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>Wipro: Wipro (WPRO) delivered an in-line revenue but its operating performance was better than expected</li><li>While WPRO’s growth lagged tier-1 IT peers (10.4% YoY CC as compared to TCS, INFO and HCLT posting &gt;13% YoY CC), its operating performance was better than peers (sequentially) in Q3</li><li>Deal bookings have been trending well, but that’s not adequately translated into revenue growth due to volatility in discretionary spending and longer time to ramp up deals</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.

Wipro: Wipro (WPRO) delivered an in-line revenue but its operating performance was better than expectedWhile WPRO’s growth lagged tier-1 IT peers (10.4% YoY CC as compared to TCS, INFO and HCLT posting &gt;13% YoY CC), its operating performance was better than peers (sequentially) in Q3Deal bookings have been trending well, but that’s not adequately translated into revenue growth due to volatility in discretionary spending and longer time to ramp up dealsContent 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.

Wipro - In-Line Growth, Better Operational Show

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.

Thematic (Sector/Industry)

<ul><li>The IT Services sector is expected to report moderate growth in Q3FY23, primarily on account of the seasonally weak quarter and slowing down growth momentum led by uncertainties in the US and UK.</li><li>However, IT spending in North America and Europe has continued to be relatively strong owing to the demand for digital transformation and cloud transformations.</li><li>We believe it is likely to remain intact, at least for the quarter. </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 Services sector is expected to report moderate growth in Q3FY23, primarily on account of the seasonally weak quarter and slowing down growth momentum led by uncertainties in the US and UK.However, IT spending in North America and Europe has continued to be relatively strong owing to the demand for digital transformation and cloud transformations.We believe it is likely to remain intact, at least for the quarter. 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 Q3FY23 Result Preview – Demand Slowing Down; Margins Remain Stable

<ul><li>Accenture reported robust Q1FY23 numbers which stood in line with the street expectations.</li><li>Revenue for the quarter stood at $15.7 Bn, posting an encouraging growth of 5% YoY in USD and 15% in local currency despite rising pressures of slowdown and increasing interest rates.</li><li>In line with the revenue growth, the company’s operating margins grew by 20bps to 16.5%. Its EPS for Q1FY23 stood at $3.08, up 17%, beating analyst estimates of $2.91. Accenture flagged a negative impact of ~9.5% on sales from a stronger dollar.</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.

Accenture reported robust Q1FY23 numbers which stood in line with the street expectations.Revenue for the quarter stood at $15.7 Bn, posting an encouraging growth of 5% YoY in USD and 15% in local currency despite rising pressures of slowdown and increasing interest rates.In line with the revenue growth, the company’s operating margins grew by 20bps to 16.5%. Its EPS for Q1FY23 stood at $3.08, up 17%, beating analyst estimates of $2.91. Accenture flagged a negative impact of ~9.5% on sales from a stronger dollar.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; Guidance Below Expectations

<ul><li>HCL Technologies: HCL Tech (HCLT) posted better-than-estimated growth and a slightly higher margin in Q2FY23</li><li>Revenue growth, at 3.8% QoQ CC and 15.8% YoY CC, is tracking better than last year’s, led by 5%+ sequential growth in both IT &amp; BS as well as ER&amp;D segments</li><li>Q2 revenue outperformance and H2 visibility syncs with upgrade in revenue guidance to 13.5-14.5% CC for FY23E (vs 12-14% earlier), including Services (ex-P&amp;P) growth guidance of 16-17% CC</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.

HCL Technologies: HCL Tech (HCLT) posted better-than-estimated growth and a slightly higher margin in Q2FY23Revenue growth, at 3.8% QoQ CC and 15.8% YoY CC, is tracking better than last year’s, led by 5%+ sequential growth in both IT &amp; BS as well as ER&amp;D segmentsQ2 revenue outperformance and H2 visibility syncs with upgrade in revenue guidance to 13.5-14.5% CC for FY23E (vs 12-14% earlier), including Services (ex-P&amp;P) growth guidance of 16-17% CCContent 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: HCL Technologies, Wipro

<ul><li>Wipro Ltd’s (Wipro) revenue growth stood below our expectations at Rs 22,540 Cr, up only 3.2% QoQ and 18% YoY in CC terms.</li><li>Operating profit grew by 9% QoQ to Rs 3,250 Cr, aided by higher employee costs, rising subcontracting costs, and higher onsite expenses.</li><li>The operating margin declined by 16bps at 15.1% 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.

Wipro Ltd’s (Wipro) revenue growth stood below our expectations at Rs 22,540 Cr, up only 3.2% QoQ and 18% YoY in CC terms.Operating profit grew by 9% QoQ to Rs 3,250 Cr, aided by higher employee costs, rising subcontracting costs, and higher onsite expenses.The operating margin declined by 16bps at 15.1% 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.

Wipro Ltd - Results Missed the Expectations; Growth Momentum Slowing Down

India

Wipro Limited specializes in IT and computer related technologies. The Group's services encompass a number of areas, including software architecture, business intelligence systems, e-commerce, data warehousing, Internet access devices, network management, system administration, messaging systems, IT consulting and design. Wipro also has a presence in niche markets of consumer products.

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Wipro Ltd Adr (WIT US)

Wipro - In-Line Growth, Better Operational Show

While WPRO’s growth lagged tier-1 IT peers (10.4% YoY CC as compared to TCS, INFO and HCLT posting >13% YoY CC), its operating performance was...

HDFC Securities

IT Q3FY23 Result Preview – Demand Slowing Down; Margins Remain Stable

The IT Services sector is expected to report moderate growth in Q3FY23, primarily on account of the seasonally weak quarter and slowing down growth...

Axis Direct

Accenture - Results In-Line With Expectation; Guidance Below Expectations

Revenue for the quarter stood at $15.7 Bn, posting an encouraging growth of 5% YoY in USD and 15% in local currency despite rising pressures of...

Axis Direct

HSIE Results Daily: HCL Technologies, Wipro

Revenue growth, at 3.8% QoQ CC and 15.8% YoY CC, is tracking better than last year’s, led by 5%+ sequential growth in both IT & BS as well as ER&D...

HDFC Securities

Wipro Ltd - Results Missed the Expectations; Growth Momentum Slowing Down

Wipro Ltd’s (Wipro) revenue growth stood below our expectations at Rs 22,540 Cr, up only 3.2% QoQ and 18% YoY in CC terms.

Axis Direct

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