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

<ul><li>Weak growth prospects: The weak outlook for the vertical business, impacted by first-quarter challenges, along with slower ramp-ups in the DET vertical, diminishes our confidence in the company's growth prospects for the upcoming quarters.</li><li>Stable order intake amidst tough times: TCV of $182.5 Mn with 5 large deals in Q2FY25 indicates stable order intake even in challenging times. </li><li>Multiple order wins in recent quarters: The management is confident of achieving demand momentum and margin improvement in the medium term, supported by orders secured in recent quarters. </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.

Weak growth prospects: The weak outlook for the vertical business, impacted by first-quarter challenges, along with slower ramp-ups in the DET vertical, diminishes our confidence in the company's growth prospects for the upcoming quarters.Stable order intake amidst tough times: TCV of $182.5 Mn with 5 large deals in Q2FY25 indicates stable order intake even in challenging times. Multiple order wins in recent quarters: The management is confident of achieving demand momentum and margin improvement in the medium term, supported by orders secured in recent quarters. 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 - Results Inline with Estimates; Weak Outlook

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and 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>Cyient DLM (CYIENTDL) reported a strong quarter, with revenue growth of ~33% YoY in 2QFY25, led by significant traction in the defense (up 82% YoY) and aerospace (up 20% YoY) verticals.</li><li>Margins were flat YoY at 8.1%.</li><li>However, the order book continued its downward trend, with 13% YoY/ 7% QoQ decline in 2Q to INR19.8b.</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.

Cyient DLM (CYIENTDL) reported a strong quarter, with revenue growth of ~33% YoY in 2QFY25, led by significant traction in the defense (up 82% YoY) and aerospace (up 20% YoY) verticals.Margins were flat YoY at 8.1%.However, the order book continued its downward trend, with 13% YoY/ 7% QoQ decline in 2Q to INR19.8b.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 DLM - Defense Momentum Fuels Growth Trajectory

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

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 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

<ul><li>We hosted over 15 companies and several industry experts at the HDFC Securities’ 8th annual IT conference</li><li>Key takeaways included (1) continued (prosaic) commentary on cost optimisation focus but signs of improvement in demand</li><li>(2) stable to upward bias in pricing and some improvement in the decision cycle</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.

We hosted over 15 companies and several industry experts at the HDFC Securities’ 8th annual IT conferenceKey takeaways included (1) continued (prosaic) commentary on cost optimisation focus but signs of improvement in demand(2) stable to upward bias in pricing and some improvement in the decision cycleContent 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.

<ul><li>CYL reported a broad-based decline in revenues across verticals in 1QFY25.DET business revenue declined 5.0% QoQ in CC vs. our estimate of a 1.5%fall.</li><li>EBIT margin of the DET business declined 20% QoQ/19% YoY to 13.5%,below our estimates. Service order intake was muted at USD182.7m, down5.5% YoY.</li><li>PAT declined 19% QoQ/17% YoY to INR1410m (est. INR1,860m).</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.

CYL reported a broad-based decline in revenues across verticals in 1QFY25.DET business revenue declined 5.0% QoQ in CC vs. our estimate of a 1.5%fall.EBIT margin of the DET business declined 20% QoQ/19% YoY to 13.5%,below our estimates. Service order intake was muted at USD182.7m, down5.5% YoY.PAT declined 19% QoQ/17% YoY to INR1410m (est. INR1,860m).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 - Broad-Based Miss on Revenue and Profitability

India

Cyient Limited provides engineering services, data analytics, and data, networks and operations solutions. The Company offers its services to the aerospace and defense, energy, heavy machinery, consumer, medical utility, communications, semiconductor, and transportation industries around the world.

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Cyient Ltd (CYL IN)

Cyient Ltd - Results Inline with Estimates; Weak Outlook

Stable order intake amidst tough times: TCV of $182.5 Mn with 5 large deals in Q2FY25 indicates stable order intake even in challenging times.

Axis Direct

Cyient DLM - Defense Momentum Fuels Growth Trajectory

Cyient DLM (CYIENTDL) reported a strong quarter, with revenue growth of ~33% YoY in 2QFY25, led by significant traction in the defense (up 82% YoY)...

Motilal Oswal

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

IT Sector: Recovery Signs

Key takeaways included (1) continued (prosaic) commentary on cost optimisation focus but signs of improvement in demand (2) stable to upward bias...

HDFC Securities

Cyient - Broad-Based Miss on Revenue and Profitability

CYL reported a broad-based decline in revenues across verticals in 1QFY25.DET business revenue declined 5.0% QoQ in CC vs. our estimate of a 1.5%fall.

Motilal Oswal

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