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>Accenture reported robust Q1FY23 numbers which stood in line with the street expectations.</li><li>Revenue for the quarter stood at $15.7 Bn, posting an encouraging growth of 5% YoY in USD and 15% in local currency despite rising pressures of slowdown and increasing interest rates.</li><li>In line with the revenue growth, the company’s operating margins grew by 20bps to 16.5%. Its EPS for Q1FY23 stood at $3.08, up 17%, beating analyst estimates of $2.91. Accenture flagged a negative impact of ~9.5% on sales from a stronger dollar.</li></ul><p><em>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.</em></p>

Accenture reported robust Q1FY23 numbers which stood in line with the street expectations.Revenue for the quarter stood at $15.7 Bn, posting an encouraging growth of 5% YoY in USD and 15% in local currency despite rising pressures of slowdown and increasing interest rates.In line with the revenue growth, the company’s operating margins grew by 20bps to 16.5%. Its EPS for Q1FY23 stood at $3.08, up 17%, beating analyst estimates of $2.91. Accenture flagged a negative impact of ~9.5% on sales from a stronger dollar.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 - Results In-Line With Expectation; Guidance Below Expectations

<ul><li>Infosys Ltd (Infy) reported Q2FY23 revenue of Rs 36,538 Cr, up 6.0% QoQ and 4.0% QoQ (in CC terms) which was in line with our expectations.</li><li>The company’s operating profit stood at Rs 7,873 Cr, reporting a healthy growth of 13.9% on a QoQ basis.</li><li>Beating our expectations, the company’s operating margins, too, grew by 140bps QoQ to 21.5%, largely led by lower operating expenses and a favourable currency mix during the quarter.</li></ul><p><em>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.</em></p>

Infosys Ltd (Infy) reported Q2FY23 revenue of Rs 36,538 Cr, up 6.0% QoQ and 4.0% QoQ (in CC terms) which was in line with our expectations.The company’s operating profit stood at Rs 7,873 Cr, reporting a healthy growth of 13.9% on a QoQ basis.Beating our expectations, the company’s operating margins, too, grew by 140bps QoQ to 21.5%, largely led by lower operating expenses and a favourable currency mix 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.

Infosys Ltd - Demand Scenario Intact; Upwards Revision in Guidance

<div><div><div><div><ul><li>Accenture reported robust Q4FY22 numbers that were in line with the street expectations.</li><li>Revenue for the quarter stood at $15.4 Bn, posting a healthy growth of 15% YoY in USD and 22.4% in local currency despite rising supply-side constraints.</li><li>Operating margins grew by 10bps and stood at 17.4%. The company’s EPS for FY22 stood at $10.7, up 17% from the $9.16 it reported in FY21 and 22% from the adjusted EPS of $8.80 in FY21 (this excluded $0.36 in gains on an investment). </li></ul></div></div></div></div><p><em>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.</em></p>

Accenture reported robust Q4FY22 numbers that were in line with the street expectations.Revenue for the quarter stood at $15.4 Bn, posting a healthy growth of 15% YoY in USD and 22.4% in local currency despite rising supply-side constraints.Operating margins grew by 10bps and stood at 17.4%. The company’s EPS for FY22 stood at $10.7, up 17% from the $9.16 it reported in FY21 and 22% from the adjusted EPS of $8.80 in FY21 (this excluded $0.36 in gains on an investment). 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 - Results In-Line With Expectation

External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

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<li>Some metrics worth tracking: As indicated in our 4QFY22 results note (Downgrade cycle upon us), the net new TCV number (down 60% YoY in FY22 due to mega-deals in the base year) and the unbilled revenue growth were some of the things that stood out.</li>
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<li>Things to watch out for in the coming days: (1) Whether the worsening profit picture of the US corporate sector – earlier than expected in the March quarter 2022 in certain consumer-facing sectors - spreads further (2) Whether those to whom offer letters are/were given are on-boarded as indicated (3) Whether hiring materially weakens from here on by the Indian service providers, especially if utilization is high (4) Will there be an upward revision in the guidance if we see a strong QoQ growth in 1HFY23 (5) Order inflow and commentary by Accenture as it releases its results in the latter half of June 2022; especially surrounding the discretionary spending on consulting.</li>
<li>We expect no deterioration as of this point. (6) Commentary on demand from the cloud hyper scalers and the Saas eco-system in the US (7) A stricter implementation of work from office rules – meaning companies are open to living with higher attrition as they see weakness in demand into the future.</li>
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<p><em>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.</em></p>






Some metrics worth tracking: As indicated in our 4QFY22 results note (Downgrade cycle upon us), the net new TCV number (down 60% YoY in FY22 due to mega-deals in the base year) and the unbilled revenue growth were some of the things that stood out.






