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 Q4FY23, HCL Tech Ltd (HCLT) reported revenue of Rs 26,606 Cr, down 0.4% QoQ and below our expectations.</li><li>The company’s operating profit stood at Rs 4,836 Cr, reporting a de-growth of 7.5% on a QoQ basis.</li><li>Missing our expectations, the company’s operating margins, too, declined by 110bps to 14.6%, which was largely led by higher operating expenses and higher onsite expenses 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, HCL Tech Ltd (HCLT) reported revenue of Rs 26,606 Cr, down 0.4% QoQ and below our expectations.The company’s operating profit stood at Rs 4,836 Cr, reporting a de-growth of 7.5% on a QoQ basis.Missing our expectations, the company’s operating margins, too, declined by 110bps to 14.6%, which was largely led by higher operating expenses and 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.

<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><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>

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

<ul><li>HCL Technologies Ltd (HCL Tech) Q2FY23 performance stood above our expectations.</li><li>The company reported revenues of Rs 24,686 Cr, up 5.2% QoQ and 19.5% YoY.</li><li>The operating profits stood at Rs 4,427 Cr, registering a growth of 10.9% QoQ, and the operating margin improved by 100bps QoQ to 18%. </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>

HCL Technologies Ltd (HCL Tech) Q2FY23 performance stood above our expectations.The company reported revenues of Rs 24,686 Cr, up 5.2% QoQ and 19.5% YoY.The operating profits stood at Rs 4,427 Cr, registering a growth of 10.9% QoQ, and the operating margin improved by 100bps QoQ to 18%. 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.

HCL Technologies Ltd - All-Round Beat; Guidance Revised Upwards

<div><div><div><div><ul><li>Accenture reported robust Q4FY22 numbers that were in line with the street expectations.</li><li>Revenue for the quarter stood at $15.4 Bn, posting a healthy growth of 15% YoY in USD and 22.4% in local currency despite rising supply-side constraints.</li><li>Operating margins grew by 10bps and stood at 17.4%. The company’s EPS for FY22 stood at $10.7, up 17% from the $9.16 it reported in FY21 and 22% from the adjusted EPS of $8.80 in FY21 (this excluded $0.36 in gains on an investment). </li></ul></div></div></div></div><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>

Accenture reported robust Q4FY22 numbers that were in line with the street expectations.Revenue for the quarter stood at $15.4 Bn, posting a healthy growth of 15% YoY in USD and 22.4% in local currency despite rising supply-side constraints.Operating margins grew by 10bps and stood at 17.4%. The company’s EPS for FY22 stood at $10.7, up 17% from the $9.16 it reported in FY21 and 22% from the adjusted EPS of $8.80 in FY21 (this excluded $0.36 in gains on an investment). 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 In-Line With Expectation

External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

A Relationship Beyond Broking

Nirmal Bang, one of the leading stock broking companies in India, caters to retail and institutional clients by offering them a range of financial products and services, including equities, derivatives, commodities, currency derivatives, mutual funds, IPOs, insurance, depository services and PMS.

Nirmal Bang is drawn from a diversity of professional backgrounds, and blend of experience, skill and dedication is shared with its clients. Nirmal Bang emphasizes adequate, thorough research local and world-wide developments, balancing these with the astute discovery of intrinsic values, synergies and growth. The aim is simply to help the investors to maximize their returns.

<ul><li>While we have underweighted the IT sector (Report) HCL Technologies (HCLT) is a preferred pick due to (1) Significant narrowing of growth differential in FY23 despite disappointment on revenue guidance - vis-à-vis Indian Tier-1 growth leader Infosys.</li><li>We also see modest acceleration in FY23 while most Tier-1 peers will see deceleration</li><li>Our view that underlying growth in Products and Platforms (P&amp;P) business is positive...(continued).</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>

While we have underweighted the IT sector (Report) HCL Technologies (HCLT) is a preferred pick due to (1) Significant narrowing of growth differential in FY23 despite disappointment on revenue guidance - vis-à-vis Indian Tier-1 growth leader Infosys.We also see modest acceleration in FY23 while most Tier-1 peers will see decelerationOur view that underlying growth in Products and Platforms (P&amp;P) business is positive...(continued).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.

HCL Technologies: P&P an Optical Drag but Services Strong

India

HCLTech is a global technology services and consulting company that provides a comprehensive range of software and infrastructure solutions. The company offers IT and business services, engineering and R&D services, and HCLSoftware products, focusing on digital, cloud, AI, and engineering solutions to help enterprises transform their businesses. HCLTech is headquartered in Noida, Uttar Pradesh, India, and was spun out in 1991.

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HCLTech (HCLT IN)

HCL Technologies -

In Q4FY23, HCL Tech Ltd (HCLT) reported revenue of Rs 26,606 Cr, down 0.4% QoQ and below our expectations. The company’s operating profit stood at...

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

HCL Technologies Ltd - All-Round Beat; Guidance Revised Upwards

HCL Technologies Ltd (HCL Tech) Q2FY23 performance stood above our expectations. The company reported revenues of Rs 24,686 Cr, up 5.2% QoQ and...

Axis Direct

Accenture - Results In-Line With Expectation

Revenue for the quarter stood at $15.4 Bn, posting a healthy growth of 15% YoY in USD and 22.4% in local currency despite rising supply-side...

Axis Direct

HCL Technologies: P&P an Optical Drag but Services Strong

While we have underweighted the IT sector (Report) HCL Technologies (HCLT) is a preferred pick due to (1) Significant narrowing of growth...

Nirmal Bang

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