External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund 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>Havells India: Havells delivered a strong topline performance, led by broad-based growth across all categories, with a beat on our RAC and Switchgear estimates</li><li>Revenue grew by 16% on three-year CAGR (15% ex-Lloyd) while Lloyd business sustained 18% three-year revenue CAGR</li><li>All segments including Switchgear saw close to mid-teen three-year revenue CAGR</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>

Havells India: Havells delivered a strong topline performance, led by broad-based growth across all categories, with a beat on our RAC and Switchgear estimatesRevenue grew by 16% on three-year CAGR (15% ex-Lloyd) while Lloyd business sustained 18% three-year revenue CAGRAll segments including Switchgear saw close to mid-teen three-year revenue CAGRContent 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: Havells India, JSW Energy, Kajaria Ceramics, ICICI Securities

<div><div><div><div><ul><li>Top-down assessment: Despite the correlation to the macro, the demand for the sector is structural (double-digit CAGR over five years is high probability).</li><li>Enterprise trends–growth vectors: Enterprise tech spends are strong and there’s limited impact on overall growth due to any vertical-specific slowdown.</li><li>Cloud partnerships–the second order impact: Tech value migration towards cloud providers is underway and will drive the growth curve of SIs.</li></ul><ul style="list-style-type: none;"><li><div><div><div><div><ul style="list-style-type: none;"><li> </li></ul></div></div></div></div></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>

Top-down assessment: Despite the correlation to the macro, the demand for the sector is structural (double-digit CAGR over five years is high probability).Enterprise trends–growth vectors: Enterprise tech spends are strong and there’s limited impact on overall growth due to any vertical-specific slowdown.Cloud partnerships–the second order impact: Tech value migration towards cloud providers is underway and will drive the growth curve of SIs. 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), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory 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

<div><ul><li>Services revenues came in US$130.6 mn (up 1.2% QoQ, 1.6% QoQ in CC) while DLM business reported decline of 9.4% QoQ to US$26.1 mn.</li><li>Overall EBIT margin at the company level improved 59 bps to 14.5%, services EBIT margin came in at 15.4%, down 23 bps QoQ while DLM margins came in at 9.8%, up 379 bps QoQ.</li><li>The company reported margins of 13.9% at the group level, which were down 14 bps QoQ while they were up 272 bps YoY</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></div>

Services revenues came in US$130.6 mn (up 1.2% QoQ, 1.6% QoQ in CC) while DLM business reported decline of 9.4% QoQ to US$26.1 mn.Overall EBIT margin at the company level improved 59 bps to 14.5%, services EBIT margin came in at 15.4%, down 23 bps QoQ while DLM margins came in at 9.8%, up 379 bps QoQ.The company reported margins of 13.9% at the group level, which were down 14 bps QoQ while they were up 272 bps YoYContent 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.

Cyient Ltd - Guides 13-15% CC Growth for FY23; Acquires Citec

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>Indian IT &amp; ER&amp;D company Cyient will acquire global plant and product engineering services company Citec for about Rs 800 Cr to strengthen its business offerings.</li><li>The company said this will be the largest outbound acquisition by an Indian engineering services company as well as the company's largest acquisition to date</li><li>We recommend a BUY on the stock and assign a 17x P/E multiple to the company’s FY24E earnings of Rs 60.0/share to arrive at A TP of Rs 1,000/share, implying an upside of 11% from CMP.</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>

Indian IT &amp; ER&amp;D company Cyient will acquire global plant and product engineering services company Citec for about Rs 800 Cr to strengthen its business offerings.The company said this will be the largest outbound acquisition by an Indian engineering services company as well as the company's largest acquisition to dateWe recommend a BUY on the stock and assign a 17x P/E multiple to the company’s FY24E earnings of Rs 60.0/share to arrive at A TP of Rs 1,000/share, implying an upside of 11% from CMP.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.

Cyient: Cyient’s Acquisition of Citec to Provide Profitable Growth

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

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.

<ul><li>Revenue fell 0.4% QoQ in USD CC terms in 4QFY22, but was above our estimate of -1.1% QoQ USD CC.</li><li>The beat was led by both Services (+1.6% QoQ USD CC) and DLM (-9.3% QoQ USD).</li><li>Growth in Services was driven by Portfolio (10% QoQ), Aerospace (3.9%), and Communications (3.5%), while growth in Rail Transportation (-9.5%) was weak.</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>

Revenue fell 0.4% QoQ in USD CC terms in 4QFY22, but was above our estimate of -1.1% QoQ USD CC.The beat was led by both Services (+1.6% QoQ USD CC) and DLM (-9.3% QoQ USD).Growth in Services was driven by Portfolio (10% QoQ), Aerospace (3.9%), and Communications (3.5%), while growth in Rail Transportation (-9.5%) was weak.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.

Cyient: Ambitious FY23 Guidance, but Valuations Remains Inexpensive

India

Cyient Limited provides engineering services, data analytics, and data, networks and operations solutions. The Company offers its services to the aerospace and defense, energy, heavy machinery, consumer, medical utility, communications, semiconductor, and transportation industries around the world.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Cyient Ltd (CYL IN)

HSIE Results Daily: Havells India, JSW Energy, Kajaria Ceramics, ICICI Securities

Havells India: Havells delivered a strong topline performance, led by broad-based growth across all categories, with a beat on our RAC and...

HDFC Securities

IT Sector - Decoding Signal from Noise

In this note, we decode the signal from noise and probe some key questions: (1) How structural is the demand and how correlated is it to the macros...

HDFC Securities

Cyient Ltd - Guides 13-15% CC Growth for FY23; Acquires Citec

Services revenues came in US$130.6 mn (up 1.2% QoQ, 1.6% QoQ in CC) while DLM business reported decline of 9.4% QoQ to US$26.1 mn.

ICICI Securities Limited

Cyient: Cyient’s Acquisition of Citec to Provide Profitable Growth

We recommend a BUY on the stock and assign a 17x P/E multiple to the company’s FY24E earnings of Rs 60.0/share to arrive at A TP of Rs 1,000/share,...

Axis Direct

Cyient: Ambitious FY23 Guidance, but Valuations Remains Inexpensive

Revenue fell 0.4% QoQ in USD CC terms in 4QFY22, but was above our estimate of -1.1% QoQ USD CC.The beat was led by both Services (+1.6% QoQ USD...

Motilal Oswal

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)