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. 

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<ul><li>HCL Tech (HCLT) reported in-line revenue growth of +1.3% QoQ in USD terms, though its margin performance fell short of expectations</li><li>IT services revenue remained flat sequentially, while ER&amp;D revenue declined by -0.5% QoQ in CC terms, and the software segment saw a sharper drop of -7.1% QoQ</li><li>Deal bookings were subdued in Q1 at USD 1.8bn (-39% QoQ / -8% YoY), primarily due to the postponement of two large deals to Q2</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 Tech (HCLT) reported in-line revenue growth of +1.3% QoQ in USD terms, though its margin performance fell short of expectationsIT services revenue remained flat sequentially, while ER&amp;D revenue declined by -0.5% QoQ in CC terms, and the software segment saw a sharper drop of -7.1% QoQDeal bookings were subdued in Q1 at USD 1.8bn (-39% QoQ / -8% YoY), primarily due to the postponement of two large deals to Q2Content 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 - In-Line Revenue; Margin Under Pressure

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>Weak performance across key verticals: Management sees some stress in manufacturing (especially automotive), life sciences, retail, and CPG segments, contributing to utilisation challenges and necessitating restructuring.</li><li>Deal wins/pipeline: Two large deals anticipated for Q1 were delayed to Q2 due to procedural reasons. T</li><li>he pipeline remains strong, driven by digital business, engineeringled approach, and AI propositions, with healthy demand for efficiency-led deals.</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 performance across key verticals: Management sees some stress in manufacturing (especially automotive), life sciences, retail, and CPG segments, contributing to utilisation challenges and necessitating restructuring.Deal wins/pipeline: Two large deals anticipated for Q1 were delayed to Q2 due to procedural reasons. The pipeline remains strong, driven by digital business, engineeringled approach, and AI propositions, with healthy demand for efficiency-led deals.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 - Subdued Performance; Focus on Digital Transformation

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Nimish Maheshwari

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Thematic (Sector/Industry)

<ul>
<li>A U.S. executive order, "Project Firewall" has imposed a substantial one-time fee of USD100,000 on new H-1B visa applications, directly impacting the primary talent pipeline for Indian IT services firms.</li>
<li>This policy change represents a catalyst that will accelerate Indian IT companies towards higher offshore delivery and greater local hiring in the United States, thereby reshaping their global operating models.</li>
<li>The initial panic has eased, the fee is now seen as manageable, with its real impact unfolding through profitability pressures and evolving talent strategies amid tighter regulations.</li>
</ul>


A U.S. executive order, "Project Firewall" has imposed a substantial one-time fee of USD100,000 on new H-1B visa applications, directly impacting the primary talent pipeline for Indian IT services firms.
This policy change represents a catalyst that will accelerate Indian IT companies towards higher offshore delivery and greater local hiring in the United States, thereby reshaping their global operating models.
The initial panic has eased, the fee is now seen as manageable, with its real impact unfolding through profitability pressures and evolving talent strategies amid tighter regulations.


Thematic Report on H-1B Visa Impact: Can Brain Drain in US Become Brain Gain for India?

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.

<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

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)

HCL Technologies - In-Line Revenue; Margin Under Pressure

HCL Tech (HCLT) reported in-line revenue growth of +1.3% QoQ in USD terms, though its margin performance fell short of expectations

HDFC Securities

HCL Technologies Ltd - Subdued Performance; Focus on Digital Transformation

Management sees some stress in manufacturing (especially automotive), life sciences, retail, and CPG segments, contributing to utilisation...

Axis Direct

Thematic Report on H-1B Visa Impact: Can Brain Drain in US Become Brain Gain for India?

US executive order imposes $100,000 fee on new H-1B visas, pushing Indian IT firms towards offshore delivery and local hiring in the US, reshaping...

Nimish Maheshwari

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

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HCL Technologies - In-Line Revenue; Margin Under Pressure

HCL Tech (HCLT) reported in-line revenue growth of +1.3% QoQ in USD terms, though its margin performance fell short of expectations

HDFC Securities

HCL Technologies Ltd - Subdued Performance; Focus on Digital Transformation

Management sees some stress in manufacturing (especially automotive), life sciences, retail, and CPG segments, contributing to utilisation...

Axis Direct

Thematic Report on H-1B Visa Impact: Can Brain Drain in US Become Brain Gain for India?

​US executive order imposes $100,000 fee on new H-1B visas, pushing Indian IT firms towards offshore delivery and local hiring in the US, reshaping...

Nimish Maheshwari

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

US executive order imposes $100,000 fee on new H-1B visas, pushing Indian IT firms towards offshore delivery and local hiring in the US, reshaping...