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.

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<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...

<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><li>The services business has consistently outperformed peers over the last two years with AI and Gen AI becoming integral part of most of the deals</li><li>Despite these uncertainties, HCL Tech experienced strong deal bookings in Q4 FY25, indicating continued client engagement, and the pipeline remains robust with net-new TCV of USD 2.9bn (+30% YoY)</li><li>The impact of global uncertainty is expected to potentially supress discretionary spending and necessitate strong ROI justifications for new projects, although efficiency-driven and AI-led initiatives will drive deal conversations</li><li>We cut our revenue estimate by ~3-4% and maintain our ADD rating with a target price of INR 1,720, based on 22x FY27E EPS</li><li>Havells India: Havells’ Q4 revenue grew by a healthy 20% YoY to INR 65bn, aided by 21/40% growth in cable/Lloyd segments</li><li>However, gross margin contracted by 70bps YoY, but this was offset by lower employee and ad spends</li><li>So, EBITDAM was maintained YoY at 11.6%, translating into 20% EBITDA growth</li><li>Performance across segments was mixed: switchgear revenue grew but margins declined; cable revenue saw strong growth with stable margins; lighting revenue saw minimal growth with margin contraction; ECD revenue and margins both improved; and Lloyd's exhibited significant revenue and margin expansion</li><li>Management highlighted that secondary sales for AC and fans have been weak in March and April due to the delayed summer</li><li>We maintain ADD rating and value the company at 50x Mar-27E EPS to arrive at a TP of INR 1,650/sh.</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 spendingThe services business has consistently outperformed peers over the last two years with AI and Gen AI becoming integral part of most of the dealsDespite these uncertainties, HCL Tech experienced strong deal bookings in Q4 FY25, indicating continued client engagement, and the pipeline remains robust with net-new TCV of USD 2.9bn (+30% YoY)The impact of global uncertainty is expected to potentially supress discretionary spending and necessitate strong ROI justifications for new projects, although efficiency-driven and AI-led initiatives will drive deal conversationsWe cut our revenue estimate by ~3-4% and maintain our ADD rating with a target price of INR 1,720, based on 22x FY27E EPSHavells India: Havells’ Q4 revenue grew by a healthy 20% YoY to INR 65bn, aided by 21/40% growth in cable/Lloyd segmentsHowever, gross margin contracted by 70bps YoY, but this was offset by lower employee and ad spendsSo, EBITDAM was maintained YoY at 11.6%, translating into 20% EBITDA growthPerformance across segments was mixed: switchgear revenue grew but margins declined; cable revenue saw strong growth with stable margins; lighting revenue saw minimal growth with margin contraction; ECD revenue and margins both improved; and Lloyd's exhibited significant revenue and margin expansionManagement highlighted that secondary sales for AC and fans have been weak in March and April due to the delayed summerWe maintain ADD rating and value the company at 50x Mar-27E EPS to arrive at a TP of INR 1,650/sh.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.

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

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>Axis Top pick basket declined by 9% in Feb’25 in a highly volatile month that witnessed rather mixed performance across the sector, market cap and style indices.</li><li>The start of 2025 has been one of the toughest in recent times on account of the underperformance of the domestic market vis-à-vis other emerging and developed markets.</li><li>Led by volatility, the broader market adopted a more cautious approach during the month. Mid and Small Caps declined by 11% and 13%, respectively, while Nity-50 declined by 6% MoM. </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.

Axis Top pick basket declined by 9% in Feb’25 in a highly volatile month that witnessed rather mixed performance across the sector, market cap and style indices.The start of 2025 has been one of the toughest in recent times on account of the underperformance of the domestic market vis-à-vis other emerging and developed markets.Led by volatility, the broader market adopted a more cautious approach during the month. Mid and Small Caps declined by 11% and 13%, respectively, while Nity-50 declined by 6% MoM. 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.

Axis Top Picks for the month of March 2025

<ul><li>Axis Top Picks Basket delivered excellent returns of 12% in the last year against an 8.2% return posted by Nifty 50 over the same period, beating the benchmark by a wide margin of 3.8%.</li><li>The previous four months were highly volatile for the market, and a notable mixed performance was seen across sectors, market caps, and style indices.</li><li>The Axis Top Picks basket declined by 6.5% in the last three months, led by volatility, while the Nifty 50 was down by 3.4% during the same period. </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.

Axis Top Picks Basket delivered excellent returns of 12% in the last year against an 8.2% return posted by Nifty 50 over the same period, beating the benchmark by a wide margin of 3.8%.The previous four months were highly volatile for the market, and a notable mixed performance was seen across sectors, market caps, and style indices.The Axis Top Picks basket declined by 6.5% in the last three months, led by volatility, while the Nifty 50 was down by 3.4% during the same period. 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.

Axis Top Picks for the month of February 2025

<ul><li>Axis Top Picks Basket delivered a return of 10.9% in the last six months against the 7.1% returns posted by Nifty 50 over the same period.</li><li>The last three months were highly volatile for the market and notable mixed performance was seen across sectors, market caps, and style indices.</li><li>The Axis Top Picks basket declined by 2.9% in the last three months but managed to beat the market performance as the benchmark Nifty 50 which declined by 4.4% over the same period. </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.

Axis Top Picks Basket delivered a return of 10.9% in the last six months against the 7.1% returns posted by Nifty 50 over the same period.The last three months were highly volatile for the market and notable mixed performance was seen across sectors, market caps, and style indices.The Axis Top Picks basket declined by 2.9% in the last three months but managed to beat the market performance as the benchmark Nifty 50 which declined by 4.4% over the same period. 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.

Axis Top Picks for the Month of December 2024

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

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

Axis Top Picks for the month of March 2025

Axis Top pick basket declined by 9% in Feb’25 in a highly volatile month that witnessed rather mixed performance across the sector, market cap and...

Axis Direct

Axis Top Picks for the month of February 2025

Axis Top Picks Basket delivered excellent returns of 12% in the last year against an 8.2% return posted by Nifty 50 over the same period, beating...

Axis Direct

Axis Top Picks for the Month of December 2024

Axis Top Picks Basket delivered a return of 10.9% in the last six months against the 7.1% returns posted by Nifty 50 over the same period.

Axis Direct

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