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.

Equity Bottom-Up

<ul><li>We recently met the management of Persistent Systems (PSYS) and reckon that PSYS will outperform ahead—both on growth and margins</li><li>PSYS’ earnings upgrade has been the highest relative to peers and we believe that there’s further upside risk to consensus earnings</li><li>The company has doubled its revenue in the last three years and is well positioned to double revenue over the next four years, with earnings expected to accelerate even faster (24% EPS CAGR over FY23-25E) as the margin expands</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 recently met the management of Persistent Systems (PSYS) and reckon that PSYS will outperform ahead—both on growth and marginsPSYS’ earnings upgrade has been the highest relative to peers and we believe that there’s further upside risk to consensus earningsThe company has doubled its revenue in the last three years and is well positioned to double revenue over the next four years, with earnings expected to accelerate even faster (24% EPS CAGR over FY23-25E) as the margin expandsContent 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 (Update): Approaching Escape Velocity. Maintain BUY

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and 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.

<ul><li>Persistent Systems (PSYS) reported a 3.5% growth in constant currency (CC) terms in 3QFY23.</li><li>In USD terms, revenue grew 3.4% QoQ led by strong growth in IP business (+8.6% QoQ) while growth in services was lower at 3.0% QoQ.</li><li>EBITDA margin was strong and stood at 18.5% (est. 17.9%). Employee addition was modest (+122 QoQ), while attrition moderated 210bp to 21.6%</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 3.5% growth in constant currency (CC) terms in 3QFY23.In USD terms, revenue grew 3.4% QoQ led by strong growth in IP business (+8.6% QoQ) while growth in services was lower at 3.0% QoQ.EBITDA margin was strong and stood at 18.5% (est. 17.9%). Employee addition was modest (+122 QoQ), while attrition moderated 210bp to 21.6%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) - Record Bookings to Drive FY24E Growth…

Thematic (Sector/Industry)

<ul><li>Hindustan Unilever: HUL reported marginally better revenue growth at 16% (HSIE 14%), with volume growth of 5% (HSIE 5%)</li><li>Three-year revenue and volume CAGRs stand at 11% and 3.5%</li><li>Home care remained the showstopper, revenue/EBIT grew by 32/23% YoY</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.

Hindustan Unilever: HUL reported marginally better revenue growth at 16% (HSIE 14%), with volume growth of 5% (HSIE 5%)Three-year revenue and volume CAGRs stand at 11% and 3.5%Home care remained the showstopper, revenue/EBIT grew by 32/23% YoYContent 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: Hindustan Unilever, Asian Paints, Havells India

HSIE Results Daily - Hindustan Unilever, Asian Paints

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>Improved outlook on verticals and strengthening engagement with clients bolster the company’s growth prospects</li><li>TCV stood strong in Q3FY23 with deal wins at $ 440 Mn</li><li>The management is confident of gaining medium-term demand momentum on the backdrop of the deals it has won in the previous quarters. It also expects improvement on the margin front.</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.

Improved outlook on verticals and strengthening engagement with clients bolster the company’s growth prospectsTCV stood strong in Q3FY23 with deal wins at $ 440 MnThe management is confident of gaining medium-term demand momentum on the backdrop of the deals it has won in the previous quarters. It also expects improvement on the margin front.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 Ltd - Robust Execution; Improving Outlook to Support Growth

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 (Update): Approaching Escape Velocity. Maintain BUY

We recently met the management of Persistent Systems (PSYS) and reckon that PSYS will outperform ahead—both on growth and margins

HDFC Securities

Persistent Systems (PSYS) - Record Bookings to Drive FY24E Growth…

Persistent Systems (PSYS) reported a 3.5% growth in constant currency (CC) terms in 3QFY23. In USD terms, revenue grew 3.4% QoQ led by strong...

Motilal Oswal

HSIE Results Daily: Hindustan Unilever, Asian Paints, Havells India

Hindustan Unilever: HUL reported marginally better revenue growth at 16% (HSIE 14%), with volume growth of 5% (HSIE 5%). Three-year revenue and...

HDFC Securities

HSIE Results Daily - Hindustan Unilever, Asian Paints

Hindustan Unilever: HUL reported marginally better revenue growth at 16% (HSIE 14%), with volume growth of 5% (HSIE 5%). Three-year revenue and...

HDFC Securities

Persistent Systems Ltd - Robust Execution; Improving Outlook to Support Growth

Improved outlook on verticals and strengthening engagement with clients bolster the company’s growth prospects. TCV stood strong in Q3FY23 with...

Axis Direct

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