External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

External broker reports(aggregated public sources)

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

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>Persistent Systems (PSYS) reported a strong quarter on all fronts – 1) revenue; 2) deal TCV; and 3) margins.</li><li>The company can address a key investor concern of its ability to improve margins in FY26 given one-off gains in FY25 led by levers of – 1) slower pace of sales and marketing investments; 2) pricing and right shoring; and 3) growing revenue share from higher-margin platform-based services.</li><li>We largely maintain our FY26–27E EPS and increase our FY25 estimate by ~3%, factoring in the beat in Q2.</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.

Persistent Systems (PSYS) reported a strong quarter on all fronts – 1) revenue; 2) deal TCV; and 3) margins.The company can address a key investor concern of its ability to improve margins in FY26 given one-off gains in FY25 led by levers of – 1) slower pace of sales and marketing investments; 2) pricing and right shoring; and 3) growing revenue share from higher-margin platform-based services.We largely maintain our FY26–27E EPS and increase our FY25 estimate by ~3%, factoring in the beat in Q2.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 Systems - On-Track to Deliver Industry Leading Growth

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.

Thematic (Sector/Industry)

<ul><li>Bajaj Finance: Bajaj Finance (BAF) reported a mixed set of earnings with steady loan growth (+29% YoY) and improving operating efficiency offset by elevated credit costs (2.1% annualised)</li><li>Asset quality witnessed deterioration across most segments, with higher forward flow rates during Q2FY25 as well</li><li>The management has increased its FY25 credit cost guidance by 20-30bps, although incremental focus has shifted towards asset quality</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.

Bajaj Finance: Bajaj Finance (BAF) reported a mixed set of earnings with steady loan growth (+29% YoY) and improving operating efficiency offset by elevated credit costs (2.1% annualised)Asset quality witnessed deterioration across most segments, with higher forward flow rates during Q2FY25 as wellThe management has increased its FY25 credit cost guidance by 20-30bps, although incremental focus has shifted towards asset qualityContent 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: Bajaj Finance, ICICI Prudential Life, Persistent Systems, Supreme Industries

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>The IT Services sector is anticipated to exhibit moderated growth in Q2FY25, 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. 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><li>We are also expecting new deals to ramp-up indicating pick up in demand.</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 Q2FY25, 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.We are also expecting new deals to ramp-up indicating pick up in demand.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.

Q2FY25 Earnings Preview - Information Technology (IT)

<ul><li>The IT sector growth is in the middle of its recovery, having bottomed out two quarters ago, and is expected to achieve a high single-digit over the next three quarters</li><li>Current stock prices reflect increased confidence in this trajectory</li><li>AI is proving to be a net positive for the sector, and with GCC growth differential peaking, concerns around terminal growth are easing, supporting sustained demand</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 sector growth is in the middle of its recovery, having bottomed out two quarters ago, and is expected to achieve a high single-digit over the next three quartersCurrent stock prices reflect increased confidence in this trajectoryAI is proving to be a net positive for the sector, and with GCC growth differential peaking, concerns around terminal growth are easing, supporting sustained demandContent 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 (Q2FY25E Results Preview): Recovery in progress

<ul><li>Accenture’s reported Q4FY24 results stood in line with street expectations on all financial and operational terms.</li><li>Revenue for the quarter stood at $16.4 Bn, registering a growth of 3% (in US$ terms) and 5% (in local currency) on a YoY basis.</li><li>The company registered GAAP EPS of $2.66 for the quarter while adjusted EPS stood at $2.79, reporting 3% YoY 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 Q4FY24 results stood in line with street expectations on all financial and operational terms.Revenue for the quarter stood at $16.4 Bn, registering a growth of 3% (in US$ terms) and 5% (in local currency) on a YoY basis.The company registered GAAP EPS of $2.66 for the quarter while adjusted EPS stood at $2.79, reporting 3% YoY 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 - IT - Accenture - Gradual Pick-Up in Demand

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 Systems - On-Track to Deliver Industry Leading Growth

Outlook We continue to value the stock at 51x on Q2FY26E to Q1FY27E EPS of INR 121 to arrive at a TP of INR 6,140 with a potential upside of ~19%.

ICICI Securities Limited

HSIE Results Daily: Bajaj Finance, ICICI Prudential Life, Persistent Systems, Supreme Industries

Bajaj Finance: Bajaj Finance (BAF) reported a mixed set of earnings with steady loan growth (+29% YoY) and improving operating efficiency offset by...

HDFC Securities

Q2FY25 Earnings Preview - Information Technology (IT)

The IT Services sector is anticipated to exhibit moderated growth in Q2FY25, primarily due to weaker discretionary spending, driven by...

Axis Direct

IT Sector (Q2FY25E Results Preview): Recovery in progress

The IT sector growth is in the middle of its recovery, having bottomed out two quarters ago, and is expected to achieve a high single-digit over...

HDFC Securities

Sector Update - IT - Accenture - Gradual Pick-Up in Demand

The company continues to witness strong demand for Gen AI – the great accelerator of reinvention – with over $1 Bn in new bookings.

Axis Direct

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