External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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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) is poised to sustain its outperformance with continued growth and margin improvement in the medium term</li><li>Key positives include (1) a strong pedigree in product engineering services that drives leadership in new spend areas, (2) consistency in deal velocity and growth drivers from large clients, (3) notable market-share gains against tier-1 competitors in several large deals, (4) recent additions to senior management aimed at enhancing business scalability, (5) margin drivers from utilisation, fixed price deals, and diversification in the offshore cost base.</li><li>We maintain BUY on PSYS (our preferred pick) with a target price of INR 8,530, based on a 35x FY26E valuation supported by a 28% EPS CAGR over FY24-26E. </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) is poised to sustain its outperformance with continued growth and margin improvement in the medium termKey positives include (1) a strong pedigree in product engineering services that drives leadership in new spend areas, (2) consistency in deal velocity and growth drivers from large clients, (3) notable market-share gains against tier-1 competitors in several large deals, (4) recent additions to senior management aimed at enhancing business scalability, (5) margin drivers from utilisation, fixed price deals, and diversification in the offshore cost base.We maintain BUY on PSYS (our preferred pick) with a target price of INR 8,530, based on a 35x FY26E valuation supported by a 28% EPS CAGR over FY24-26E. 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: Outperformance to Continue. Maintain BUY

Persistent Systems - Outperformance to Continue. Maintain BUY

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 Q1FY24, Persistent Systems Ltd (Persistent) reported revenue of Rs 2,321 Cr, up 3% QoQ and 3.9% QoQ (in CC terms) which stood in line with our expectations.</li><li>The company’s operating profit stood at Rs 423 Cr, reporting a growth of 1.6% on a QoQ basis.</li><li>Much in line with our expectations, the company’s operating margins remained flat but declined marginally by 30bps to 18.2%, largely led by moderation in attrition levels and a reduction in sub-contracting costs 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 Q1FY24, Persistent Systems Ltd (Persistent) reported revenue of Rs 2,321 Cr, up 3% QoQ and 3.9% QoQ (in CC terms) which stood in line with our expectations.The company’s operating profit stood at Rs 423 Cr, reporting a growth of 1.6% on a QoQ basis.Much in line with our expectations, the company’s operating margins remained flat but declined marginally by 30bps to 18.2%, largely led by moderation in attrition levels and a reduction in sub-contracting costs 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.

Persistent Systems Ltd. - Robust Execution

Thematic (Sector/Industry)

<ul><li>Despite the delay in automation spending, deal wins remained strong during the quarter.</li><li>Many Indian IT service companies reported the highest-ever order book despite the lack of near-term visibility.</li><li>The attrition rate has dropped as we see some easing on the supply side. This would help IT service companies improve their operating margins.</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, deal wins remained strong during the quarter.Many Indian IT service companies reported the highest-ever order book despite the lack of near-term visibility.The attrition rate has dropped as we see some easing on the supply side. This would help IT service companies improve their 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.

<ul><li>Hindustan Unilever: HUL’s revenue growth of 3.5% YoY was slow but in line with expectations</li><li>Volume growth was at 2% (HSIE 3%) and sustained a four-year CAGR at &lt;3%</li><li>Rural recovery has been slow despite price cuts and overall softening in the inflation</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’s revenue growth of 3.5% YoY was slow but in line with expectationsVolume growth was at 2% (HSIE 3%) and sustained a four-year CAGR at &lt;3%Rural recovery has been slow despite price cuts and overall softening in the inflationContent 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, ITC, UltraTech Cement

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: Outperformance to Continue. Maintain BUY

We maintain BUY on PSYS (our preferred pick) with a target price of INR 8,530, based on a 35x FY26E valuation supported by a 28% EPS CAGR over FY24...

HDFC Securities

Persistent Systems - Outperformance to Continue. Maintain BUY

ersistent Systems (PSYS) is poised to sustain its outperformance with continued growth and margin improvement in the medium term

HDFC Securities

Persistent Systems Ltd. - Robust Execution

In Q1FY24, Persistent Systems Ltd (Persistent) reported revenue of Rs 2,321 Cr, up 3% QoQ and 3.9% QoQ (in CC terms) which stood in line with our...

Axis Direct

Top Sector Ideas - IT Services

Despite the delay in automation spending, deal wins remained strong during the quarter. Many Indian IT service companies reported the highest-ever...

Axis Direct

HSIE Results Daily: Hindustan Unilever, ITC, UltraTech Cement

Hindustan Unilever: HUL’s revenue growth of 3.5% YoY was slow but in line with expectations. Volume growth was at 2% (HSIE 3%) and sustained a four...

HDFC Securities

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