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>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

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>We attended investor day of HCLT, the management was confident of continued executions of strong operating performance while having offered service lines within a scope of both discretionary and non-discretionary front.</li><li>It is aspiring to grow its topline by double-digit for the next five years, while improving its TCV run-rate and going beyond the current offerings where the participation is currently suboptimal.</li><li>While leveraging GenAI solutions, the company is gaining higher mind-share and wallet-share on the back of passing on efficiency and productivity benefits to clients and in return deriving higher scope of work.</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.

We attended investor day of HCLT, the management was confident of continued executions of strong operating performance while having offered service lines within a scope of both discretionary and non-discretionary front.It is aspiring to grow its topline by double-digit for the next five years, while improving its TCV run-rate and going beyond the current offerings where the participation is currently suboptimal.While leveraging GenAI solutions, the company is gaining higher mind-share and wallet-share on the back of passing on efficiency and productivity benefits to clients and in return deriving higher scope of work.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 - Chasing for Robust and Sustainable Execution

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>We attended HCLT’s Investor Day 2024 wherein the management outlined its strategic objectives and showcased its capabilities in GenAI.</li><li>We believe HCLT’s go-to-market (GTM) strategy, which combines its IT Services and ER&amp;D business offerings, gives HCLT an edge over its peers.</li><li>We also witnessed signs of improvement in the demand environment in financial services.</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.

We attended HCLT’s Investor Day 2024 wherein the management outlined its strategic objectives and showcased its capabilities in GenAI.We believe HCLT’s go-to-market (GTM) strategy, which combines its IT Services and ER&amp;D business offerings, gives HCLT an edge over its peers.We also witnessed signs of improvement in the demand environment in financial services.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 Investor Day 2024: Engineering Growth

<ul><li>In Q1FY25, HCL-Tech Ltd (HCLT) reported revenue of Rs 28,057 Cr, down 2% QoQ which stood in line with expectations.</li><li>The company’s operating profit stood at Rs 4,795 Cr, reporting a de-growth of 4% on a QoQ basis.</li><li>In line with our expectations, the company’s operating margins declined by 52bps to 17%, which was largely led by lower services revenue margins and lower contribution from the P&amp;P business during 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.

In Q1FY25, HCL-Tech Ltd (HCLT) reported revenue of Rs 28,057 Cr, down 2% QoQ which stood in line with expectations.The company’s operating profit stood at Rs 4,795 Cr, reporting a de-growth of 4% on a QoQ basis.In line with our expectations, the company’s operating margins declined by 52bps to 17%, which was largely led by lower services revenue margins and lower contribution from the P&amp;P business 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.

HCL Technologies Ltd - Results In-Line, Retained Guidance

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. 

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<ul><li>Along expected lines, HCL Tech (HCLT) delivered a soft quarter (revenue/margin decline) with a growth uptick expected in Q3FY25E</li><li>The deal transition impact from onshore to offshore and State Street exit is impacting FY25 growth by ~1.5% while Verizon’s impact is balancing out, resulting in a moderating growth trend in FY25E</li><li>Guidance was maintained at 3-5% CC growth for FY25E which implies 0.9% to 2.3% CQGR over Q2-Q4FY25 with ~0.8% negative impact in Q2 on account of State Street exit</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.

Along expected lines, HCL Tech (HCLT) delivered a soft quarter (revenue/margin decline) with a growth uptick expected in Q3FY25EThe deal transition impact from onshore to offshore and State Street exit is impacting FY25 growth by ~1.5% while Verizon’s impact is balancing out, resulting in a moderating growth trend in FY25EGuidance was maintained at 3-5% CC growth for FY25E which implies 0.9% to 2.3% CQGR over Q2-Q4FY25 with ~0.8% negative impact in Q2 on account of State Street exitContent 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.

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 - 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

HCL Technologies - Chasing for Robust and Sustainable Execution

We rollover our estimates and introduce FY27 with USD revenue and INR PAT CAGR of 10.9% and 12.9% over FY25E-FY27E. Maintain BUY with a revised...

Prabhudas Lilladhar