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>We hosted the ISG index call (link) and the key message was recovery in the business environment ahead</li><li>While ISG maintained the CY23 outlook on growth in managed services deal bookings (+5% for CY23), recovery ahead is based on (1) improving pipeline for new scope projects (vs renewals &amp; extension heavy recently that drove vendor consolidation) (2) approval threshold for projects and transition timelines normalising with stable pricing environment (3) pipeline build-up for SIs with increased enterprise interest in captives and (4) stability to return in BFSI, which was impacted by executive movement earlier in enterprises</li><li>The current disconnect between the growth in bookings and soft revenue growth is largely due to the impact on discretionary services</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.

We hosted the ISG index call (link) and the key message was recovery in the business environment aheadWhile ISG maintained the CY23 outlook on growth in managed services deal bookings (+5% for CY23), recovery ahead is based on (1) improving pipeline for new scope projects (vs renewals &amp; extension heavy recently that drove vendor consolidation) (2) approval threshold for projects and transition timelines normalising with stable pricing environment (3) pipeline build-up for SIs with increased enterprise interest in captives and (4) stability to return in BFSI, which was impacted by executive movement earlier in enterprisesThe current disconnect between the growth in bookings and soft revenue growth is largely due to the impact on discretionary servicesContent 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.

<ul><li>Tata Consultancy Services: Tata Consultancy Services (TCS) delivered a soft (in-line) performance in Q1 but recorded strong deal bookings which provide visibility despite challenging macros</li><li>Flat sequential revenue growth was impacted by broad-based weakness across verticals—BFSI, Communication &amp; Media, Technology &amp; Services (46% of revenue declining 1% QoQ)—while the remaining business grew 1.6% QoQ</li><li>Greater scrutiny of projects is leading to the relative weakness in sub-segments of mortgage, capital market and P&amp;C insurance within BFSI and in the Communication &amp; Media vertical</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.

Tata Consultancy Services: Tata Consultancy Services (TCS) delivered a soft (in-line) performance in Q1 but recorded strong deal bookings which provide visibility despite challenging macrosFlat sequential revenue growth was impacted by broad-based weakness across verticals—BFSI, Communication &amp; Media, Technology &amp; Services (46% of revenue declining 1% QoQ)—while the remaining business grew 1.6% QoQGreater scrutiny of projects is leading to the relative weakness in sub-segments of mortgage, capital market and P&amp;C insurance within BFSI and in the Communication &amp; Media verticalContent 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  - Tata Consultancy Services, HCL Technologies

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>In Q1FY24, HCL Tech Ltd (HCLT) reported revenue of Rs 26,296 Cr, down 1.2% QoQ and below our expectations.</li><li>The company’s operating profit stood at Rs 4,460 Cr, reporting a de-growth of 7.8% on a QoQ basis.</li><li>Missing our expectations, the company’s operating margins, too, declined by 110bps to 17%, which was largely led by higher operating expenses and higher 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 Q1FY24, HCL Tech Ltd (HCLT) reported revenue of Rs 26,296 Cr, down 1.2% QoQ and below our expectations.The company’s operating profit stood at Rs 4,460 Cr, reporting a de-growth of 7.8% on a QoQ basis.Missing our expectations, the company’s operating margins, too, declined by 110bps to 17%, which was largely led by higher operating expenses and higher 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. - Tepid Results with Miss on All Fronts

<ul><li>IT sector growth has slipped on account of first-order and second-order implications of the prevalent macros</li><li>The macro challenges are manifesting into a set of outcomes for the sector ranging from cuts in discretionary spending, delay in decision making (slower conversion from pipeline to TCV), slower deal ramp-up, to change in the propensity for price increases/volume discounts</li><li>While the resilience/opportunity in the sector is the medium-term recoil (high-single digit CC growth in FY25E following mid-single digit in FY24E), in this note we focus on the ‘near-term demand’ markers and assess the growth dispersion despite the aggregate slowdown</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.

IT sector growth has slipped on account of first-order and second-order implications of the prevalent macrosThe macro challenges are manifesting into a set of outcomes for the sector ranging from cuts in discretionary spending, delay in decision making (slower conversion from pipeline to TCV), slower deal ramp-up, to change in the propensity for price increases/volume discountsWhile the resilience/opportunity in the sector is the medium-term recoil (high-single digit CC growth in FY25E following mid-single digit in FY24E), in this note we focus on the ‘near-term demand’ markers and assess the growth dispersion despite the aggregate slowdownContent 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.

<ul><li>HCL Technologies: HCL Tech (HCLT) reported Q4 performance that was in line on revenue, margin and guidance</li><li>Sequential growth in services was offset by a decline in ERS and software revenue (seasonality)</li><li>HCLT’s revenue guide implies 1.5% to 2.2% CQGR in FY24E</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) reported Q4 performance that was in line on revenue, margin and guidanceSequential growth in services was offset by a decline in ERS and software revenue (seasonality)HCLT’s revenue guide implies 1.5% to 2.2% CQGR in FY24EContent 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, ICICI Prudential Life, Cyient

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)

IT Sector Update - Recovery Ahead

The current disconnect between the growth in bookings and soft revenue growth is largely due to the impact on discretionary services

HDFC Securities

HSIE Results Daily - Tata Consultancy Services, HCL Technologies

Tata Consultancy Services (TCS) delivered a soft (in-line) performance in Q1 but recorded strong deal bookings which provide visibility despite...

HDFC Securities

HCL Tech Ltd. - Tepid Results with Miss on All Fronts

In Q1FY24, HCL Tech Ltd (HCLT) reported revenue of Rs 26,296 Cr, down 1.2% QoQ and below our expectations. The company’s operating profit stood at...

Axis Direct

IT sector: Mixed signals; stay selective

The macro challenges are manifesting into a set of outcomes for the sector ranging from cuts in discretionary spending, delay in decision making

HDFC Securities

HSIE Results Daily - HCL Technologies, ICICI Prudential Life, Cyient

HCL Technologies: HCL Tech (HCLT) reported Q4 performance that was in line on revenue, margin and guidance. Sequential growth in services was...

HDFC Securities

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