External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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>HCL Technologies: HCL Tech demonstrated resilient performance across its services (+0.7% QoQ CC) and software businesses (+4.9% YoY CC) amidst a global environment characterised by increasing uncertainty and reduced discretionary spending</li><li>While IT services revenue saw a slight sequential decline (-0.3% QoQ CC), the ER&amp;D revenue registered strong growth of 5.5% QoQ CC, and the software business was impacted by seasonality</li><li>Looking ahead, HCL Tech anticipates a modest growth outlook (2-5% YoY CC) with stable profitability (EBIT 18-19%), acknowledging the potential for further deterioration in the macroeconomic environment that could impact client IT spending</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.

HCL Technologies: HCL Tech demonstrated resilient performance across its services (+0.7% QoQ CC) and software businesses (+4.9% YoY CC) amidst a global environment characterised by increasing uncertainty and reduced discretionary spendingWhile IT services revenue saw a slight sequential decline (-0.3% QoQ CC), the ER&amp;D revenue registered strong growth of 5.5% QoQ CC, and the software business was impacted by seasonalityLooking ahead, HCL Tech anticipates a modest growth outlook (2-5% YoY CC) with stable profitability (EBIT 18-19%), acknowledging the potential for further deterioration in the macroeconomic environment that could impact client IT spendingContent 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.

HSIE Results Daily: HCL Technologies, Havells India, AU Small Finance Bank...

External broker reports(aggregated public sources), Prabhudas Lilladhar

Prabhudas Lilladhar

Prabhudas Lilladher is one of India's leading research based financial services organisation.

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>The quarterly performance was impacted by lower than anticipated growth in P&amp;P business (down 2.1% YoY CC), otherwise the momentum within service business was strong (up 2.2% QoQ CC) despite furloughs.</li><li>The lower renewal rate within P&amp;P and cautious behavior among clients took a hit on the segmental revenues, which might extrapolate to Q4.</li><li>Additionally, the service business (IT +ER&amp;D) is likely to see some softness in Q4 due to delayed ramp up of large deals, while few mega deals are anticipating a planned closure.</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 quarterly performance was impacted by lower than anticipated growth in P&amp;P business (down 2.1% YoY CC), otherwise the momentum within service business was strong (up 2.2% QoQ CC) despite furloughs.The lower renewal rate within P&amp;P and cautious behavior among clients took a hit on the segmental revenues, which might extrapolate to Q4.Additionally, the service business (IT +ER&amp;D) is likely to see some softness in Q4 due to delayed ramp up of large deals, while few mega deals are anticipating a planned closure.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 - Mixed Performance, near Term Speedbumps Amid Improving Macro Trends…

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>HCL Technologies (HCLT) reported a revenue of USD3.5b, up 3.8% QoQ and 4.1% YoY in constant currency (CC), above our estimate of 3.7% QoQ CC growth (largely owing to one-month inorganic contribution from HPE CTG acquisition).</li><li>EBIT margins came in at 19.5%, beating our estimate of 19.1%.</li><li>New deal TCV stood at USD2.1b (down 5.5% QoQ) in 3QFY25. For FY25, the revenue growth guidance has been upgraded to 4.5%-5.0% YoY cc (including a ~50bp contribution from the HPE CTG acquisition, with organic growth at 4.0%-4.5%) from the earlier range of 3.5%-5.0%.</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.

HCL Technologies (HCLT) reported a revenue of USD3.5b, up 3.8% QoQ and 4.1% YoY in constant currency (CC), above our estimate of 3.7% QoQ CC growth (largely owing to one-month inorganic contribution from HPE CTG acquisition).EBIT margins came in at 19.5%, beating our estimate of 19.1%.New deal TCV stood at USD2.1b (down 5.5% QoQ) in 3QFY25. For FY25, the revenue growth guidance has been upgraded to 4.5%-5.0% YoY cc (including a ~50bp contribution from the HPE CTG acquisition, with organic growth at 4.0%-4.5%) from the earlier range of 3.5%-5.0%.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 - Guidance Upgrade Dampens Enthusiasm

<ul><li>HCLT delivered an in-line revenue/margin performance</li><li>Revenue growth of 3.8% QoQ CC was supported by growth in services, CTG acquisition and software business seasonality</li><li>On expected lines, the company raised the lower-end of the guidance – revenue guidance at 4.5 to 5% CC for FY25E (vs 3.5 to 5% earlier)</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.

HCLT delivered an in-line revenue/margin performanceRevenue growth of 3.8% QoQ CC was supported by growth in services, CTG acquisition and software business seasonalityOn expected lines, the company raised the lower-end of the guidance – revenue guidance at 4.5 to 5% CC for FY25E (vs 3.5 to 5% earlier)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.

External broker reports(aggregated public sources), Axis Direct

Axis Direct

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>Long-term demand remains resilient: The long-term demand scenario for the IT sector remains strong, and it is expected to regain momentum in CY25 and beyond.</li><li>However, nearterm demand remains uncertain, leading to ambiguity around growth momentum in the immediate future.</li><li>Secured deals to support medium-term growth momentum: The management remains confident of gaining revenue growth momentum over the medium term, supported by the deals it secured in the previous 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.

Long-term demand remains resilient: The long-term demand scenario for the IT sector remains strong, and it is expected to regain momentum in CY25 and beyond.However, nearterm demand remains uncertain, leading to ambiguity around growth momentum in the immediate future.Secured deals to support medium-term growth momentum: The management remains confident of gaining revenue growth momentum over the medium term, supported by the deals it secured in the previous 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.

HCL Technologies Ltd - Strong Results; Better Execution

India

HCL Technologies Limited provides software development and related engineering services.  The Group's technologies utilize a variety of technologies, including Internet and e-commerce, networking, internet telephony, embedded software, ASIC/VLSI design and testing, satellite and wireless communications, and component based object technologies, including COM, DCOM and COBRA.

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HCL Technologies (HCLT IN)

HSIE Results Daily: HCL Technologies, Havells India, AU Small Finance Bank...

While IT services revenue saw a slight sequential decline (-0.3% QoQ CC), the ER&D revenue registered strong growth of 5.5% QoQ CC, and the...

HDFC Securities

HCL Technologies - Mixed Performance, near Term Speedbumps Amid Improving Macro Trends…

The quarterly performance was impacted by lower than anticipated growth in P&P business (down 2.1% YoY CC), otherwise the momentum within service...

Prabhudas Lilladhar

HCL Technologies - Guidance Upgrade Dampens Enthusiasm

HCL Technologies (HCLT) reported a revenue of USD3.5b, up 3.8% QoQ and 4.1% YoY in constant currency (CC), above our estimate of 3.7% QoQ CC growth

Motilal Oswal

HCL Technologies - On Expected Lines

HCLT delivered an in-line revenue/margin performance. Revenue growth of 3.8% QoQ CC was supported by growth in services, CTG acquisition and...

HDFC Securities

HCL Technologies Ltd - Strong Results; Better Execution

Long-term demand remains resilient: The long-term demand scenario for the IT sector remains strong, and it is expected to regain momentum in CY25...

Axis Direct

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