Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

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Thematic (Sector/Industry)

<ul>
<li>Generative AI (GenAI) and Agentic AI are ushering in unprecedented productivity gains, projecting a 10-50% efficiency boost in Software Development Life Cycle especially for Application Development and Maintenance (ADM).</li>
<li>A projected ~40% efficiency gain from enterprise-wide GenAI Copilot implementation places approximately 10-15% of current IT services revenues at risk. </li>
<li>Though success hinges on the ability to transition GenAI solutions from pilot projects to scaled production deployments, emphasising IP-led innovation and new value creation over mere cost optimisation. </li>
</ul>


Generative AI (GenAI) and Agentic AI are ushering in unprecedented productivity gains, projecting a 10-50% efficiency boost in Software Development Life Cycle especially for Application Development and Maintenance (ADM).
A projected ~40% efficiency gain from enterprise-wide GenAI Copilot implementation places approximately 10-15% of current IT services revenues at risk. 
Though success hinges on the ability to transition GenAI solutions from pilot projects to scaled production deployments, emphasising IP-led innovation and new value creation over mere cost optimisation. 


Thematic Report: AI's Productivity Gains; Quantifying Revenue Risk for Indian IT

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

<ul><li>Tech Mahindra (TECHM) reported 3QFY25 revenue of USD1.5b, up 1.2% QoQ in constant currency (CC) vs. our estimate of flat CC growth.</li><li>Healthcare/BFSI led the growth (+4.5%/2.7% QoQ CC), while Communications and Technology were muted on CC basis.</li><li>EBIT margin was up 60bp QoQ at 10.2%, beating our estimate of 9.7%. Adj. PAT stood at INR9.8b (down 21.4% QoQ but up 36.8% YoY), in line with our estimate of INR10b. For 9MFY25, revenue/EBIT/PAT grew 1.2%/24.2%/16.3% vs. 9MFY24.</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.

Tech Mahindra (TECHM) reported 3QFY25 revenue of USD1.5b, up 1.2% QoQ in constant currency (CC) vs. our estimate of flat CC growth.Healthcare/BFSI led the growth (+4.5%/2.7% QoQ CC), while Communications and Technology were muted on CC basis.EBIT margin was up 60bp QoQ at 10.2%, beating our estimate of 9.7%. Adj. PAT stood at INR9.8b (down 21.4% QoQ but up 36.8% YoY), in line with our estimate of INR10b. For 9MFY25, revenue/EBIT/PAT grew 1.2%/24.2%/16.3% vs. 9MFY24.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.

Tech Mahindra - Another Step in the Right Direction

External broker reports(aggregated public sources), Sharekhan

Sharekhan

Sharekhan is India's leading broking house providing services from easy online trading, research to wide array of financial products. 

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>Reported revenue stood at $1,568 million, up 1.2% q-o-q/ 1.3% y-o-y in CC terms, beating our modest estimates of 0.3% q-o-q growth in CC terms.</li><li>EBIT margin expanded by ~60 bps q-o-q to 10.2%, beating our estimate of 9.8%.</li><li>New deal win TCVs stood at $745 million, up 24% q-o-q/96% y-o-y.</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.

Reported revenue stood at $1,568 million, up 1.2% q-o-q/ 1.3% y-o-y in CC terms, beating our modest estimates of 0.3% q-o-q growth in CC terms.EBIT margin expanded by ~60 bps q-o-q to 10.2%, beating our estimate of 9.8%.New deal win TCVs stood at $745 million, up 24% q-o-q/96% y-o-y.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), 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>The quarterly performance exceeded our expectations on the topline with few verticals BFSI and Healthcare growing at 2.7% and 4.5% QoQ CC, above the consol level.</li><li>The turnaround is progressing well on the notable wins and balancing business mix from Telecom dominated earlier.</li><li>The robust deal TCV of USD745m is a combination of broad-based wins across verticals and geographies, derived through multiple channel partners, advisory and onboarding senior resources for scaling strategic accounts, translates to better win-rates.</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 quarterly performance exceeded our expectations on the topline with few verticals BFSI and Healthcare growing at 2.7% and 4.5% QoQ CC, above the consol level.The turnaround is progressing well on the notable wins and balancing business mix from Telecom dominated earlier.The robust deal TCV of USD745m is a combination of broad-based wins across verticals and geographies, derived through multiple channel partners, advisory and onboarding senior resources for scaling strategic accounts, translates to better win-rates.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.

Tech Mahindra (TECHM IN) - Robust Performance, Strong Deal Wins Lays Foundation for Better FY26…

<ul><li>Motilal Oswal's research report onTech Mahindra Tech Mahindra (TECHM) reported 2QFY25 revenue of USD1.6b, up 0.7% QoQ in constant currency (CC) vs. our estimate of 0.2% QoQ CC.</li><li>The growth was driven by Retail/Technology (up 5.6%/5.7% sequentially).</li><li>Communication/BFSI also witnessed growth of 2.7%/2.4% QoQ, while Manufacturing declined 4% 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.

Motilal Oswal's research report onTech Mahindra Tech Mahindra (TECHM) reported 2QFY25 revenue of USD1.6b, up 0.7% QoQ in constant currency (CC) vs. our estimate of 0.2% QoQ CC.The growth was driven by Retail/Technology (up 5.6%/5.7% sequentially).Communication/BFSI also witnessed growth of 2.7%/2.4% QoQ, while Manufacturing declined 4% QoQ.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.

India

Tech Mahindra Ltd. develops and markets computer software.  The Company markets software for telecommunications equipment manufacturers, telecom service providers, software vendors, and systems integrators.

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Tech Mahindra (TECHM IN)

Thematic Report: AI's Productivity Gains; Quantifying Revenue Risk for Indian IT

Generative AI and Agentic AI are revolutionizing productivity in software development, with potential efficiency gains of 10-50% in the SDLC.

Nimish Maheshwari

Tech Mahindra - Another Step in the Right Direction

Tech Mahindra (TECHM) reported 3QFY25 revenue of USD1.5b, up 1.2% QoQ in constant currency (CC) vs. our estimate of flat CC growth.

Motilal Oswal

Tech Mahindra - Good Quarter

Reported revenue stood at $1,568 million, up 1.2% q-o-q/ 1.3% y-o-y in CC terms, beating our modest estimates of 0.3% q-o-q growth in CC terms.

Sharekhan