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. 

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>IT sector (coverage universe) growth is expected to bottom out in Q4FY24 and recover ‘gradually’ in FY25E</li><li>The slowdown in macro is still a baseline scenario and lower discretionary spending and slower conversion from TCV to revenue is a feature and not a bug—at least in the near term—and deals will be focused on cost optimisation</li><li>Growth divergence will continue within the sector and guidance for FY25E is likely to factor in improved H2 performance.</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.

IT sector (coverage universe) growth is expected to bottom out in Q4FY24 and recover ‘gradually’ in FY25EThe slowdown in macro is still a baseline scenario and lower discretionary spending and slower conversion from TCV to revenue is a feature and not a bug—at least in the near term—and deals will be focused on cost optimisationGrowth divergence will continue within the sector and guidance for FY25E is likely to factor in improved H2 performance.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 Sector (Q4FY24E Results Preview): Transition period from ‘gradually’ to ‘eventually’

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.

Equity Bottom-Up

<ul><li>Accenture’s Q2FY24 results stood below street expectations on all financial and operational fronts.</li><li>Revenue for the quarter stood at $15.8 Bn, flat in local currency YoY and a decline of 0.1% in US$ terms.</li><li>It registered GAAP EPS of $2.63 for the quarter while adjusted EPS stood at $2.77, reporting 10% YoY growth.</li><li>The company’s new bookings stood at $21.6 Bn, which was its second-highest ever. </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.

Accenture’s Q2FY24 results stood below street expectations on all financial and operational fronts.Revenue for the quarter stood at $15.8 Bn, flat in local currency YoY and a decline of 0.1% in US$ terms.It registered GAAP EPS of $2.63 for the quarter while adjusted EPS stood at $2.77, reporting 10% YoY growth.The company’s new bookings stood at $21.6 Bn, which was its second-highest ever. 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.

Accenture - Uncertainty Persists; Long-Term Demand Continues Strong

<ul><li>Accenture’s reported Q1FY24 results stood below street expectations on all financial and operational terms.</li><li>Revenue for the quarter stood at $16.04 Bn, registering a growth of 1% in local currency YoY and 3% in US$ terms.</li><li>It registered GAAP EPS of $3.1 for the quarter while adjusted EPS stood at $3.27, reporting 6% YoY growth. </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.

Accenture’s reported Q1FY24 results stood below street expectations on all financial and operational terms.Revenue for the quarter stood at $16.04 Bn, registering a growth of 1% in local currency YoY and 3% in US$ terms.It registered GAAP EPS of $3.1 for the quarter while adjusted EPS stood at $3.27, reporting 6% YoY growth. 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.

Sector Update: Accenture Q1FY24 Result Update

<ul><li>Infosys: Infosys’ (INFO) strong deal wins (highest-ever) were offset by sluggishness in volumes and a slower pace of conversion resulting in cuts to our FY25E growth estimates</li><li>While Q2 revenue performance was higher than estimated on certain one-offs and margin expansion was in line, successive quarters of growth guidance cuts reflect near-term uncertainty/pressure on discretionary</li><li>Notwithstanding the weak/washout growth in FY24E, FY25E trajectory is expected to improve, supported by visibility from several mega deal wins i.e</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) strong deal wins (highest-ever) were offset by sluggishness in volumes and a slower pace of conversion resulting in cuts to our FY25E growth estimatesWhile Q2 revenue performance was higher than estimated on certain one-offs and margin expansion was in line, successive quarters of growth guidance cuts reflect near-term uncertainty/pressure on discretionaryNotwithstanding the weak/washout growth in FY24E, FY25E trajectory is expected to improve, supported by visibility from several mega deal wins i.eContent 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

<ul>
<li>In Q2FY24, HCL Tech Ltd (HCLT) reported revenue of Rs 26,672 Cr, down 1.4% QoQ and stood below our expectations.</li>
<li>The company’s operating profit stood at Rs 4,934 Cr, reporting a growth of 7% on a QoQ basis.</li>
<li>Beating our expectations, the company’s operating margins, too, expanded by 154bps to 18%, which was largely led by lower operating expenses and lower onsite expenses 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 Q2FY24, HCL Tech Ltd (HCLT) reported revenue of Rs 26,672 Cr, down 1.4% QoQ and stood below our expectations.
The company’s operating profit stood at Rs 4,934 Cr, reporting a growth of 7% on a QoQ basis.
Beating our expectations, the company’s operating margins, too, expanded by 154bps to 18%, which was largely led by lower operating expenses and lower onsite expenses 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 Tech Ltd. - Better Results with Strong Deals Albeit With Lower Guidance

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)

IT Sector (Q4FY24E Results Preview): Transition period from ‘gradually’ to ‘eventually’

IT sector (coverage universe) growth is expected to bottom out in Q4FY24 and recover ‘gradually’ in FY25E. The slowdown in macro is still a...

HDFC Securities

Accenture - Uncertainty Persists; Long-Term Demand Continues Strong

Accenture’s Q2FY24 results stood below street expectations on all financial and operational fronts. Revenue for the quarter stood at $15.8 Bn, flat...

Axis Direct

Sector Update: Accenture Q1FY24 Result Update

We believe strong investments in Digital Technologies, Cloud Transformation,Generative AI, and Machine Learning across verticals will support the...

Axis Direct

HSIE Results Daily: Infosys, HCL Technologies

Infosys’ (INFO) strong deal wins (highest-ever) were offset by sluggishness in volumes and a slower pace of conversion resulting in cuts to our...

HDFC Securities

HCL Tech Ltd. - Better Results with Strong Deals Albeit With Lower Guidance

In Q2FY24, HCL Tech Ltd (HCLT) reported revenue of Rs 26,672 Cr, down 1.4% QoQ and stood below our expectations. The company’s operating profit...

Axis Direct

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