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

<div><div><div><div><ul><li>Persistent Systems reported robust deal wins in FY22 with new large deals totalling $1.2 Bn, manifesting its deep client engagement throughout the year.</li><li>The company reported industry-leading revenue growth of 36% in FY22. It also reported healthy expansion in its operating margins, driven by higher offshoring, efficient utilization, lower attrition, and a superior service mix.</li><li>In view of robust deal wins, Persistent Systems has proved to be a better service provider in the field of ISV, product development, customer experience, and other digital services.</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>

Persistent Systems reported robust deal wins in FY22 with new large deals totalling $1.2 Bn, manifesting its deep client engagement throughout the year.The company reported industry-leading revenue growth of 36% in FY22. It also reported healthy expansion in its operating margins, driven by higher offshoring, efficient utilization, lower attrition, and a superior service mix.In view of robust deal wins, Persistent Systems has proved to be a better service provider in the field of ISV, product development, customer experience, and other digital services.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.

Persistent System Ltd - Robust Performance

Thematic (Sector/Industry)

<ul><li>Inflated attrition levels: Exponential rise in the demand for services led to a higher attrition rate and higher wages (employee expenses) in the last few quarters, reducing the operating margins in the process.</li><li>Moreover, we believe the IT service industry is facing short-term challenges.</li><li>These factors are prompting several IT services companies to cut the variable pay of mid to senior levels for the current fiscal to maintain the operating margins.</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>

Inflated attrition levels: Exponential rise in the demand for services led to a higher attrition rate and higher wages (employee expenses) in the last few quarters, reducing the operating margins in the process.Moreover, we believe the IT service industry is facing short-term challenges.These factors are prompting several IT services companies to cut the variable pay of mid to senior levels for the current fiscal to maintain the operating margins.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.

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

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.

<ul><li>Reliance Industries: Our ADD rating on Reliance Industries (RIL) with a price target of INR 2,860/sh is premised on (1) recovery in the O2C businesses; (2) continued EBITDA growth in the digital business, driven by improvement in ARPU, subscriber addition, and new revenue streams; and (3) potential for further value unlocking in the digital and retail businesses. </li><li>Gross slippages, at 2.9%, were elevated on account of the KCC portfolio, but were offset by higher recoveries, reflecting in negligible credit costs (adjusted for contingent provisions)</li><li>Despite a 54bps sequential reduction in the stressed pool (restructured portfolio at 0.8%, BB &amp; below portfolio at 1.9%), ICICIBC’s move to build up its contingent provisioning (+10bps) appears counter-intuitive and raises questions on the possibility of emerging risk markers in the portfolio</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>

Reliance Industries: Our ADD rating on Reliance Industries (RIL) with a price target of INR 2,860/sh is premised on (1) recovery in the O2C businesses; (2) continued EBITDA growth in the digital business, driven by improvement in ARPU, subscriber addition, and new revenue streams; and (3) potential for further value unlocking in the digital and retail businesses. Gross slippages, at 2.9%, were elevated on account of the KCC portfolio, but were offset by higher recoveries, reflecting in negligible credit costs (adjusted for contingent provisions)Despite a 54bps sequential reduction in the stressed pool (restructured portfolio at 0.8%, BB &amp; below portfolio at 1.9%), ICICIBC’s move to build up its contingent provisioning (+10bps) appears counter-intuitive and raises questions on the possibility of emerging risk markers in the portfolioContent 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.

HSIE Results Daily: Reliance Industries, ICICI Bank, Kotak Mahindra Bank

HSIE Results Daily: Reliance Industries, ICICI Bank, Kotak Mahindra Bank, Persistent Systems

<div><div><div><div><ul><li>Top-down assessment: Despite the correlation to the macro, the demand for the sector is structural (double-digit CAGR over five years is high probability).</li><li>Enterprise trends–growth vectors: Enterprise tech spends are strong and there’s limited impact on overall growth due to any vertical-specific slowdown.</li><li>Cloud partnerships–the second order impact: Tech value migration towards cloud providers is underway and will drive the growth curve of SIs.</li></ul><ul style="list-style-type: none;"><li><div><div><div><div><ul style="list-style-type: none;"><li> </li></ul></div></div></div></div></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>

Top-down assessment: Despite the correlation to the macro, the demand for the sector is structural (double-digit CAGR over five years is high probability).Enterprise trends–growth vectors: Enterprise tech spends are strong and there’s limited impact on overall growth due to any vertical-specific slowdown.Cloud partnerships–the second order impact: Tech value migration towards cloud providers is underway and will drive the growth curve of SIs. 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.

India

Persistent Systems Limited offers outsourced software product development. The Company offer services that include testing, support, and professional services.

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Persistent Systems (PSYS IN)

Persistent System Ltd - Robust Performance

Persistent Systems reported robust deal wins in FY22 with new large deals totalling $1.2 Bn, manifesting its deep client engagement throughout the...

Axis Direct

IT Services - Near term challenge

These factors are prompting several IT services companies to cut the variable pay of mid to senior levels for the current fiscal to maintain the...

Axis Direct

HSIE Results Daily: Reliance Industries, ICICI Bank, Kotak Mahindra Bank

Gross slippages, at 2.9%, were elevated on account of the KCC portfolio, but were offset by higher recoveries, reflecting in negligible credit...

HDFC Securities

HSIE Results Daily: Reliance Industries, ICICI Bank, Kotak Mahindra Bank, Persistent Systems

Gross slippages, at 2.9%, were elevated on account of the KCC portfolio, but were offset by higher recoveries, reflecting in negligible credit...

HDFC Securities

IT Sector - Decoding Signal from Noise

In this note, we decode the signal from noise and probe some key questions: (1) How structural is the demand and how correlated is it to the macros...

HDFC Securities

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