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.

Thematic (Sector/Industry)

<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

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>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

<ul><li>The big news is that not much has changed in the past few months</li><li>Most of the demand indicators are trailing 10-15% below levels at the beginning of the year and only slightly better than the July lows, the supply-side factors remain favourable, supporting operational resilience despite soft growth</li><li>In Q2FY24, the IT sector is expected to deliver a soft quarter, although Q2 has historically been a seasonally strong 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.

The big news is that not much has changed in the past few monthsMost of the demand indicators are trailing 10-15% below levels at the beginning of the year and only slightly better than the July lows, the supply-side factors remain favourable, supporting operational resilience despite soft growthIn Q2FY24, the IT sector is expected to deliver a soft quarter, although Q2 has historically been a seasonally strong 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.

<ul><li>We hosted the ISG index call (link) and the key message was recovery in the business environment ahead</li><li>While ISG maintained the CY23 outlook on growth in managed services deal bookings (+5% for CY23), recovery ahead is based on (1) improving pipeline for new scope projects (vs renewals &amp; extension heavy recently that drove vendor consolidation) (2) approval threshold for projects and transition timelines normalising with stable pricing environment (3) pipeline build-up for SIs with increased enterprise interest in captives and (4) stability to return in BFSI, which was impacted by executive movement earlier in enterprises</li><li>The current disconnect between the growth in bookings and soft revenue growth is largely due to the impact on discretionary 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 hosted the ISG index call (link) and the key message was recovery in the business environment aheadWhile ISG maintained the CY23 outlook on growth in managed services deal bookings (+5% for CY23), recovery ahead is based on (1) improving pipeline for new scope projects (vs renewals &amp; extension heavy recently that drove vendor consolidation) (2) approval threshold for projects and transition timelines normalising with stable pricing environment (3) pipeline build-up for SIs with increased enterprise interest in captives and (4) stability to return in BFSI, which was impacted by executive movement earlier in enterprisesThe current disconnect between the growth in bookings and soft revenue growth is largely due to the impact on discretionary servicesContent 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.

<ul><li>Tata Consultancy Services: Tata Consultancy Services (TCS) delivered a soft (in-line) performance in Q1 but recorded strong deal bookings which provide visibility despite challenging macros</li><li>Flat sequential revenue growth was impacted by broad-based weakness across verticals—BFSI, Communication &amp; Media, Technology &amp; Services (46% of revenue declining 1% QoQ)—while the remaining business grew 1.6% QoQ</li><li>Greater scrutiny of projects is leading to the relative weakness in sub-segments of mortgage, capital market and P&amp;C insurance within BFSI and in the Communication &amp; Media vertical</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.

Tata Consultancy Services: Tata Consultancy Services (TCS) delivered a soft (in-line) performance in Q1 but recorded strong deal bookings which provide visibility despite challenging macrosFlat sequential revenue growth was impacted by broad-based weakness across verticals—BFSI, Communication &amp; Media, Technology &amp; Services (46% of revenue declining 1% QoQ)—while the remaining business grew 1.6% QoQGreater scrutiny of projects is leading to the relative weakness in sub-segments of mortgage, capital market and P&amp;C insurance within BFSI and in the Communication &amp; Media verticalContent 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 : Tata Consultancy Services, HCL Technologies

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: 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

IT Sector - Soft Q2, Status Quo Remains

Most of the demand indicators are trailing 10-15% below levels at the beginning of the year and only slightly better than the July lows

HDFC Securities

IT Sector Update: Recovery ahead

The current disconnect between the growth in bookings and soft revenue growth is largely due to the impact on discretionary service

HDFC Securities

HSIE Results Daily : Tata Consultancy Services, HCL Technologies

Tata Consultancy Services (TCS) delivered a soft (in-line) performance in Q1 but recorded strong deal bookings which provide visibility despite...

HDFC Securities

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