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.

Thematic (Sector/Industry)

<ul><li>Bajaj Finance: Bajaj Finance (BAF) earnings were below our estimates on account of elevated provisioning (2.1%, adjusted for management overlay), and NIM compression, offsetting strong AUM growth (+31% YoY)</li><li>Loan growth continued to remain robust across segments except rural B2C (asset quality challenges) and urban sales finance (regulatory embargo)</li><li>While the management had indicated an uptick in credit costs during FY25, the sharp spike has been a negative surprise, although we expect some normalisation during H2FY25</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.

Bajaj Finance: Bajaj Finance (BAF) earnings were below our estimates on account of elevated provisioning (2.1%, adjusted for management overlay), and NIM compression, offsetting strong AUM growth (+31% YoY)Loan growth continued to remain robust across segments except rural B2C (asset quality challenges) and urban sales finance (regulatory embargo)While the management had indicated an uptick in credit costs during FY25, the sharp spike has been a negative surprise, although we expect some normalisation during H2FY25Content 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: Bajaj Finance, Torrent Pharma, ICICI Prudential Life, Supreme Industries

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.

Equity Bottom-Up

<ul><li>Focus on mining: Zensar management has indicated that it will focus on increasing client engagement and try to farm more business from existing accounts.</li><li>This will help it increase the top client account and grow in the long term.</li><li>Focus on verticalization: The management also indicated that it will do verticalization of accounts so that its annuity revenue will increase.</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.

Focus on mining: Zensar management has indicated that it will focus on increasing client engagement and try to farm more business from existing accounts.This will help it increase the top client account and grow in the long term.Focus on verticalization: The management also indicated that it will do verticalization of accounts so that its annuity revenue will increase.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.

Zensar Technologies Ltd. - Strategic Focus Areas for Long-Term Growth

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

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Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

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<li>
<a href="https://www.smartkarma.com/entities/zen-technologies-ltd" target="_blank" data-smartkarma-citation="entities:20721:1" rel="noopener">Zen Technologies (ZEN IN)</a> expands product range to drones, anti-drone systems, and medical simulators, enhancing opportunities beyond government contracts.</li>
<li>Strong order book of Rs 1,401 crore, significant R&amp;D investment, and government support for indigenous defence manufacturing drive growth.</li>
<li>
<a href="https://www.smartkarma.com/entities/zen-technologies-ltd" target="_blank" data-smartkarma-citation="entities:20721:1" rel="noopener">Zen Technologies (ZEN IN)</a> diversified product portfolio and strategic government support position it well for significant growth in the defence and simulation markets.</li>
</ul>



Zen Technologies (ZEN IN) expands product range to drones, anti-drone systems, and medical simulators, enhancing opportunities beyond government contracts.
Strong order book of Rs 1,401 crore, significant R&amp;D investment, and government support for indigenous defence manufacturing drive growth.

Zen Technologies (ZEN IN) diversified product portfolio and strategic government support position it well for significant growth in the defence and simulation markets.


Zen Technologies: Building a Strong Moat in Indian Defence Theme

<ul><li>In Q2FY24, Zensar Technologies Ltd (Zensar) reported revenue of Rs 1,241 Cr, up 1.1% QoQ and 0.6% QoQ (in CC terms), which stood slightly below our expectations.</li><li>The company reported an operating profit of Rs 194 Cr, a healthy growth of 11.3% on a QoQ basis.</li><li>The company’s operating margins remained in line with our expectations, increasing by 40bps, mainly due to lower operating costs and a favourable currency mix in 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.

In Q2FY24, Zensar Technologies Ltd (Zensar) reported revenue of Rs 1,241 Cr, up 1.1% QoQ and 0.6% QoQ (in CC terms), which stood slightly below our expectations.The company reported an operating profit of Rs 194 Cr, a healthy growth of 11.3% on a QoQ basis.The company’s operating margins remained in line with our expectations, increasing by 40bps, mainly due to lower operating costs and a favourable currency mix in 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.

Zensar Technologies Ltd. - Beat on Profit; Near-Term Challenges Persist

<ul><li>Colgate Palmolive: Colgate’s domestic revenue grew 5% YoY (four-year CAGR sustaining at 4%), led by high single-digit growth in toothpaste (Dabur clocked c.5%)</li><li>Volumes arrested a declining trend of the previous four quarters and were flat (HSIE 1%) with c.1% four-year CAGR</li><li>GM continued to expand sequentially (100bps) to 66.9%, better than our expectation of 66%</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.

Colgate Palmolive: Colgate’s domestic revenue grew 5% YoY (four-year CAGR sustaining at 4%), led by high single-digit growth in toothpaste (Dabur clocked c.5%)Volumes arrested a declining trend of the previous four quarters and were flat (HSIE 1%) with c.1% four-year CAGRGM continued to expand sequentially (100bps) to 66.9%, better than our expectation of 66%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: Colgate Palmolive, Deepak Nitrite, Alkyl Amines

India

Zen Technologies Limited manufactures, buys, sells, imports, exports, assembles and maintains computers, electronic gadgets and allied products, in addition to providing consultancy advice and services based on computer software and hardware packages.  Zen also develops, constructs, fabricates and sells training simulators and Allied Products to armed forces, security and police agencies.

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Zen Technologies (ZEN IN)

HSIE Results Daily: Bajaj Finance, Torrent Pharma, ICICI Prudential Life, Supreme Industries

Bajaj Finance (BAF) earnings were below our estimates on account of elevated provisioning (2.1%, adjusted for management overlay), and NIM...

HDFC Securities

Zensar Technologies Ltd. - Strategic Focus Areas for Long-Term Growth

Focus on mining: Zensar management has indicated that it will focus on increasing client engagement and try to farm more business from existing...

Axis Direct

Zen Technologies: Building a Strong Moat in Indian Defence Theme

Zen Technologies: Leading in niche defense equipment with a strong moat and 4x order book; management targets 100% revenue growth in FY25.

Sudarshan Bhandari

Zensar Technologies Ltd. - Beat on Profit; Near-Term Challenges Persist

In Q2FY24, Zensar Technologies Ltd (Zensar) reported revenue of Rs 1,241 Cr, up 1.1% QoQ and 0.6% QoQ (in CC terms), which stood slightly below our...

Axis Direct

HSIE Results Daily: Colgate Palmolive, Deepak Nitrite, Alkyl Amines

Colgate Palmolive: Colgate’s domestic revenue grew 5% YoY (four-year CAGR sustaining at 4%), led by high single-digit growth in toothpaste (Dabur...

HDFC Securities

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