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. 

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>Accenture’s reported Q3FY24 results stood below street expectations on all financial and operational terms.</li><li>Revenue for the quarter stood at $16.5 Bn, registering a de-growth of 1% YoY (in US$ terms) but growth of 1.4% YoY in local currency.</li><li>It registered GAAP EPS of $3.04 for the quarter while adjusted EPS stood at $3.13, reporting 3% YoY de-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 Q3FY24 results stood below street expectations on all financial and operational terms.Revenue for the quarter stood at $16.5 Bn, registering a de-growth of 1% YoY (in US$ terms) but growth of 1.4% YoY in local currency.It registered GAAP EPS of $3.04 for the quarter while adjusted EPS stood at $3.13, reporting 3% YoY de-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 Q3 FY24 Result Update

Equity Bottom-Up

<ul><li>HCL Tech reported superior YoY growth compared to its Indian peers.</li><li>The company benefits from a well-diversified business matrix: IT Services (74% of total revenue), ER&amp;D business (16% of revenue), and product and platform business (10% of total revenue).</li><li>This diversified portfolio positions it for better growth in challenging times compared to its larger peers.</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 Tech reported superior YoY growth compared to its Indian peers.The company benefits from a well-diversified business matrix: IT Services (74% of total revenue), ER&amp;D business (16% of revenue), and product and platform business (10% of total revenue).This diversified portfolio positions it for better growth in challenging times compared to its larger peers.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 Business Matrix to Aid in Growth

<ul><li>In Q4FY24, HCL-Tech Ltd (HCLT) reported revenue of Rs 28,499 Cr, up 0.2% QoQ which stood below expectations.</li><li>The company’s operating profit stood at Rs 5,018 Cr, reporting a de-growth of 11% on a QoQ basis.</li><li>Below our expectations, the company’s operating margins, too, declined by 40bps to 17.6%, which was largely led by lower services revenue margins and lower contribution from P&amp;P business during the</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 Q4FY24, HCL-Tech Ltd (HCLT) reported revenue of Rs 28,499 Cr, up 0.2% QoQ which stood below expectations.The company’s operating profit stood at Rs 5,018 Cr, reporting a de-growth of 11% on a QoQ basis.Below our expectations, the company’s operating margins, too, declined by 40bps to 17.6%, which was largely led by lower services revenue margins and lower contribution from P&amp;P business during theContent 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 - Results Miss Estimates; Skeptical Outlook

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>Hiring trends and job postings have historically been correlated with growth in the sector</li><li>We look at the CompTIA data: the key highlights are (1) tech hiring is expected to accelerate (from 1.2% in CY23 to 3.1% in CY24E) in the US (2) growth in tech workforce is expected across regions, especially in areas with large tech presence of Indian IT (both east/west coast and Texas) (3) tech hiring growth in the automotive OEM region is lower than in most states</li><li>While there are always limitations to tech hiring estimates, the indicators and linearity are pointing to ‘demand recovery’ possibly towards the second half of the year.</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.

Hiring trends and job postings have historically been correlated with growth in the sectorWe look at the CompTIA data: the key highlights are (1) tech hiring is expected to accelerate (from 1.2% in CY23 to 3.1% in CY24E) in the US (2) growth in tech workforce is expected across regions, especially in areas with large tech presence of Indian IT (both east/west coast and Texas) (3) tech hiring growth in the automotive OEM region is lower than in most statesWhile there are always limitations to tech hiring estimates, the indicators and linearity are pointing to ‘demand recovery’ possibly towards the second half of the year.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: Tech Hiring to Recover in CY24

<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’

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)

Sector Update: Accenture Q3 FY24 Result Update

Accenture’s reported Q3FY24 results stood below street expectations on all financial and operational terms. Revenue for the quarter stood at $16.5 Bn

Axis Direct

HCL Tech Ltd. - Better Business Matrix to Aid in Growth

The company benefits from a well-diversified business matrix: IT Services (74% of total revenue), ER&D business (16% of revenue), and product and...

Axis Direct

HCL Technologies - Results Miss Estimates; Skeptical Outlook

In Q4FY24, HCL-Tech Ltd (HCLT) reported revenue of Rs 28,499 Cr, up 0.2% QoQ which stood below expectations. The company’s operating profit stood...

Axis Direct

IT Sector: Tech Hiring to Recover in CY24

While there are always limitations to tech hiring estimates, the indicators and linearity are pointing to ‘demand recovery’ possibly towards the...

HDFC Securities

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

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