigniti Technologies offers a promising Special Situation investment opportunity in the IT services sector, with a focus...

Sudarshan Bhandari

Coforge - Results Below Expectations; Strong Outlook Continues

In Q4FY24, Coforge Ltd. (Coforge) reported revenue of Rs 2,359 Cr, up 1.5% QoQ and 1.8% QoQ (in CC terms) which stood below expectations.

Axis Direct

Coforge Ltd - Well Placed to Deliver Top Quadrant Performance

Further, moderating attrition, peaking out of SG&A expenses, higher offshoring and better utilization would aid in margins uptick in FY25.

Sharekhan

Accenture - Uncertainty Persists; Long-Term Demand Continues Strong

Accenture’s Q2FY24 results stood below street expectations on all financial and operational fronts. Revenue for the quarter stood at $15.8 Bn, flat...

Axis Direct

ECM Weekly (25th Mar 2024) - TCS, Akeso, Coforge, ABSL, Tokio Marine, Trial, Migao, Mixue, Reddit

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

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Cigniti Technologies - A Special Situation Bet

​Coforge's acquisition of Cigniti Technologies offers a promising Special Situation investment opportunity in the IT services sector, with a focus...

Sudarshan Bhandari

Coforge - Results Below Expectations; Strong Outlook Continues

In Q4FY24, Coforge Ltd. (Coforge) reported revenue of Rs 2,359 Cr, up 1.5% QoQ and 1.8% QoQ (in CC terms) which stood below expectations.

Axis Direct

Coforge Ltd - Well Placed to Deliver Top Quadrant Performance

Further, moderating attrition, peaking out of SG&A expenses, higher offshoring and better utilization would aid in margins uptick in FY25.

Sharekhan

Accenture - Uncertainty Persists; Long-Term Demand Continues Strong

Accenture’s Q2FY24 results stood below street expectations on all financial and operational fronts. Revenue for the quarter stood at $15.8 Bn, flat...

Axis Direct

ECM Weekly (25th Mar 2024) - TCS, Akeso, Coforge, ABSL, Tokio Marine, Trial, Migao, Mixue, Reddit

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

Coforge's acquisition of Cigniti Technologies offers a promising Special Situation investment opportunity in the IT services sector, with a focus...