External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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Thematic (Sector/Industry)

<ul><li>Exchanges: MCX revenue is expected to increase by 10.7% QoQ led by growth in options revenue (+23% QoQ)</li><li>Higher payout to tech vendor will impact EBITDA margin for FY24E (Q1FY24E margin will expand sequentially due to higher options revenue)</li><li>The tech transition remains the key overhang, MCX has been conducting mock trading sessions but the transition timeline has been extended to Q3FY24E</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.

Exchanges: MCX revenue is expected to increase by 10.7% QoQ led by growth in options revenue (+23% QoQ)Higher payout to tech vendor will impact EBITDA margin for FY24E (Q1FY24E margin will expand sequentially due to higher options revenue)The tech transition remains the key overhang, MCX has been conducting mock trading sessions but the transition timeline has been extended to Q3FY24EContent 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.

Exchanges, Staffing and Internet: The road to recovery

<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>IT sector growth has slipped on account of first-order and second-order implications of the prevalent macros</li><li>The macro challenges are manifesting into a set of outcomes for the sector ranging from cuts in discretionary spending, delay in decision making (slower conversion from pipeline to TCV), slower deal ramp-up, to change in the propensity for price increases/volume discounts</li><li>While the resilience/opportunity in the sector is the medium-term recoil (high-single digit CC growth in FY25E following mid-single digit in FY24E), in this note we focus on the ‘near-term demand’ markers and assess the growth dispersion despite the aggregate slowdown</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 growth has slipped on account of first-order and second-order implications of the prevalent macrosThe macro challenges are manifesting into a set of outcomes for the sector ranging from cuts in discretionary spending, delay in decision making (slower conversion from pipeline to TCV), slower deal ramp-up, to change in the propensity for price increases/volume discountsWhile the resilience/opportunity in the sector is the medium-term recoil (high-single digit CC growth in FY25E following mid-single digit in FY24E), in this note we focus on the ‘near-term demand’ markers and assess the growth dispersion despite the aggregate slowdownContent 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>IT sector is expected to post a soft Q4 on increased macro uncertainty</li><li>We expect tier-1 IT to post growth in the range of -2% to +1% QoQ and mid-tier IT to post growth in the range of -1.4% to 2.6% QoQ CC organic</li><li>Deal flow is expected to be strongly supported by increased cost optimisation deals and vendor consolidation by enterprise clients</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 is expected to post a soft Q4 on increased macro uncertaintyWe expect tier-1 IT to post growth in the range of -2% to +1% QoQ and mid-tier IT to post growth in the range of -1.4% to 2.6% QoQ CC organicDeal flow is expected to be strongly supported by increased cost optimisation deals and vendor consolidation by enterprise clientsContent 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 (Q4FY23E Results Preview): Soft quarter; outlook holds the key

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 (INFO IN)

Exchanges, Staffing and Internet: The road to recovery

Higher payout to tech vendor will impact EBITDA margin for FY24E (Q1FY24E margin will expand sequentially due to higher options revenue)

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

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 services

HDFC Securities

IT sector: Mixed signals; stay selective

The macro challenges are manifesting into a set of outcomes for the sector ranging from cuts in discretionary spending, delay in decision making

HDFC Securities

IT (Q4FY23E Results Preview): Soft quarter; outlook holds the key

We expect tier-1 IT to post growth in the range of -2% to +1% QoQ and mid-tier IT to post growth in the range of -1.4% to 2.6% QoQ CC organic

HDFC Securities

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