Things to watch out for in the coming days: (1) Whether the worsening profit picture of the US corporate sector – earlier than expected in the March quarter 2022 in certain consumer-facing sectors - spreads further (2) Whether those to whom offer letters are/were given are on-boarded as indicated (3) Whether hiring materially weakens from here on by the Indian service providers, especially if utilization is high (4) Will there be an upward revision in the guidance if we see a strong QoQ growth in 1HFY23 (5) Order inflow and commentary by Accenture as it releases its results in the latter half of June 2022; especially surrounding the discretionary spending on consulting.
We expect no deterioration as of this point. (6) Commentary on demand from the cloud hyper scalers and the Saas eco-system in the US (7) A stricter implementation of work from office rules – meaning companies are open to living with higher attrition as they see weakness in demand into the future.









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 - Thrust Should Have Been on Core Services and ‘essential’ Digital

<ul><li>Infosys Ltd (Infy) reported Q4FY22 revenue of Rs 32,276 Cr, up 1.3% QoQ and 0.8% QoQ (in CC terms) which was below our expectations.</li><li>The company’s operating profit stood at Rs 6,956 Cr, reporting a de-growth of 7.3% on a QoQ basis. </li><li>We recommend a BUY rating on the stock and assign a 29x P/E multiple to its FY24E earnings of Rs 71/share to arrive at a TP of Rs 2,060/share, implying an upside of 18% from the CMP.</li></ul><p><em>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.</em></p>

Infosys Ltd (Infy) reported Q4FY22 revenue of Rs 32,276 Cr, up 1.3% QoQ and 0.8% QoQ (in CC terms) which was below our expectations.The company’s operating profit stood at Rs 6,956 Cr, reporting a de-growth of 7.3% on a QoQ basis. We recommend a BUY rating on the stock and assign a 29x P/E multiple to its FY24E earnings of Rs 71/share to arrive at a TP of Rs 2,060/share, implying an upside of 18% from the CMP.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: Demand Scenario Intact Despite Slowing Growth Momentum

India

Infosys Limited provides IT consulting and software services, including e-business, program management and supply chain solutions. The Group's services include application development, product co-development, and system implementation and system engineering. Infosys targets businesses specializing in the insurance, banking, telecommunication and manufacturing sectors.

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Infosys Ltd Sp Adr (INFY US)

Accenture - Results In-Line With Expectation; Guidance Below Expectations

Revenue for the quarter stood at $15.7 Bn, posting an encouraging growth of 5% YoY in USD and 15% in local currency despite rising pressures of...

Axis Direct

Infosys Ltd - Demand Scenario Intact; Upwards Revision in Guidance

Infosys Ltd (Infy) reported Q2FY23 revenue of Rs 36,538 Cr, up 6.0% QoQ and 4.0% QoQ (in CC terms) which was in line with our expectations.

Axis Direct

Accenture - Results In-Line With Expectation

Revenue for the quarter stood at $15.4 Bn, posting a healthy growth of 15% YoY in USD and 22.4% in local currency despite rising supply-side...

Axis Direct

Infosys - Thrust Should Have Been on Core Services and ‘essential’ Digital

Infosys’ (INFY) analyst meet on 31st May, 2022 was a review of the past 4 & a half years of the ‘Salil Parekh 1.0’ era and a spotlight on the...

Nirmal Bang

Infosys: Demand Scenario Intact Despite Slowing Growth Momentum

We recommend a BUY rating on the stock and assign a 29x P/E multiple to its FY24E earnings of Rs 71/share to arrive at a TP of Rs 2,060/share,...

Axis Direct

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