External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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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>We attended Tech Mahindra’s (TECHM) investor day, where the company reiterated its strategy with some added elements</li><li>There’s an apparent continuity in organic growth focus (vs acquisition playbook earlier) with less than three quarters remaining for CEO transition</li><li>TECHM has trailed its peers historically in growth and operational performance</li></ul><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>

We attended Tech Mahindra’s (TECHM) investor day, where the company reiterated its strategy with some added elementsThere’s an apparent continuity in organic growth focus (vs acquisition playbook earlier) with less than three quarters remaining for CEO transitionTECHM has trailed its peers historically in growth and operational performanceContent 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), Axis Direct

Axis Direct

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.

<ul><li>Outlook on the Telecom and other verticals remained healthy as management does not see any spend cuts from any clients</li><li>TCV stood strong in Q3FY23 with high deal wins in different verticals in Communiation and Enterprice segments with TCV of $.795 mn.</li><li>The management is confident of gaining medium-term demand momentum on the backdrop of the deals it has won in the previous quarters. It also expects improvement on the margin front moving forward.</li></ul><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>

Outlook on the Telecom and other verticals remained healthy as management does not see any spend cuts from any clientsTCV stood strong in Q3FY23 with high deal wins in different verticals in Communiation and Enterprice segments with TCV of $.795 mn.The management is confident of gaining medium-term demand momentum on the backdrop of the deals it has won in the previous quarters. It also expects improvement on the margin front moving forward.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.

<ul><li>Tech Mahindra: Tech Mahindra (TECHM) delivered in-line Q2FY23 performance, both on revenue and margin, with revenue growth of 2.9% QoQ CC and EBITM expansion of 40bps QoQ</li><li>Deal closures were soft due to the spillover of select deals into Q3, but importantly the outlook of USD 700mn to USD 1bn quarterly net new TCV was maintained</li><li>Key positives for TECHM were sequential improvement in FCF generation, operating performance (mitigating the wage hike impact) and line of sight for further improvement in margins, led by account pruning (BFSI &amp; RoW impact in Q2), pricing, utilisation and sub-con optimisation (lower in Q2)</li></ul><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>

Tech Mahindra: Tech Mahindra (TECHM) delivered in-line Q2FY23 performance, both on revenue and margin, with revenue growth of 2.9% QoQ CC and EBITM expansion of 40bps QoQDeal closures were soft due to the spillover of select deals into Q3, but importantly the outlook of USD 700mn to USD 1bn quarterly net new TCV was maintainedKey positives for TECHM were sequential improvement in FCF generation, operating performance (mitigating the wage hike impact) and line of sight for further improvement in margins, led by account pruning (BFSI &amp; RoW impact in Q2), pricing, utilisation and sub-con optimisation (lower in Q2)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.

<div><div><div><div><ul><li>Accenture reported robust Q4FY22 numbers that were in line with the street expectations.</li><li>Revenue for the quarter stood at $15.4 Bn, posting a healthy growth of 15% YoY in USD and 22.4% in local currency despite rising supply-side constraints.</li><li>Operating margins grew by 10bps and stood at 17.4%. The company’s EPS for FY22 stood at $10.7, up 17% from the $9.16 it reported in FY21 and 22% from the adjusted EPS of $8.80 in FY21 (this excluded $0.36 in gains on an investment). </li></ul></div></div></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>

Accenture reported robust Q4FY22 numbers that were in line with the street expectations.Revenue for the quarter stood at $15.4 Bn, posting a healthy growth of 15% YoY in USD and 22.4% in local currency despite rising supply-side constraints.Operating margins grew by 10bps and stood at 17.4%. The company’s EPS for FY22 stood at $10.7, up 17% from the $9.16 it reported in FY21 and 22% from the adjusted EPS of $8.80 in FY21 (this excluded $0.36 in gains on an investment). 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.

Accenture - Results In-Line With Expectation

External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

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<div><div><div><div><ul><li>Need to see how 5G spending holds up in a stagflationary environment: 5G related demand is one of the reasons why we and the street have been bullish on TML.</li></ul><div><div><div><div><ul><li>While we are at the beginning of the 5G spend cycle (which could play out over a longer time compared to the 4G cycle, according to industry), we think the spends may be a bit cyclically constrained in 2HFY23 and in FY24 before they recover eventually - quite similar to how we expect the digital spends to behave.</li></ul><div><div><div><div><ul><li>However, unlike in Digital, we believe that TML has a better right to win in the this area because of its long-standing relationships has with &gt;150 Telcos, to which it has likely added a lot of value over the years.</li></ul></div></div></div></div></div></div></div></div></div></div></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>

Need to see how 5G spending holds up in a stagflationary environment: 5G related demand is one of the reasons why we and the street have been bullish on TML.While we are at the beginning of the 5G spend cycle (which could play out over a longer time compared to the 4G cycle, according to industry), we think the spends may be a bit cyclically constrained in 2HFY23 and in FY24 before they recover eventually - quite similar to how we expect the digital spends to behave.However, unlike in Digital, we believe that TML has a better right to win in the this area because of its long-standing relationships has with &gt;150 Telcos, to which it has likely added a lot of value over the years.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 - Margin Pressure Higher; Reduce Target Multiple on Vulnerability

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)

Tech Mahindra: Catching Up. Maintain ADD

There’s an apparent continuity in organic growth focus (vs acquisition playbook earlier) with less than three quarters remaining for CEO transition

HDFC Securities

Tech Mahindra Ltd. - Robust Execution

TCV stood strong in Q3FY23 with high deal wins in different verticals in Communiation and Enterprice segments with TCV of $.795 mn.

Axis Direct

Tech Mahindra - Slower Deal Velocity

Tech Mahindra (TECHM) delivered in-line Q2FY23 performance, both on revenue and margin, with revenue growth of 2.9% QoQ CC and EBITM expansion of...

HDFC Securities

Accenture - Results In-Line With Expectation

Revenue for the quarter stood at $15.4 Bn, posting a healthy growth of 15% YoY in USD and 22.4% in local currency despite rising supply-side...

Axis Direct

Tech Mahindra - Margin Pressure Higher; Reduce Target Multiple on Vulnerability

Tech Mahindra’s (TML) 4QFY22 revenue grew by 5.4% QoQ in CC terms against our estimate of 6%, of which ~250bps was inorganic contribution. EBIT...

Nirmal Bang

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