India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

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Thematic (Sector/Industry)

<ul>
<li>Reliance Industries obtained over $7 billion in offshore financing for capital expenditure and debt refinancing.</li>
<li>Adani Enterprises plans a $1 billion share sale via a Qualified Institutional Placement.</li>
<li>Marico resumes operations in Bangladesh after political unrest, diversify market presence.</li>
</ul>


Reliance Industries obtained over $7 billion in offshore financing for capital expenditure and debt refinancing.
Adani Enterprises plans a $1 billion share sale via a Qualified Institutional Placement.
Marico resumes operations in Bangladesh after political unrest, diversify market presence.


# 43 India Insight: Reliance Offshore Financing, Adani QIP, Marico Diversify Market Presence

External broker reports(aggregated public sources), Emkay Global Financial Services Limited

Emkay

External broker reports(aggregated public sources)

Emkay Global Financial Services Limited

Emkay Global Financial Services Ltd. is a leader in the financial services sector, actively creating wealth for our clients for over two decades. 

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>Coforge reported an in-line set of results in Q1; revenue grew 1.6% QoQ (similar in cc terms), whereas adj. EBITDAM declined by 100bps to 17.9%. Growth ex-India was healthy at 3.7% QoQ cc.</li><li>BFS declined 3.9% QoQ, which the management attributed to a blip after 12 straight quarters of sequential growth, and should grow Q2 onward.</li><li>The mgmt expects robust growth ahead, aided by a healthy NTM executable order book (up 19.3% YoY), some rebound in demand, and strong headcount addition (billable headcount grew 7.7% QoQ).</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.

Coforge reported an in-line set of results in Q1; revenue grew 1.6% QoQ (similar in cc terms), whereas adj. EBITDAM declined by 100bps to 17.9%. Growth ex-India was healthy at 3.7% QoQ cc.BFS declined 3.9% QoQ, which the management attributed to a blip after 12 straight quarters of sequential growth, and should grow Q2 onward.The mgmt expects robust growth ahead, aided by a healthy NTM executable order book (up 19.3% YoY), some rebound in demand, and strong headcount addition (billable headcount grew 7.7% QoQ).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.

Coforge - Steady Performance; One-Off Causes Profit Miss

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.

<ul><li>In Q1FY25, Coforge Ltd. (Coforge) reported revenue of Rs 2,401 Cr, reflecting a 1.8% QoQ increase, and a 1.8% QoQ increase in constant currency terms, which was below expectations.</li><li>The company’s operating profit stood at Rs 409 Cr, down 3.8% QoQ due to higher operating expenses and acquisition-related costs.</li><li>Operating margins declined by 100bps to 17%, primarily due to increased operating 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 Q1FY25, Coforge Ltd. (Coforge) reported revenue of Rs 2,401 Cr, reflecting a 1.8% QoQ increase, and a 1.8% QoQ increase in constant currency terms, which was below expectations.The company’s operating profit stood at Rs 409 Cr, down 3.8% QoQ due to higher operating expenses and acquisition-related costs.Operating margins declined by 100bps to 17%, primarily due to increased operating 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.

Coforge Ltd. - Results Below Expectations; Strong Outlook Continues

<ul><li>The IT Services sector is anticipated to exhibit moderated growth in Q1FY25, primarily due to weaker discretionary spending, driven by uncertainties in macroeconomic conditions and upcoming elections in the US.</li><li>However, non-discretionary spending is expected to see some improvement.</li><li>Many large enterprises are likely to prioritize cost optimizations, resulting in an increase in cost take-out deals, vendor consolidation, and reduced discretionary spending.</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 IT Services sector is anticipated to exhibit moderated growth in Q1FY25, primarily due to weaker discretionary spending, driven by uncertainties in macroeconomic conditions and upcoming elections in the US.However, non-discretionary spending is expected to see some improvement.Many large enterprises are likely to prioritize cost optimizations, resulting in an increase in cost take-out deals, vendor consolidation, and reduced discretionary spending.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 Q1fy25 Result Preview – Moderated Growth; Recovery Expected

<ul><li>Accenture’s reported Q3FY24 results stood below street expectations on all financial and operational terms.</li><li>Revenue for the quarter stood at $16.5 Bn, registering a de-growth of 1% YoY (in US$ terms) but growth of 1.4% YoY in local currency.</li><li>It registered GAAP EPS of $3.04 for the quarter while adjusted EPS stood at $3.13, reporting 3% YoY de-growth. </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.

Accenture’s reported Q3FY24 results stood below street expectations on all financial and operational terms.Revenue for the quarter stood at $16.5 Bn, registering a de-growth of 1% YoY (in US$ terms) but growth of 1.4% YoY in local currency.It registered GAAP EPS of $3.04 for the quarter while adjusted EPS stood at $3.13, reporting 3% YoY de-growth. 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.

Sector Update: Accenture Q3 FY24 Result Update

India

Coforge Limited provides information technology services. The Company serves customers in India.

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Coforge (COFORGE IN)

# 43 India Insight: Reliance Offshore Financing, Adani QIP, Marico Diversify Market Presence

Reliance Industries secures $7B offshore financing, Adani Enterprises plans $1B share sale, Marico resumes operations in Bangladesh.

Sudarshan Bhandari

Coforge - Steady Performance; One-Off Causes Profit Miss

Coforge reported an in-line set of results in Q1; revenue grew 1.6% QoQ (similar in cc terms), whereas adj. EBITDAM declined by 100bps to 17.9%....

Emkay

Coforge Ltd. - Results Below Expectations; Strong Outlook Continues

Net profit for Q1FY25 was Rs 229 Cr, marking a 2.1% QoQ decrease, attributed to transaction costs incurred during the quarter.

Axis Direct

It Services Q1fy25 Result Preview – Moderated Growth; Recovery Expected

Many large enterprises are likely to prioritize cost optimizations, resulting in an increase in cost take-out deals, vendor consolidation, and...

Axis Direct

Sector Update: Accenture Q3 FY24 Result Update

Accenture’s reported Q3FY24 results stood below street expectations on all financial and operational terms. Revenue for the quarter stood at $16.5 Bn

Axis Direct

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# 43 India Insight: Reliance Offshore Financing, Adani QIP, Marico Diversify Market Presence

​Reliance Industries secures $7B offshore financing, Adani Enterprises plans $1B share sale, Marico resumes operations in Bangladesh.

Sudarshan Bhandari

Coforge - Steady Performance; One-Off Causes Profit Miss

Coforge reported an in-line set of results in Q1; revenue grew 1.6% QoQ (similar in cc terms), whereas adj. EBITDAM declined by 100bps to 17.9%....

Emkay

Coforge Ltd. - Results Below Expectations; Strong Outlook Continues

Net profit for Q1FY25 was Rs 229 Cr, marking a 2.1% QoQ decrease, attributed to transaction costs incurred during the quarter.

Axis Direct

It Services Q1fy25 Result Preview – Moderated Growth; Recovery Expected

Many large enterprises are likely to prioritize cost optimizations, resulting in an increase in cost take-out deals, vendor consolidation, and...

Axis Direct

Sector Update: Accenture Q3 FY24 Result Update

Accenture’s reported Q3FY24 results stood below street expectations on all financial and operational terms. Revenue for the quarter stood at $16.5 Bn

Axis Direct

Reliance Industries secures $7B offshore financing, Adani Enterprises plans $1B share sale, Marico resumes operations in Bangladesh.