External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

External broker reports(aggregated public sources)

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.

Equity Bottom-Up

<div><ul><li>Strong performance, but valuations remains fair - <span style="font-size: var(--content-font-size);"><span style="font-size: var(--content-font-size);">TEAM delivered a strong operational performance in 4QFY22, with revenue up 3% QoQ on broad-based growth across verticals. </span></span>It also added ~12k associates after a very strong hiring in recent quarters, benefitting from a strong demand environment.</li></ul></div><div><ul><li>Good revenue growth and margin expansion in 4QFY22 - r<span style="font-size: var(--content-font-size);">evenue growth at 3% QoQ was a little below our estimate of 6%.</span></li></ul><div><ul><li>Key highlights from the management commentary - <span style="font-size: var(--content-font-size);">The management remains optimistic about its growth prospects and said that all businesses are showing a good recovery.</span></li></ul></div></div><p><em>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.</em></p>

Strong performance, but valuations remains fair - TEAM delivered a strong operational performance in 4QFY22, with revenue up 3% QoQ on broad-based growth across verticals. It also added ~12k associates after a very strong hiring in recent quarters, benefitting from a strong demand environment.Good revenue growth and margin expansion in 4QFY22 - revenue growth at 3% QoQ was a little below our estimate of 6%.Key highlights from the management commentary - The management remains optimistic about its growth prospects and said that all businesses are showing a good recovery.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.

TeamLease - Strong Demand to Drive Growth in FY23

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory 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>TeamLease Ltd (TLL) is one of the leading providers of human resource services in the organised segment with ~6% share in flexi staffing</li><li>Employment services include temporary staffing solutions, IT staffing, regulatory consultancy for labour law compliance and training &amp; skills</li><li>Target Price and Valuation: We value Teamlease at Rs 4500 i.e. 36x P/E on FY24E</li></ul><div class="content-highlight"><em>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.</em></div>

TeamLease Ltd (TLL) is one of the leading providers of human resource services in the organised segment with ~6% share in flexi staffingEmployment services include temporary staffing solutions, IT staffing, regulatory consultancy for labour law compliance and training &amp; skillsTarget Price and Valuation: We value Teamlease at Rs 4500 i.e. 36x P/E on FY24EContent 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.

TeamLease Services: Furlough Impacts Margins; Outlook Strong

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

<p>HSIE Results Daily Maruti Suzuki: Marutis Q1FY22 PAT, at INR 4.4bn (-62% QoQ), was adversely impacted by the second wave of COVID. We believe that demand will improve from here on, as supplies for the high demand CNG variant resumes (this segment now accounts for over 10% of volumes). The OEM has an order backlog of 170,000 units. Further, Maruti is addressing white spaces in its SUV portfolio (new model launches are expected in this segment over the next 12 months). We reiterate BUY with a target price of INR 8,190 (at 27x Jun-23E EPS).</p><div class="content-highlight"><em>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.</em></div>

HSIE Results Daily Maruti Suzuki: Marutis Q1FY22 PAT, at INR 4.4bn (-62% QoQ), was adversely impacted by the second wave of COVID. We believe that demand will improve from here on, as supplies for the high demand CNG variant resumes (this segment now accounts for over 10% of volumes). The OEM has an order backlog of 170,000 units. Further, Maruti is addressing white spaces in its SUV portfolio (new model launches are expected in this segment over the next 12 months). We reiterate BUY with a target price of INR 8,190 (at 27x Jun-23E EPS).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.

HSIE Results Daily: Maruti Suzuk, Nestle India, Dalmia Bharat, Teamlease Services

<p>TEAM's operating performance was a beat on our estimates, with total revenue increasing 2.7% QoQ. Revenue growth was led by 17%/22% QoQ growth in Specialized Staffing/Other HR Services, offset by a 1% growth in the General Staffing business. Margin in 1QFY22 inched up by 20bp QoQ to 2.1%, led by strong growth in the Specialized Staffing business and partial reversal in provisions in Other HR Services. It reported an adjusted PAT of INR243m, implying a PAT margin (in line) of 1.8%.</p><div class="content-highlight"><em>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.</em></div>

TEAM's operating performance was a beat on our estimates, with total revenue increasing 2.7% QoQ. Revenue growth was led by 17%/22% QoQ growth in Specialized Staffing/Other HR Services, offset by a 1% growth in the General Staffing business. Margin in 1QFY22 inched up by 20bp QoQ to 2.1%, led by strong growth in the Specialized Staffing business and partial reversal in provisions in Other HR Services. It reported an adjusted PAT of INR243m, implying a PAT margin (in line) of 1.8%.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.

Expect a strong business recovery in FY22

<p>Teamlease Services: Teamlease registered strong growth (+5.1% QoQ) for the second consecutive quarter, in line with our estimate. Growth in core staffing (+5.5% QoQ, 91% of revenue) was led by improved hiring activity in e-commerce, essential retail, BFSI and manufacturing verticals. Stressed verticals like hospitality, retail and travel are not showing signs of recovery though. The core associate headcount growth has been robust (+7.5% QoQ, crossed the pre-COVID level), led by NETAP (+17.5%). The recovery which started in 2HFY21 will be impacted in 1QFY22E by the second wave, but clients are showing resilience and ~80% of the associates being hired are for essential services.</p><div class="content-highlight"><em>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.</em></div>

Teamlease Services: Teamlease registered strong growth (+5.1% QoQ) for the second consecutive quarter, in line with our estimate. Growth in core staffing (+5.5% QoQ, 91% of revenue) was led by improved hiring activity in e-commerce, essential retail, BFSI and manufacturing verticals. Stressed verticals like hospitality, retail and travel are not showing signs of recovery though. The core associate headcount growth has been robust (+7.5% QoQ, crossed the pre-COVID level), led by NETAP (+17.5%). The recovery which started in 2HFY21 will be impacted in 1QFY22E by the second wave, but clients are showing resilience and ~80% of the associates being hired are for essential services.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.

HSIE Results Daily: Max Financial Petronet LNG, Prestige Estates, Galaxy Surfactants, Teamlease...

India

TeamLease Services Limited provides staffing and human resource services. The Company offers temporary staffing, permanent recruitment, payroll process outsourcing, regulatory compliances, assessment, and corporate training services. TeamLease Services conducts its business in India.

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TeamLease Services (TEAM IN)

TeamLease - Strong Demand to Drive Growth in FY23

TEAM delivered a strong operational performance in 4QFY22, with revenue up 3% QoQ on broad-based growth across verticals.

Motilal Oswal

TeamLease Services: Furlough Impacts Margins; Outlook Strong

TeamLease Ltd (TLL) is one of the leading providers of human resource services in the organised segment with ~6% share in flexi staffing

ICICI Securities Limited

HSIE Results Daily: Maruti Suzuk, Nestle India, Dalmia Bharat, Teamlease Services

HSIE Results Daily Maruti Suzuki: Marutis Q1FY22 PAT, at INR 4.4bn (-62% QoQ), was adversely impacted by the second wave of COVID. We believe that...

HDFC Securities

Expect a strong business recovery in FY22

TEAM's operating performance was a beat on our estimates, with total revenue increasing 2.7% QoQ. Revenue growth was led by 17%/22% QoQ growth in...

Motilal Oswal

HSIE Results Daily: Max Financial Petronet LNG, Prestige Estates, Galaxy Surfactants, Teamlease...

Teamlease Services: Teamlease registered strong growth (+5.1% QoQ) for the second consecutive quarter, in line with our estimate. Growth in core...

HDFC Securities

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