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><p>In Q1FY24, Coforge Ltd (Coforge) reported revenue of Rs 2,221 Cr, up 2.4% QoQ and 2.8% QoQ (in CC terms) which stood below than our expectations.</p></li><li><p>The company’s operating profit stood at Rs 332 Cr, reporting a decline of 16.8% on a QoQ basis due to higher operating expenses.</p></li><li><p>Its operating margins declined by 386bps to 14.9%, which was largely led by higher operating expenses, wage hikes, and a higher onsite expenses during the quarter.</p></li></ul><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></div></div></div></div>

In Q1FY24, Coforge Ltd (Coforge) reported revenue of Rs 2,221 Cr, up 2.4% QoQ and 2.8% QoQ (in CC terms) which stood below than our expectations.The company’s operating profit stood at Rs 332 Cr, reporting a decline of 16.8% on a QoQ basis due to higher operating expenses.Its operating margins declined by 386bps to 14.9%, which was largely led by higher operating expenses, wage hikes, and a higher onsite expenses 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 Ltd. - Superior Execution; Robust Outlook

<ul><li>In Q4FY23, Coforge Ltd (Coforge) reported revenue of Rs 2,170 Cr, up 5.6% QoQ and 5% QoQ (in CC terms) which stood in line with our expectations.</li><li>The company’s operating profit stood at Rs 407 Cr, reporting a healthy growth of 12.8% on a QoQ basis.</li><li>In line with our expectations, the company’s operating margins improved by 120bps at 18.8%, largely led by lower operating expenses and a favourable currency mix during the quarter.</li></ul><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>

In Q4FY23, Coforge Ltd (Coforge) reported revenue of Rs 2,170 Cr, up 5.6% QoQ and 5% QoQ (in CC terms) which stood in line with our expectations.The company’s operating profit stood at Rs 407 Cr, reporting a healthy growth of 12.8% on a QoQ basis.In line with our expectations, the company’s operating margins improved by 120bps at 18.8%, largely led by lower operating expenses and a favourable currency mix 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 Ltd. - Better Execution; Strong Outlook

<ul>
<li>Improved outlook on the vertical and engagement with clients give us confidence in the company’s outlook.</li>
<li>TCV stood strong in Q3FY23 with robust quarter-high deal wins at $ 341Mn</li>
<li>The management is confident of gaining medium-term demand momentum on the backdrop of the deals it has won in the previous quarters. It also expects improvement on the margin front.</li>
</ul>
<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>


Improved outlook on the vertical and engagement with clients give us confidence in the company’s outlook.
TCV stood strong in Q3FY23 with robust quarter-high deal wins at $ 341Mn
The management is confident of gaining medium-term demand momentum on the backdrop of the deals it has won in the previous quarters. It also expects improvement on the margin front.

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. - Robust Execution; Improving Outlook to Support Growth

Thematic (Sector/Industry)

<ul><li>The IT Services sector is expected to report moderate growth in Q3FY23, primarily on account of the seasonally weak quarter and slowing down growth momentum led by uncertainties in the US and UK.</li><li>However, IT spending in North America and Europe has continued to be relatively strong owing to the demand for digital transformation and cloud transformations.</li><li>We believe it is likely to remain intact, at least for the quarter. </li></ul><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>

The IT Services sector is expected to report moderate growth in Q3FY23, primarily on account of the seasonally weak quarter and slowing down growth momentum led by uncertainties in the US and UK.However, IT spending in North America and Europe has continued to be relatively strong owing to the demand for digital transformation and cloud transformations.We believe it is likely to remain intact, at least for 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.

IT Q3FY23 Result Preview – Demand Slowing Down; Margins Remain Stable

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

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>Coforge offers system integration, apps &amp; BPO services to BFSI, travel &amp; healthcare verticals.</li><li>Revenues grew at 18.1% CAGR in the past five years</li><li>Healthy OCF, EBITDA (~75%) and robust return ratios (RoCE &gt; 20%).</li></ul><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>

Coforge offers system integration, apps &amp; BPO services to BFSI, travel &amp; healthcare verticals.Revenues grew at 18.1% CAGR in the past five yearsHealthy OCF, EBITDA (~75%) and robust return ratios (RoCE &gt; 20%).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 - Attrition Lowest Among IT Services Companies…

India

Coforge Limited provides information technology services. The Company serves customers in India.

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Coforge (COFORGE IN)

Coforge Ltd. - Superior Execution; Robust Outlook

In Q1FY24, Coforge Ltd (Coforge) reported revenue of Rs 2,221 Cr, up 2.4% QoQ and 2.8% QoQ (in CC terms) which stood below than our expectations.

Axis Direct

Coforge Ltd. - Better Execution; Strong Outlook

In Q4FY23, Coforge Ltd (Coforge) reported revenue of Rs 2,170 Cr, up 5.6% QoQ and 5% QoQ (in CC terms) which stood in line with our expectations.

Axis Direct

Coforge Ltd. - Robust Execution; Improving Outlook to Support Growth

Improved outlook on the vertical and engagement with clients give us confidence in the company’s outlook. TCV stood strong in Q3FY23 with robust...

Axis Direct

IT Q3FY23 Result Preview – Demand Slowing Down; Margins Remain Stable

The IT Services sector is expected to report moderate growth in Q3FY23, primarily on account of the seasonally weak quarter and slowing down growth...

Axis Direct

Coforge - Attrition Lowest Among IT Services Companies…

Coforge offers system integration, apps & BPO services to BFSI, travel & healthcare verticals. Revenues grew at 18.1% CAGR in the past five years

ICICI Securities Limited

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