External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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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>Infosys: Infosys (INFO) posted a slightly higher revenue growth in Q3 and increased its FY23E revenue guidance</li><li>Revenue growth at 2.4% QoQ and 13.7% YoY CC was ahead of consensus, supported by higher pass-through revenue which was linked to integrated deals</li><li>INFO’s revenue guidance increased from 15-16% CC to 16.0-16.5% CC, implying ~2.5% QoQ for Q4FY23E</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.

Infosys: Infosys (INFO) posted a slightly higher revenue growth in Q3 and increased its FY23E revenue guidanceRevenue growth at 2.4% QoQ and 13.7% YoY CC was ahead of consensus, supported by higher pass-through revenue which was linked to integrated dealsINFO’s revenue guidance increased from 15-16% CC to 16.0-16.5% CC, implying ~2.5% QoQ for Q4FY23EContent 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 - Infosys, HCL Technologies, Cyient

<ul><li>The IT sector is expected to post a soft quarter, impacted by Q3 seasonality and worsening macro</li><li>The elements of macro volatility is resulting in growth moderating towards pre-COVID even as long-term drivers are unchanged</li><li>Recently, HCLT tweaked its FY23E guidance to the lower end, but Accenture maintained its FY23E growth guidance (outsourcing-led)</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 is expected to post a soft quarter, impacted by Q3 seasonality and worsening macroThe elements of macro volatility is resulting in growth moderating towards pre-COVID even as long-term drivers are unchangedRecently, HCLT tweaked its FY23E guidance to the lower end, but Accenture maintained its FY23E growth guidance (outsourcing-led)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.

Information Technology (Q3FY23E Results Preview): Growth and Valuations ‘normalising’

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>The IT Services sector is expected to report moderate growth in Q3FY23, primarily on account of the seasonally weak quarter and slowing down growth momentum led by uncertainties in the US and UK.</li><li>However, IT spending in North America and Europe has continued to be relatively strong owing to the demand for digital transformation and cloud transformations.</li><li>We believe it is likely to remain intact, at least for the quarter. </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 Services sector is expected to report moderate growth in Q3FY23, primarily on account of the seasonally weak quarter and slowing down growth momentum led by uncertainties in the US and UK.However, IT spending in North America and Europe has continued to be relatively strong owing to the demand for digital transformation and cloud transformations.We believe it is likely to remain intact, at least for 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.

IT Q3FY23 Result Preview – Demand Slowing Down; Margins Remain Stable

<ul><li>HCL Technologies: HCL Tech (HCLT) posted better-than-estimated growth and a slightly higher margin in Q2FY23</li><li>Revenue growth, at 3.8% QoQ CC and 15.8% YoY CC, is tracking better than last year’s, led by 5%+ sequential growth in both IT &amp; BS as well as ER&amp;D segments</li><li>Q2 revenue outperformance and H2 visibility syncs with upgrade in revenue guidance to 13.5-14.5% CC for FY23E (vs 12-14% earlier), including Services (ex-P&amp;P) growth guidance of 16-17% CC</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 (HCLT) posted better-than-estimated growth and a slightly higher margin in Q2FY23Revenue growth, at 3.8% QoQ CC and 15.8% YoY CC, is tracking better than last year’s, led by 5%+ sequential growth in both IT &amp; BS as well as ER&amp;D segmentsQ2 revenue outperformance and H2 visibility syncs with upgrade in revenue guidance to 13.5-14.5% CC for FY23E (vs 12-14% earlier), including Services (ex-P&amp;P) growth guidance of 16-17% CCContent 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, Wipro

Equity Bottom-Up

<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>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 (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

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 - Infosys, HCL Technologies, Cyient

Infosys: Infosys (INFO) posted a slightly higher revenue growth in Q3 and increased its FY23E revenue guidance. Revenue growth at 2.4% QoQ and...

HDFC Securities

Information Technology (Q3FY23E Results Preview): Growth and Valuations ‘normalising’

The elements of macro volatility is resulting in growth moderating towards pre-COVID even as long-term drivers are unchanged

HDFC Securities

IT Q3FY23 Result Preview – Demand Slowing Down; Margins Remain Stable

The IT Services sector is expected to report moderate growth in Q3FY23, primarily on account of the seasonally weak quarter and slowing down growth...

Axis Direct

HSIE Results Daily: HCL Technologies, Wipro

Revenue growth, at 3.8% QoQ CC and 15.8% YoY CC, is tracking better than last year’s, led by 5%+ sequential growth in both IT & BS as well as ER&D...

HDFC Securities

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

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