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. 

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Equity Bottom-Up

<ul><li>In Q1FY24, Cyient reported revenue of Rs 1,69 Cr, up -4% QoQ and 35% YoY.</li><li>The company’s operating margins improved by 283bps QoQ to 14.2%.</li><li>The Services’ operating margins grew by 60bps QoQ to 15.3%, led by efficient execution during the quarter as well as currency translation.</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 Q1FY24, Cyient reported revenue of Rs 1,69 Cr, up -4% QoQ and 35% YoY.The company’s operating margins improved by 283bps QoQ to 14.2%.The Services’ operating margins grew by 60bps QoQ to 15.3%, led by efficient execution during the quarter as well as currency translation.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.

Cyient Ltd. - Strong Recovery; Improved Vertical Outlook

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

Tata Technologies / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tata-technologies" target="_blank" data-smartkarma-citation="entities:23700:1" rel="noopener">Tata Technologies (TATATECH IN)</a>, the largest India-based ER&amp;D (engineering research and development) service provider, is seeking to raise up to US$600 million, according to press reports.</li>
<li>In <a href="https://www.smartkarma.com/insights/tata-technologies-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:101409" rel="noopener">Tata Technologies IPO: The Bull Case</a>, we highlighted the key elements of the bull case. In this note, we outline the bear case.</li>
<li>The key elements of the bear case rest on below-peer revenue growth, high contract assets, growth reliant on VinFast, mid-tier profitability, and high attrition rates.   </li>
</ul>



Tata Technologies (TATATECH IN), the largest India-based ER&amp;D (engineering research and development) service provider, is seeking to raise up to US$600 million, according to press reports.
In Tata Technologies IPO: The Bull Case, we highlighted the key elements of the bull case. In this note, we outline the bear case.
The key elements of the bear case rest on below-peer revenue growth, high contract assets, growth reliant on VinFast, mid-tier profitability, and high attrition rates.   


<ul>
<li>
<a href="https://www.smartkarma.com/entities/tata-technologies" target="_blank" data-smartkarma-citation="entities:23700:1" rel="noopener">Tata Technologies (TATATECH IN)</a>, the largest India-based ER&amp;D service provider, is seeking to raise up to US$600 million, according to press reports.</li>
<li>Tata Technologies ranked first among India service providers and third globally among rated service providers for automotive ER&amp;D services, according to Zinnov.</li>
<li>The key elements of the bull case rest on its automotive leadership positioning, solid performance of the core business, high repeat rates, rising margin and cash generation. </li>
</ul>



Tata Technologies (TATATECH IN), the largest India-based ER&amp;D service provider, is seeking to raise up to US$600 million, according to press reports.
Tata Technologies ranked first among India service providers and third globally among rated service providers for automotive ER&amp;D services, according to Zinnov.
The key elements of the bull case rest on its automotive leadership positioning, solid performance of the core business, high repeat rates, rising margin and cash generation. 


<ul><li>In Q4FY23, Cyient reported robust results with revenue for the quarter standing at Rs 1,751.4 Cr, up 8.2% QoQ and 48.3% YoY.</li><li>The company’s operating margins improved by 136bps QoQ to 14.2%.</li><li>The Services’ operating margins grew by 60bps QoQ to 13.7%, led by efficient execution during the quarter as well as currency translation.</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 Q4FY23, Cyient reported robust results with revenue for the quarter standing at Rs 1,751.4 Cr, up 8.2% QoQ and 48.3% YoY.The company’s operating margins improved by 136bps QoQ to 14.2%.The Services’ operating margins grew by 60bps QoQ to 13.7%, led by efficient execution during the quarter as well as currency translation.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.

Cyient - Strong Recovery; Improved Vertical Outlook

<ul><li>Accenture reported robust Q2FY23 numbers which stood above street expectations.</li><li>Revenue for the quarter stood at $15.8 Bn, posting an encouraging growth of 5% YoY in USD and 15% in local currency despite rising pressures of slowdown and increasing interest rates.</li><li>Beating the street expectation of revenue growth, the company’s operating margins also improved by 10bps to 13.8%.</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 reported robust Q2FY23 numbers which stood above street expectations.Revenue for the quarter stood at $15.8 Bn, posting an encouraging growth of 5% YoY in USD and 15% in local currency despite rising pressures of slowdown and increasing interest rates.Beating the street expectation of revenue growth, the company’s operating margins also improved by 10bps to 13.8%.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 - Results Beat Expectations Albeit with Lower Guidance

India

Cyient is an Indian multinational technology company specializing in engineering, manufacturing, and digital transformation solutions. It provides services across various industries, including aerospace, defense, transportation, communications, and healthcare. Cyient was established in 1991 in Hyderabad, India.

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Cyient (CYL IN)

Cyient Ltd. - Strong Recovery; Improved Vertical Outlook

In Q1FY24, Cyient reported revenue of Rs 1,69 Cr, up -4% QoQ and 35% YoY. The company’s operating margins improved by 283bps QoQ to 14.2%.

Axis Direct

Tata Technologies IPO: The Bear Case

The key elements of the bear case rest on below-peer revenue growth, high contract assets, growth reliant on VinFast, mid-tier profitability, and...

Arun George

Tata Technologies IPO: The Bull Case

The key elements of the bull case rest on its automotive leadership positioning, solid performance of the core business, high repeat rates, rising...

Arun George

Cyient - Strong Recovery; Improved Vertical Outlook

In Q4FY23, Cyient reported robust results with revenue for the quarter standing at Rs 1,751.4 Cr, up 8.2% QoQ and 48.3% YoY.

Axis Direct

Accenture - Results Beat Expectations Albeit with Lower Guidance

Revenue for the quarter stood at $15.8 Bn, posting an encouraging growth of 5% YoY in USD and 15% in local currency despite rising pressures of...

Axis Direct

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