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.

Equity Bottom-Up

<ul><li>We initiate coverage on KPIT Technologies Ltd (KPIT) with a BUY rating and Target Price of Rs 1500/share, implying an upside of 28% from the CMP.</li><li>We believe KPIT is well-placed to revive its growth momentum andthis recovery would be driven by 1) Significant growth opportunities in the ER&amp;D space in the automobile vertical,2) Sustainable operating margins on account of better services mix and improving operational efficiencies,3) Robust balancesheet, strong return ratios,and healthy free cash flow generation, 4) Efficient execution capabilities, and 5) The company’s rampup in new deal wins along with strong client additions</li><li>.We believe these attributes would aid KPITin achieving sustainablegrowth in the longterm.</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 initiate coverage on KPIT Technologies Ltd (KPIT) with a BUY rating and Target Price of Rs 1500/share, implying an upside of 28% from the CMP.We believe KPIT is well-placed to revive its growth momentum andthis recovery would be driven by 1) Significant growth opportunities in the ER&amp;D space in the automobile vertical,2) Sustainable operating margins on account of better services mix and improving operational efficiencies,3) Robust balancesheet, strong return ratios,and healthy free cash flow generation, 4) Efficient execution capabilities, and 5) The company’s rampup in new deal wins along with strong client additions.We believe these attributes would aid KPITin achieving sustainablegrowth in the longterm.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.

KPIT Technologies Ltd - Engineered for Accelerated Growth

Equity L/S Analyst | Forensic Accounting | India, Yellowstone Equity

Ankit Agrawal, CFA

Equity L/S Analyst | Forensic Accounting | India

Creating Wealth through Alpha and Compounding

Yellowstone Equity

Providing unbiased and independent research on Indian equities to global institutions and individual investors


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Regulatory Disclosure: 
Note that Ankit Agrawal (Proprietor of Yellowstone Equity) is a SEBI registered Research Analyst (Registration No.: INH000007216). Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Investment in securities market are subject to market risks. Read all the related documents carefully before investing.

Research Analyst Contact Details:
Address: A-412, Shilp Aaron, Sindhu Bhavan Road, Ahmedabad, Gujarat - 380059
Email: services@yellowstoneequity.com
Mobile: +91-7575817289

Compliance/Grievance Officer:
Name: Ankit Agrawal
Email: services@yellowstoneequity.com
Mobile: +91-7575817289
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<ul>
<li>KPIT reported a strong Q1FY24 with 7.1% constant-currency (CC) revenue growth and EBIDTA growth of 13.3% QoQ. EBITDA margin expanded by 90bp QoQ to end at 20%.</li>
<li>KPIT is upbeat about the demand environment. OEMs are continuing to spend heavily on new technologies. KPIT itself is investing significantly in R&amp;D, especially Generative AI.</li>
<li>Deal wins was healthy at $190mm vs typical run-rate of $150mm+. The pipeline is also healthy across practices.</li>
</ul>


KPIT reported a strong Q1FY24 with 7.1% constant-currency (CC) revenue growth and EBIDTA growth of 13.3% QoQ. EBITDA margin expanded by 90bp QoQ to end at 20%.
KPIT is upbeat about the demand environment. OEMs are continuing to spend heavily on new technologies. KPIT itself is investing significantly in R&amp;D, especially Generative AI.
Deal wins was healthy at $190mm vs typical run-rate of $150mm+. The pipeline is also healthy across practices.


Thematic (Sector/Industry)

<ul><li>Despite the delay in automation spending( specially from North America), deal wins remained strong during the quarter.</li><li>Many Indian IT service companies sees the demand for new edge technology like generative AI, IoT Machine learning etc despite the lack of near-term visibility.</li><li>The attrition rate has dropped as we see some easing on the supply side constraints. </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.

