External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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<ul><li>Tata Consultancy Services: Tata Consultancy Services (TCS) delivered in-line revenue growth and operating performance in Q3, albeit with a pick-up in deal wins (best book-to-bill for Q3 &amp; Q4 traditionally being strongest in bookings)</li><li>Key positives for TCS include (1) strong TCV of USD 10.2bn, driven by large deal wins across various markets and industries, (2) positive commentary on broad basing of discretionary spend beyond the BFSI vertical, (3) management’s outlook of CY25 growth to be better than CY24 (despite the impact of BSNL deal), supported by increase in successful deployment of GenAI engagements, (4) TCS’ full stack capabilities and growth across managed services, operating model transformation, vendor consolidation, legacy modernization, CX transformation, and GenAI-led transformation, and (5) higher fresher addition next year indicative of better visibility</li><li>BSNL deal tapering-off in FY26E will impact growth (improve margins), even as discretionary spend recovers</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.

Tata Consultancy Services: Tata Consultancy Services (TCS) delivered in-line revenue growth and operating performance in Q3, albeit with a pick-up in deal wins (best book-to-bill for Q3 &amp; Q4 traditionally being strongest in bookings)Key positives for TCS include (1) strong TCV of USD 10.2bn, driven by large deal wins across various markets and industries, (2) positive commentary on broad basing of discretionary spend beyond the BFSI vertical, (3) management’s outlook of CY25 growth to be better than CY24 (despite the impact of BSNL deal), supported by increase in successful deployment of GenAI engagements, (4) TCS’ full stack capabilities and growth across managed services, operating model transformation, vendor consolidation, legacy modernization, CX transformation, and GenAI-led transformation, and (5) higher fresher addition next year indicative of better visibilityBSNL deal tapering-off in FY26E will impact growth (improve margins), even as discretionary spend recoversContent 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: Tata Consultancy Services, Tata Elxsi

Equity Bottom-Up

<ul><li>Tata Elxsi’s (TELX) performance continued to exhibit a similar trend of strength in the Transportation vertical (56% of revenue), offset by weakness in the Media &amp; Communications vertical and the Healthcare vertical</li><li>Growth in T5 declined sequentially, a first in three years</li><li>Deal momentum in Transportation (incl</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.

Tata Elxsi’s (TELX) performance continued to exhibit a similar trend of strength in the Transportation vertical (56% of revenue), offset by weakness in the Media &amp; Communications vertical and the Healthcare verticalGrowth in T5 declined sequentially, a first in three yearsDeal momentum in Transportation (inclContent 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 Elxsi (Q2FY25): Mixed Vertical Trends. Maintain REDUCE

<ul><li>The IT sector growth is in the middle of its recovery, having bottomed out two quarters ago, and is expected to achieve a high single-digit over the next three quarters</li><li>Current stock prices reflect increased confidence in this trajectory</li><li>AI is proving to be a net positive for the sector, and with GCC growth differential peaking, concerns around terminal growth are easing, supporting sustained demand</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 growth is in the middle of its recovery, having bottomed out two quarters ago, and is expected to achieve a high single-digit over the next three quartersCurrent stock prices reflect increased confidence in this trajectoryAI is proving to be a net positive for the sector, and with GCC growth differential peaking, concerns around terminal growth are easing, supporting sustained demandContent 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 (Q2FY25E Results Preview): Recovery in progress

<ul><li>We hosted over 15 companies and several industry experts at the HDFC Securities’ 8th annual IT conference</li><li>Key takeaways included (1) continued (prosaic) commentary on cost optimisation focus but signs of improvement in demand</li><li>(2) stable to upward bias in pricing and some improvement in the decision cycle</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 and several industry experts at the HDFC Securities’ 8th annual IT conferenceKey takeaways included (1) continued (prosaic) commentary on cost optimisation focus but signs of improvement in demand(2) stable to upward bias in pricing and some improvement in the decision cycleContent 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>Tata Elxsi (TELX) posted a mixed quarter with strong growth in the Transportation vertical, which offset weakness in the Healthcare &amp; Lifesciences vertical</li><li>TELX posted revenue growth of 2.4% QoQ and 8.4% YoY CC with a skewed performance and hyper growth in one-third of the business (OEM/Transportation), while the remaining portfolio was sluggish</li><li>Media &amp; Communication vertical, which had strong growth momentum in FY20-22 followed by a sluggish FY22-24, can start to revive</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.

Tata Elxsi (TELX) posted a mixed quarter with strong growth in the Transportation vertical, which offset weakness in the Healthcare &amp; Lifesciences verticalTELX posted revenue growth of 2.4% QoQ and 8.4% YoY CC with a skewed performance and hyper growth in one-third of the business (OEM/Transportation), while the remaining portfolio was sluggishMedia &amp; Communication vertical, which had strong growth momentum in FY20-22 followed by a sluggish FY22-24, can start to reviveContent 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 Elxsi (Results Review Q1FY25): Mixed Quarter. Maintain REDUCE

India

Tata Elxsi Limited manufactures computers and workstations besides providing system design, software development and integration services. The Group supplies its products to a number of industries, including the automotive, metals, consumer products, finance, IT & Communications, energy, chemicals, engineering, pharmaceuticals, entertainment and agro industries.

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Tata Elxsi Ltd (TELX IN)

HSIE Results Daily: Tata Consultancy Services, Tata Elxsi

Tata Consultancy Services (TCS) delivered in-line revenue growth and operating performance in Q3, albeit with a pick-up in deal wins

HDFC Securities

Tata Elxsi (Q2FY25): Mixed Vertical Trends. Maintain REDUCE

While the growth trajectory is expected to improve ahead, valuations are still a stretch, maintain REDUCE with a TP of INR 6,925, based on 38x Dec...

HDFC Securities

IT Sector (Q2FY25E Results Preview): Recovery in progress

The IT sector growth is in the middle of its recovery, having bottomed out two quarters ago, and is expected to achieve a high single-digit over...

HDFC Securities

IT Sector: Recovery Signs

Key takeaways included (1) continued (prosaic) commentary on cost optimisation focus but signs of improvement in demand (2) stable to upward bias...

HDFC Securities

Tata Elxsi (Results Review Q1FY25): Mixed Quarter. Maintain REDUCE

Tata Elxsi (TELX) posted a mixed quarter with strong growth in the Transportation vertical, which offset weakness in the Healthcare & Lifesciences...

HDFC Securities

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