External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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Thematic (Sector/Industry)

<ul><li>Persistent Systems: Persistent Systems’ (PSYS) Q3 print was exemplary, delivering growth (in-line) and an improving margin profile, though new deal bookings were soft</li><li>PSYS’ programmatic consistency in growth, backed by its software development pedigree, positions it well towards its aspiration of reaching USD 5bn by FY31E</li><li>PSYS remains our preferred pick in the midcap space, combining growth and quality, even as margin improvement remains a work in progress</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: Persistent Systems’ (PSYS) Q3 print was exemplary, delivering growth (in-line) and an improving margin profile, though new deal bookings were softPSYS’ programmatic consistency in growth, backed by its software development pedigree, positions it well towards its aspiration of reaching USD 5bn by FY31EPSYS remains our preferred pick in the midcap space, combining growth and quality, even as margin improvement remains a work in progressContent 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: Persistent Systems, Dalmia Bharat, Zensar Technologies

<ul><li>MCX: MCX is expected to report revenue growth of +3/54% QoQ/YoY, led by growth in options revenue (+6% QoQ) offset by pricing reset as per true to label circular</li><li>The profitability will be muted as the AMC cost for CDP will be applicable from Q3FY25</li><li>We expect MCX to post an EBITDA/PAT of INR 2.01/1.56bn, up +2.0/1.6% 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.

MCX: MCX is expected to report revenue growth of +3/54% QoQ/YoY, led by growth in options revenue (+6% QoQ) offset by pricing reset as per true to label circularThe profitability will be muted as the AMC cost for CDP will be applicable from Q3FY25We expect MCX to post an EBITDA/PAT of INR 2.01/1.56bn, up +2.0/1.6% QoQContent 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.

Exchanges, Staffing and Internet (Q3FY25E Results Preview): Growth moderating

<ul><li>MCX: MCX is expected to report strong revenue growth of +22/73% QoQ/YoY, led by growth in options revenue (+38% QoQ) and ~4% growth in futures volume</li><li>The profitability will improve as the cost structure has normalised post the technology transition</li><li>We expect MCX to post an EBITDA/PAT of INR 1.94/1.48bn, up +33/33% 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.

MCX: MCX is expected to report strong revenue growth of +22/73% QoQ/YoY, led by growth in options revenue (+38% QoQ) and ~4% growth in futures volumeThe profitability will improve as the cost structure has normalised post the technology transitionWe expect MCX to post an EBITDA/PAT of INR 1.94/1.48bn, up +33/33% QoQContent 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.

Exchanges, Staffing and Internet (Q2FY25E Results Preview): On Growth Trajectory

<ul><li>MCX: MCX is expected to report strong revenue growth of +26/56% QoQ/YoY, led by growth in options revenue (+21% QoQ) and a sharp surge in futures volume (+52% QoQ)</li><li>The profitability will improve as the cost structure has normalised post the transition</li><li>We expect MCX to post an EBITDA/PAT of INR 1.48/1.12bn, up +45/27% 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.

MCX: MCX is expected to report strong revenue growth of +26/56% QoQ/YoY, led by growth in options revenue (+21% QoQ) and a sharp surge in futures volume (+52% QoQ)The profitability will improve as the cost structure has normalised post the transitionWe expect MCX to post an EBITDA/PAT of INR 1.48/1.12bn, up +45/27% QoQContent 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.

Exchanges, Staffing and Internet (Q1FY25E Results Preview): On Growth Trajectory

<ul><li>ICICI Bank: ICICI Bank (ICICIBC) beat forecasts on the back of steady margins, better operating efficiency (lower sourcing cost and limited headcount addition) and lower provisioning, offset by a slightly tepid loan growth (+16% YoY)</li><li>The bank continued to witness recoveries in line with elevated gross slippages (190bps), resulting in further improvement in asset quality alongside steady PCR (~81%)</li><li>Deposit growth (+19% YoY) witnessed seasonal pick-up in current accounts, resulting in a strong CASA ratio at 42.2% (+255 bps QoQ), and a 10bps QoQ spike in incremental cost of deposits</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.

ICICI Bank: ICICI Bank (ICICIBC) beat forecasts on the back of steady margins, better operating efficiency (lower sourcing cost and limited headcount addition) and lower provisioning, offset by a slightly tepid loan growth (+16% YoY)The bank continued to witness recoveries in line with elevated gross slippages (190bps), resulting in further improvement in asset quality alongside steady PCR (~81%)Deposit growth (+19% YoY) witnessed seasonal pick-up in current accounts, resulting in a strong CASA ratio at 42.2% (+255 bps QoQ), and a 10bps QoQ spike in incremental cost of depositsContent 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: ICICI Bank, Maruti Suzuki, SBI Life Insurance, Shriram Finance

India

Tanla Platforms is a multinational communications platform as a service (CPaaS) company that offers cloud communication solutions to enterprises globally. The company provides a suite of platforms and services including messaging solutions, voice services, and AI-powered customer engagement tools, with a focus on data security, privacy, and protection against spam and scams. Tanla Platforms was founded in 1999 and is headquartered in Hyderabad, India.

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Tanla Platforms (TANLA IN)

HSIE Results Daily: Persistent Systems, Dalmia Bharat, Zensar Technologies

Persistent Systems: Persistent Systems’ (PSYS) Q3 print was exemplary, delivering growth (in-line) and an improving margin profile, though new deal...

HDFC Securities

Exchanges, Staffing and Internet (Q3FY25E Results Preview): Growth moderating

MCX is expected to report revenue growth of +3/54% QoQ/YoY, led by growth in options revenue (+6% QoQ) offset by pricing reset as per true to label...

HDFC Securities

Exchanges, Staffing and Internet (Q2FY25E Results Preview): On Growth Trajectory

MCX is expected to report strong revenue growth of +22/73% QoQ/YoY, led by growth in options revenue (+38% QoQ) and ~4% growth in futures volume

HDFC Securities

Exchanges, Staffing and Internet (Q1FY25E Results Preview): On Growth Trajectory

MCX is expected to report strong revenue growth of +26/56% QoQ/YoY, led by growth in options revenue (+21% QoQ) and a sharp surge in futures volume...

HDFC Securities

HSIE Results Daily: ICICI Bank, Maruti Suzuki, SBI Life Insurance, Shriram Finance

ICICI Bank (ICICIBC) beat forecasts on the back of steady margins, better operating efficiency (lower sourcing cost and limited headcount addition)

HDFC Securities

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