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>In Q4FY23, Tata Consultancy Services Ltd (TCS) reported revenue growth of 1.6% QoQ in rupee terms, which was below our expectations.</li><li>The company’s revenues stood at Rs 59,162 Cr, up 16.9% YoY.</li><li>It reported operating profits of Rs 11,392 Cr with Operating Margins at 24.5% (remained flat) on account of lower operating costs offset by sub-contracting costs.</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 Q4FY23, Tata Consultancy Services Ltd (TCS) reported revenue growth of 1.6% QoQ in rupee terms, which was below our expectations.The company’s revenues stood at Rs 59,162 Cr, up 16.9% YoY.It reported operating profits of Rs 11,392 Cr with Operating Margins at 24.5% (remained flat) on account of lower operating costs offset by sub-contracting costs.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 - Growth Slowing Down; Outlook Cautious

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>IT sector is expected to post a soft Q4 on increased macro uncertainty</li><li>We expect tier-1 IT to post growth in the range of -2% to +1% QoQ and mid-tier IT to post growth in the range of -1.4% to 2.6% QoQ CC organic</li><li>Deal flow is expected to be strongly supported by increased cost optimisation deals and vendor consolidation by enterprise clients</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.

IT sector is expected to post a soft Q4 on increased macro uncertaintyWe expect tier-1 IT to post growth in the range of -2% to +1% QoQ and mid-tier IT to post growth in the range of -1.4% to 2.6% QoQ CC organicDeal flow is expected to be strongly supported by increased cost optimisation deals and vendor consolidation by enterprise clientsContent 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 (Q4FY23E Results Preview): Soft quarter; outlook holds the key

IT (Q4FY23E Results Preview) - Soft Quarter; Outlook Holds the Key

<ul><li>We hosted over 15 companies at the HDFC Securities’ 7th annual IT conference</li><li>Key takeaways include the following: (1) mixed near-term outlook on increased macro risk, but medium-term drivers for the technology upgrade cycle are intact (2) improved outlook on Europe geography (relative to earlier pessimism) (3) higher cost optimisation deals in the pipeline that has implications on deal bookings, margins but is expected to be net positive and (4) upward bias to margins due to favourable outlook and trend on the cost of delivery and optimisation levers.</li><li>BFSI vertical and Hi-Tech vertical can be soft in the near term on delayed decision-making and rationalisation of discretionary tech spend.</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 hosted over 15 companies at the HDFC Securities’ 7th annual IT conferenceKey takeaways include the following: (1) mixed near-term outlook on increased macro risk, but medium-term drivers for the technology upgrade cycle are intact (2) improved outlook on Europe geography (relative to earlier pessimism) (3) higher cost optimisation deals in the pipeline that has implications on deal bookings, margins but is expected to be net positive and (4) upward bias to margins due to favourable outlook and trend on the cost of delivery and optimisation levers.BFSI vertical and Hi-Tech vertical can be soft in the near term on delayed decision-making and rationalisation of discretionary tech spend.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: Looking beyond near-term macro stress

<ul><li>We hosted over 15 companies at the HDFC Securities’ 7th annual IT conference.</li><li>Key takeaways include the following: (1) mixed near-term outlook on increased macro risk, but medium-term drivers for the technology upgrade cycle are intact; (2) improved outlook on Europe geography (relative to earlier pessimism); (3) higher cost optimisation deals in the pipeline that has implications on deal bookings, margins but is expected to be net positive; and (4) upward bias to margins due to favourable outlook and trend on the cost of delivery and optimisation levers.</li><li>We prefer Infosys, LTI Mindtree and Persistent Systems from our coverage universe.</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 hosted over 15 companies at the HDFC Securities’ 7th annual IT conference.Key takeaways include the following: (1) mixed near-term outlook on increased macro risk, but medium-term drivers for the technology upgrade cycle are intact; (2) improved outlook on Europe geography (relative to earlier pessimism); (3) higher cost optimisation deals in the pipeline that has implications on deal bookings, margins but is expected to be net positive; and (4) upward bias to margins due to favourable outlook and trend on the cost of delivery and optimisation levers.We prefer Infosys, LTI Mindtree and Persistent Systems from our coverage universe.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 - Looking Beyond Near-Term Macro Stress

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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