External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

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Equity Bottom-Up

Infosys Limited provides IT consulting and software services, including e-business, program management and supply chain solutions. The Group's services include application development, product co-development, and system implementation and system engineering. Infosys targets businesses specializing in the insurance, banking, telecommunication and manufacturing sectors.

<ul><li>In Q1FY25, Infosys Ltd (Infy) reported revenue of Rs 39,315 Cr, up 3.7% QoQ and 3.3% QoQ (in US$ terms) which stood above our expectations.</li><li>The company’s operating profit, too, stood above our expectations at Rs 8,288 Cr, reporting growth of 1% QoQ.</li><li>Its operating margins declined 100bps to 21.1%, which was largely on account of higher utilization, lower onsite expenses, and lower Subcon cost.</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 Q1FY25, Infosys Ltd (Infy) reported revenue of Rs 39,315 Cr, up 3.7% QoQ and 3.3% QoQ (in US$ terms) which stood above our expectations.The company’s operating profit, too, stood above our expectations at Rs 8,288 Cr, reporting growth of 1% QoQ.Its operating margins declined 100bps to 21.1%, which was largely on account of higher utilization, lower onsite expenses, and lower Subcon cost.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.

Infosys Ltd. - Broad-Based Growth; Management Upgrades Guidance for FY25

LTIMindtree Limited provides information technology services and solutions. The Company offers analytics and information management, enterprise integration, applications management, cloud computing, testing, and consulting services, as well as geographical information and manufacturing execution systems. LTIMindtree serves customers worldwide.

<ul><li>In Q1FY25, LTIMindtree Ltd (LTIMINDTREE) reported revenue of Rs 9,143 Cr, down 2.8% QoQ (2.5% QoQ in CC terms).</li><li>This was above our expectations. The company’s operating profit stood at Rs 1,371 Cr, reporting robust growth of 4.8% on a QoQ basis.</li><li>This was largely on account of better recovery in demand and strong volume growth. Its net profit for Q1FY25 stood at Rs 1,135 Cr, up 3.1% on a QoQ basis.</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 Q1FY25, LTIMindtree Ltd (LTIMINDTREE) reported revenue of Rs 9,143 Cr, down 2.8% QoQ (2.5% QoQ in CC terms).This was above our expectations. The company’s operating profit stood at Rs 1,371 Cr, reporting robust growth of 4.8% on a QoQ basis.This was largely on account of better recovery in demand and strong volume growth. Its net profit for Q1FY25 stood at Rs 1,135 Cr, up 3.1% on a QoQ basis.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.

LTIMINDTREE Ltd. - Robust Results; Improved Outlook

Asian Paints Limited manufactures a wide range of decorative paints, varnishes, enamels, and black & synthetic resins. The Company, through its subsidiaries, also manufactures specialty industrial chemicals and vinyl pyridine latex products which are used in the manufacture of rubber tires.

<ul><li>Outlook: We remain positive on the company’s long-term prospects, supported by the following factors: 1) The management’s guidance for continued double-digit volume growth in FY25, buoyed by the long festive season and rural recovery</li><li>2) Decline in raw material prices; 3) The company’s recent announcement of (a) A vinyl acetate ethylene emulsion (VAE) and vinyl acetate monomer (VAM) plant, (b) Plans of a white cement plant through a joint venture in Fujairah, UAE, to backward-integrate key raw materials</li><li>4) Expansion of manufacturing footprint by more than 30- 40%, and d) Launch of differentiated next-generation emulsions and waterproofing products based on nanotechnology. </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.

Outlook: We remain positive on the company’s long-term prospects, supported by the following factors: 1) The management’s guidance for continued double-digit volume growth in FY25, buoyed by the long festive season and rural recovery2) Decline in raw material prices; 3) The company’s recent announcement of (a) A vinyl acetate ethylene emulsion (VAE) and vinyl acetate monomer (VAM) plant, (b) Plans of a white cement plant through a joint venture in Fujairah, UAE, to backward-integrate key raw materials4) Expansion of manufacturing footprint by more than 30- 40%, and d) Launch of differentiated next-generation emulsions and waterproofing products based on nanotechnology. 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.

Asian Paints - Demand Remains Sluggish; Maintain HOLD

Bajaj Auto Limited manufactures and distributes motorized two-wheeled and three-wheeled scooters, motorcycles and mopeds.

<ul><li>Bajaj reported Q1FY25 results largely in line with our estimates. Revenue grew ~15%/3.3% YoY/QoQ led by ~7%/3% YoY/QoQ volume growth.</li><li>ASP (~0.6% beat) grew by ~7.1% YoY and was flat QoQ. The YoY growth in the ASP was led by product premiumisation, higher sales of 3W in the product mix, and a ramp-up in EV sales.</li><li>EBITDA grew by ~23.6%/4.7% YoY/QoQ, a ~2.8% beat vs our estimates mainly on account of accrual benefits of the PLI Scheme. 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.</li></ul>

Bajaj reported Q1FY25 results largely in line with our estimates. Revenue grew ~15%/3.3% YoY/QoQ led by ~7%/3% YoY/QoQ volume growth.ASP (~0.6% beat) grew by ~7.1% YoY and was flat QoQ. The YoY growth in the ASP was led by product premiumisation, higher sales of 3W in the product mix, and a ramp-up in EV sales.EBITDA grew by ~23.6%/4.7% YoY/QoQ, a ~2.8% beat vs our estimates mainly on account of accrual benefits of the PLI Scheme. 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 Auto Ltd - Q1 Results Inline; Positives Largely Factored in Rich Valuations

HCL Technologies Limited provides software development and related engineering services.  The Group's technologies utilize a variety of technologies, including Internet and e-commerce, networking, internet telephony, embedded software, ASIC/VLSI design and testing, satellite and wireless communications, and component based object technologies, including COM, DCOM and COBRA.

<ul><li>In Q1FY25, HCL-Tech Ltd (HCLT) reported revenue of Rs 28,057 Cr, down 2% QoQ which stood in line with expectations.</li><li>The company’s operating profit stood at Rs 4,795 Cr, reporting a de-growth of 4% on a QoQ basis.</li><li>In line with our expectations, the company’s operating margins declined by 52bps to 17%, which was largely led by lower services revenue margins and lower contribution from the P&amp;P business during 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 Q1FY25, HCL-Tech Ltd (HCLT) reported revenue of Rs 28,057 Cr, down 2% QoQ which stood in line with expectations.The company’s operating profit stood at Rs 4,795 Cr, reporting a de-growth of 4% on a QoQ basis.In line with our expectations, the company’s operating margins declined by 52bps to 17%, which was largely led by lower services revenue margins and lower contribution from the P&amp;P business during 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.

HCL Technologies Ltd - Results In-Line, Retained Guidance