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

Motilal Oswal

External broker reports(aggregated public sources)

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.

Equity Bottom-Up

<ul><li>HCL Technologies (HCLT) reported a muscular 2QFY25, with revenue of USD3.4b, up 1.6% QoQ (~2.5% organic) and 6.2% YoY in constant currency (CC), above our estimate of flat revenue growth.</li><li>EBIT margins came in at 18.6%, beating our estimate of 17.4%.</li><li>New deal TCV stood at USD 2.2b (up 13% QoQ) in 2QFY25. For FY25, HCLT revised the lower end of its growth guidance to 3.5%-5% YoY in CC from 3%-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.

HCL Technologies (HCLT) reported a muscular 2QFY25, with revenue of USD3.4b, up 1.6% QoQ (~2.5% organic) and 6.2% YoY in constant currency (CC), above our estimate of flat revenue growth.EBIT margins came in at 18.6%, beating our estimate of 17.4%.New deal TCV stood at USD 2.2b (up 13% QoQ) in 2QFY25. For FY25, HCLT revised the lower end of its growth guidance to 3.5%-5% YoY in CC from 3%-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.

HCL Technologies - Leading the Bounce-Back

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.

<ul><li>HCL Technologies (HCLT) posted a revenue/margin beat in Q2, driven by higher license revenue, strong BFSI performance (ex-State Street divestment) and recovery in ER&amp;D services</li><li>The revenue guidance lower band was raised and the margin band was maintained</li><li>Increase earnings estimate by ~3% to factor in broad-based growth improvement and concurrent margin enhancement</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) posted a revenue/margin beat in Q2, driven by higher license revenue, strong BFSI performance (ex-State Street divestment) and recovery in ER&amp;D servicesThe revenue guidance lower band was raised and the margin band was maintainedIncrease earnings estimate by ~3% to factor in broad-based growth improvement and concurrent margin enhancementContent 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 (Q2FY25): Good Show. Maintain ADD

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 H2FY25 and beyond.</li><li>However, near-term demand remains uncertain, leading to ambiguity around growth momentum in the immediate future.</li><li>Secured deals to support medium-term demand momentum: The management remains confident of gaining medium-term demand momentum, supported by the deals it secured in 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 H2FY25 and beyond.However, near-term demand remains uncertain, leading to ambiguity around growth momentum in the immediate future.Secured deals to support medium-term demand momentum: The management remains confident of gaining medium-term demand momentum, supported by the deals it secured in 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 - Strong Results; Better Execution

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Rubicon Research Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/rubicon-research-limited" target="_blank" data-smartkarma-citation="entities:43796:1" rel="noopener">Rubicon Research Limited (1453591D IN)</a> is looking to raise about US$130m in its India IPO.</li>
<li>It is a pharmaceutical formulations company with an increasing portfolio of specialty products and drug-device combination products targeting regulated markets, particularly, the United States.</li>
<li>In this note, we talk about the company’s historical performance.</li>
</ul>



Rubicon Research Limited (1453591D IN) is looking to raise about US$130m in its India IPO.
It is a pharmaceutical formulations company with an increasing portfolio of specialty products and drug-device combination products targeting regulated markets, particularly, the United States.
In this note, we talk about the company’s historical performance.


Rubicon Research Pre-IPO - Robust Product Development Pipeline Driving Revenue Growth

Shiva Pharmachem Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shiva-pharmachem-limited" target="_blank" data-smartkarma-citation="entities:40109:1" rel="noopener">Shiva Pharmachem Limited (9155347Z IN)</a> is looking to raise around US$110m in its India IPO.</li>
<li>It is a manufacturer in the Indian specialty chemicals business and was the largest manufacturer of acid and alkyl chlorides by volume in CY22 in India, as per Frost&amp;Sullivan .</li>
<li>In this note, we talk about the company’s historical performance.</li>
</ul>



Shiva Pharmachem Limited (9155347Z IN) is looking to raise around US$110m in its India IPO.
It is a manufacturer in the Indian specialty chemicals business and was the largest manufacturer of acid and alkyl chlorides by volume in CY22 in India, as per Frost&amp;Sullivan .
In this note, we talk about the company’s historical performance.


Shiva Pharmachem Pre-IPO - High Borrowings Along with Expansion Plans Leading to Liquidity Concerns

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 - Leading the Bounce-Back

HCL Technologies (HCLT) reported a muscular 2QFY25, with revenue of USD3.4b, up 1.6% QoQ (~2.5% organic) and 6.2% YoY in constant currency (CC),...

Motilal Oswal

HCL Technologies (Q2FY25): Good Show. Maintain ADD

HCL Technologies (HCLT) posted a revenue/margin beat in Q2, driven by higher license revenue, strong BFSI performance (ex-State Street divestment)...

HDFC Securities

HCL Technologies - 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 H2FY25...

Axis Direct

Rubicon Research Pre-IPO - Robust Product Development Pipeline Driving Revenue Growth

Rubicon Research Limited is looking to raise about US$130m in its India IPO. In this note, we talk about the company’s historical performance.

Akshat Shah

Shiva Pharmachem Pre-IPO - High Borrowings Along with Expansion Plans Leading to Liquidity Concerns

Shiva PharmaChem is looking to raise around US$110m in its India IPO. In this note, we talk about the company’s historical performance.

Akshat Shah

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