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>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.

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>Unexpected ramp-down in projects in verticals such as Telecom and BFSI</li><li>TCV stood strong in Q4FY23 with eight quarter-high deal wins at $2.1 Bn</li><li>The management is cautious about the outlook in the demand scenario from North America. However, Europe stood comparatively resilient.</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.

Unexpected ramp-down in projects in verticals such as Telecom and BFSITCV stood strong in Q4FY23 with eight quarter-high deal wins at $2.1 BnThe management is cautious about the outlook in the demand scenario from North America. However, Europe stood comparatively resilient.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. - Disappointing Results; Outlook Skeptical

<ul><li>The near-inevitable happened, but Infosys’ (INFO) Q4 can pass on as an aberration even as macro headwinds persist</li><li>The low probability sequential decline (eight times in the last sixty quarters and four times ex-GFC and Covid quarters) was due to a combination of deal cancellations and deferrals largely centric in NorthAm (BFSI &amp; communication vertical in NorthAm was 70% of the sequential drop)</li><li>So the cut in estimates is a bigger function of the FY23 exit rate rather than the guidance provided (4-7% CC)</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 near-inevitable happened, but Infosys’ (INFO) Q4 can pass on as an aberration even as macro headwinds persistThe low probability sequential decline (eight times in the last sixty quarters and four times ex-GFC and Covid quarters) was due to a combination of deal cancellations and deferrals largely centric in NorthAm (BFSI &amp; communication vertical in NorthAm was 70% of the sequential drop)So the cut in estimates is a bigger function of the FY23 exit rate rather than the guidance provided (4-7% CC)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 (Results Review Q4FY23): On the back foot. Downgrade to ADD

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)

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

Infosys Ltd. - Disappointing Results; Outlook Skeptical

The management is cautious about the outlook in the demand scenario from North America. However, Europe stood comparatively resilient.

Axis Direct

Infosys (Results Review Q4FY23): On the back foot. Downgrade to ADD

The low probability sequential decline (eight times in the last sixty quarters and four times ex-GFC and Covid quarters) was due to a combination...

HDFC Securities

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