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

<ul><li>Muted Demand Continues: The broader economic environment continues to remain challenging, with clients keeping tight control over discretionary budgets.</li><li>Therefore, there is a clear preference for vendor consolidation and cost take-out deals among clients.</li><li>However, the company’s rapid execution and deep relationship with clients will lead to sequential 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.

Muted Demand Continues: The broader economic environment continues to remain challenging, with clients keeping tight control over discretionary budgets.Therefore, there is a clear preference for vendor consolidation and cost take-out deals among clients.However, the company’s rapid execution and deep relationship with clients will lead to sequential 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.

Tata Consultancy Services Ltd - Beat on Margins Front; Growth Momentum Continues

External broker reports(aggregated public sources), Prabhudas Lilladhar

Prabhudas Lilladhar

Prabhudas Lilladher is one of India's leading research based financial services organisation.

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>Revenue reported at USD 7.5 bn, flat QoQ in CC (down 1.7% QoQ in USD) vs our &amp; cons. est. of 0.4% QoQ CC growth.</li><li>The growth was led by regional market &amp; India regions, primarily attributed to the continued ramp up of BSNL deal, although the incremental growth from the deal has come off substantially in 3Q and it would decelerate further in 4Q.</li><li>EBIT margin increased by 40 bps QoQ to 24.5% largely in-line with cons. est, &amp; below PLe of 24.8%, attributed to the tailwinds of operational efficiencies, improved utilization &amp; pyramid optimization.</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.

Revenue reported at USD 7.5 bn, flat QoQ in CC (down 1.7% QoQ in USD) vs our &amp; cons. est. of 0.4% QoQ CC growth.The growth was led by regional market &amp; India regions, primarily attributed to the continued ramp up of BSNL deal, although the incremental growth from the deal has come off substantially in 3Q and it would decelerate further in 4Q.EBIT margin increased by 40 bps QoQ to 24.5% largely in-line with cons. est, &amp; below PLe of 24.8%, attributed to the tailwinds of operational efficiencies, improved utilization &amp; pyramid optimization.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.

Tata Consultancy Services - Weak Performance, but Painting a Positive Outlook

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>TCS reported revenue of USD7.5b in 3QFY25, down 1.7% QoQ in USD terms vs. our estimated decline of 0.3%.</li><li>Growth was driven by India (up 8.2% QoQ/66.3% YoY) and MEA (up 7.7% QoQ), while North America was down 1.5% QoQ.</li><li>EBIT margins came in line with our estimate at 24.5% (up 40bp QoQ). PAT was up 4.1% QoQ/12.1% YoY at INR124b (below our est. of INR127b). </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.

TCS reported revenue of USD7.5b in 3QFY25, down 1.7% QoQ in USD terms vs. our estimated decline of 0.3%.Growth was driven by India (up 8.2% QoQ/66.3% YoY) and MEA (up 7.7% QoQ), while North America was down 1.5% QoQ.EBIT margins came in line with our estimate at 24.5% (up 40bp QoQ). PAT was up 4.1% QoQ/12.1% YoY at INR124b (below our est. of INR127b). 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.

Thematic (Sector/Industry)

<ul><li>The IT sector is expected to report subdued revenue growth in an otherwise seasonally strong quarter, as persistent global macroeconomic uncertainty and recent US tariff measures continue to dampen discretionary spending</li><li>Clients remain cautious, resulting in slower growth and intensified pricing pressure, although deal activity witnessed some improvement towards the end of the quarter</li><li>The overall deal pipeline remains steady, with deal wins in cost optimization, infrastructure modernization, and AI-led initiatives.</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 is expected to report subdued revenue growth in an otherwise seasonally strong quarter, as persistent global macroeconomic uncertainty and recent US tariff measures continue to dampen discretionary spendingClients remain cautious, resulting in slower growth and intensified pricing pressure, although deal activity witnessed some improvement towards the end of the quarterThe overall deal pipeline remains steady, with deal wins in cost optimization, infrastructure modernization, and AI-led initiatives.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.

IT Sector (Q2FY26E Results Preview): Steering through uncertainty

<ul><li>The newly announced H-1B visa rule imposes a steep hike, requiring companies to pay USD100K per new application, a significant jump from the previous ~4-5K range</li><li>The new fee applies only to new applications (~22% of total applications) and existing H-1B renewals remain unaffected, providing some relief for the IT sector</li><li>However, increased visa costs are expected to gradually disrupt onsite effort mix, pushing companies to shift delivery to near-shore locations like Canada and Mexico and increase offshoring</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 newly announced H-1B visa rule imposes a steep hike, requiring companies to pay USD100K per new application, a significant jump from the previous ~4-5K rangeThe new fee applies only to new applications (~22% of total applications) and existing H-1B renewals remain unaffected, providing some relief for the IT sectorHowever, increased visa costs are expected to gradually disrupt onsite effort mix, pushing companies to shift delivery to near-shore locations like Canada and Mexico and increase offshoringContent 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: H1B visa fee shock, shifts in delivery model

India

Tata Consultancy Services, a division of Tata Sons Limited, is a global IT services organization that provides a comprehensive range of IT services to its clients in diverse industries. The Company, caters to finance and banking, insurance, telecommunication, transportation, retail, manufacturing, pharmaceutical, and utility industries.

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Tata Consultancy Svcs (TCS IN)

Tata Consultancy Services Ltd - Beat on Margins Front; Growth Momentum Continues

Muted Demand Continues: The broader economic environment continues to remain challenging, with clients keeping tight control over discretionary...

Axis Direct

Tata Consultancy Services - Weak Performance, but Painting a Positive Outlook

EBIT margin increased by 40 bps QoQ to 24.5% largely in-line with cons. est, & below PLe of 24.8%, attributed to the tailwinds of operational...

Prabhudas Lilladhar

TCS - A Sunny Turn for Tech Spends

TCS reported revenue of USD7.5b in 3QFY25, down 1.7% QoQ in USD terms vs. our estimated decline of 0.3%. Growth was driven by India (up 8.2% QoQ...

Motilal Oswal

IT Sector (Q2FY26E Results Preview): Steering through uncertainty

The overall deal pipeline remains steady, with deal wins in cost optimization, infrastructure modernization, and AI-led initiatives.

HDFC Securities

IT Sector: H1B visa fee shock, shifts in delivery model

The newly announced H-1B visa rule imposes a steep hike, requiring companies to pay USD100K per new application, a significant jump from the...

HDFC Securities

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