Despite the delay in automation spending( specially from North America), deal wins remained strong during the quarter.Many Indian IT service companies sees the demand for new edge technology like generative AI, IoT Machine learning etc despite the lack of near-term visibility.The attrition rate has dropped as we see some easing on the supply side constraints. 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 Services: Q3FY24 Review – Hits & Misses

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

Tata Technologies / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tata-technologies" target="_blank" data-smartkarma-citation="entities:23700:1" rel="noopener">Tata Technologies (TATATECH IN)</a> priced its IPO at Rs500 per share to raise gross proceeds of US$365 million. The shares will start trading tomorrow.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/tata-technologies-ipo-the-investment-case" target="_blank" data-smartkarma-citation="insights:117597" rel="noopener">Tata Technologies IPO: The Investment Case</a> and <a href="https://www.smartkarma.com/insights/tata-technologies-ipo-valuation-insights" target="_blank" data-smartkarma-citation="insights:117850" rel="noopener">Tata Technologies IPO: Valuation Insights</a>. </li>
<li>The market sentiment on the sector has improved. In 2023, Indian IPOs with a &gt;US$100 million raise had an average first-day gain of 28.3%. The IPO price is attractive.  </li>
</ul>



Tata Technologies (TATATECH IN) priced its IPO at Rs500 per share to raise gross proceeds of US$365 million. The shares will start trading tomorrow.
We previously discussed the IPO in Tata Technologies IPO: The Investment Case and Tata Technologies IPO: Valuation Insights. 
The market sentiment on the sector has improved. In 2023, Indian IPOs with a &gt;US$100 million raise had an average first-day gain of 28.3%. The IPO price is attractive.  


Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tata-technologies" target="_blank" data-smartkarma-citation="entities:23700:1" rel="noopener">Tata Technologies (TATATECH IN)</a> (TT) raised around US$370m in its India IPO.</li>
<li>Tata Technologies is a global engineering services company offering product development and digital solutions, including turnkey solutions, to global original equipment manufacturers (OEMs) and their tier 1 suppliers.</li>
<li>In our previous note, we looked at the company’s past performance and valuation. In this note, we talk about the demand and trading dynamics.</li>
</ul>



Tata Technologies (TATATECH IN) (TT) raised around US$370m in its India IPO.
Tata Technologies is a global engineering services company offering product development and digital solutions, including turnkey solutions, to global original equipment manufacturers (OEMs) and their tier 1 suppliers.
In our previous note, we looked at the company’s past performance and valuation. In this note, we talk about the demand and trading dynamics.


Tata Technologies IPO Trading - Will Be a Good Listing Owing to over Enthusiasm

India

KPIT Technologies Limited operates as a technology company. The Company specializes in embedded software, artificial intelligence, and digital solutions. KPIT Technologies serves automobile industry worldwide.

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KPIT Technologies (KPITTECH IN)

KPIT Technologies Ltd - Engineered for Accelerated Growth

We initiate coverage on KPIT Technologies Ltd (KPIT) with a BUY rating and Target Price of Rs 1500/share, implying an upside of 28% from the CMP.

Axis Direct

KPIT: Stellar Q1FY24 Earnings

KPIT offers an upside potential of 19%+ IRR over a holding period of <3 years, through the end of FY26. KPIT is a direct beneficiary of rapid...

Ankit Agrawal, CFA

IT Services: Q3FY24 Review – Hits & Misses

Many Indian IT service companies sees the demand for new edge technology like generative AI, IoT Machine learning etc despite the lack of near-term...

Axis Direct

Tata Technologies IPO: Trading Debut

The market sentiment on the sector has improved. In 2023, Indian IPOs with a >US$100 million raise had an average first-day gain of 28.3%. The IPO...

Arun George

Tata Technologies IPO Trading - Will Be a Good Listing Owing to over Enthusiasm

Tata Technologies (TATATECH IN) (TT) raised around US$370m in its India IPO. In this note, we talk about the demand and trading updates.

Sumeet Singh

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