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

<ul><li>HCL Tech reported superior YoY growth compared to its Indian peers.</li><li>The company benefits from a well-diversified business matrix: IT Services (74% of total revenue), ER&amp;D business (16% of revenue), and product and platform business (10% of total revenue).</li><li>This diversified portfolio positions it for better growth in challenging times compared to its larger peers.</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 Tech reported superior YoY growth compared to its Indian peers.The company benefits from a well-diversified business matrix: IT Services (74% of total revenue), ER&amp;D business (16% of revenue), and product and platform business (10% of total revenue).This diversified portfolio positions it for better growth in challenging times compared to its larger peers.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 Tech Ltd. - Better Business Matrix to Aid in Growth

Global Emerging Market Equities, Propitious Research

Wium Malan, CFA

Global Emerging Market Equities

Independent, Fundamental Quantitative Research

Propitious Research

Fully independent, fundamental and quantitative equity research, focused on companies in the Telecommunication, Media, Technology, Internet and Healthcare sectors in the Global Emerging Markets. Idea generation focused on Quality stocks, trading below their intrinsic Value, with sound Corporate Governance.

<ul>
<li>Following <a href="https://www.smartkarma.com/entities/hcl-technologies-ltd" target="_blank" data-smartkarma-citation="entities:20025:1" rel="noopener">HCL Technologies (HCLT IN)</a>'s fiscal 4Q2024 earning report last month, we have witnessed an acceleration in near-term earnings estimates downgrades.</li>
<li>Based on near-term momentum indicators, it seems that we are only at the beginning stage of a prolonged period of underperformance.</li>
<li>HCL Technologies currently trades roughly one standard deviation above its rolling 5-year historic average PE ratio.</li>
</ul>


Following HCL Technologies (HCLT IN)'s fiscal 4Q2024 earning report last month, we have witnessed an acceleration in near-term earnings estimates downgrades.
Based on near-term momentum indicators, it seems that we are only at the beginning stage of a prolonged period of underperformance.
HCL Technologies currently trades roughly one standard deviation above its rolling 5-year historic average PE ratio.


HCL Technologies: Negative Technical Analysis Signals

<ul><li>In Q4FY24, HCL-Tech Ltd (HCLT) reported revenue of Rs 28,499 Cr, up 0.2% QoQ which stood below expectations.</li><li>The company’s operating profit stood at Rs 5,018 Cr, reporting a de-growth of 11% on a QoQ basis.</li><li>Below our expectations, the company’s operating margins, too, declined by 40bps to 17.6%, which was largely led by lower services revenue margins and lower contribution from P&amp;P business during the</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 Q4FY24, HCL-Tech Ltd (HCLT) reported revenue of Rs 28,499 Cr, up 0.2% QoQ which stood below expectations.The company’s operating profit stood at Rs 5,018 Cr, reporting a de-growth of 11% on a QoQ basis.Below our expectations, the company’s operating margins, too, declined by 40bps to 17.6%, which was largely led by lower services revenue margins and lower contribution from P&amp;P business during theContent 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 - Results Miss Estimates; Skeptical Outlook

Thematic (Sector/Industry)

<ul><li>The Axis Top Picks Basket delivered an excellent return of 11.8% in the last three months against the 7.5% return posted by Nifty 50 over the same period.</li><li>This implies that the Axis Top Picks Basket beat the benchmark by a wide margin of 4.3%.</li><li>Moreover, the basket inched up by 5.8% in the last one month.</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 Axis Top Picks Basket delivered an excellent return of 11.8% in the last three months against the 7.5% return posted by Nifty 50 over the same period.This implies that the Axis Top Picks Basket beat the benchmark by a wide margin of 4.3%.Moreover, the basket inched up by 5.8% in the last one month.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.

Axis Top Picks for the month of July 2024

<ul>
<li>In Q2FY24, HCL Tech Ltd (HCLT) reported revenue of Rs 26,672 Cr, down 1.4% QoQ and stood below our expectations.</li>
<li>The company’s operating profit stood at Rs 4,934 Cr, reporting a growth of 7% on a QoQ basis.</li>
<li>Beating our expectations, the company’s operating margins, too, expanded by 154bps to 18%, which was largely led by lower operating expenses and lower onsite expenses 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 Q2FY24, HCL Tech Ltd (HCLT) reported revenue of Rs 26,672 Cr, down 1.4% QoQ and stood below our expectations.
The company’s operating profit stood at Rs 4,934 Cr, reporting a growth of 7% on a QoQ basis.
Beating our expectations, the company’s operating margins, too, expanded by 154bps to 18%, which was largely led by lower operating expenses and lower onsite expenses 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 Tech Ltd. - Better Results with Strong Deals Albeit With Lower Guidance

India

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.

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HCL Technologies (HCLT IN)

HCL Tech Ltd. - Better Business Matrix to Aid in Growth

The company benefits from a well-diversified business matrix: IT Services (74% of total revenue), ER&D business (16% of revenue), and product and...

Axis Direct

HCL Technologies: Negative Technical Analysis Signals

In this insight, we perform a technical analysis of HCL Technologies by looking at earnings forecast revision trends, momentum indicators, and...

Wium Malan, CFA

HCL Technologies - Results Miss Estimates; Skeptical Outlook

In Q4FY24, HCL-Tech Ltd (HCLT) reported revenue of Rs 28,499 Cr, up 0.2% QoQ which stood below expectations. The company’s operating profit stood...

Axis Direct

Axis Top Picks for the month of July 2024

The Axis Top Picks Basket delivered an excellent return of 11.8% in the last three months against the 7.5% return posted by Nifty 50 over the same...

Axis Direct

HCL Tech Ltd. - Better Results with Strong Deals Albeit With Lower Guidance

In Q2FY24, HCL Tech Ltd (HCLT) reported revenue of Rs 26,672 Cr, down 1.4% QoQ and stood below our expectations. The company’s operating profit...

Axis Direct

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