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.

Equity Bottom-Up

L&T Technology Services Limited / Equity Bottom-Up

<ul><li>L&amp;T Technology Services (LTTS) has strong credentials as a leading pure-play engineering services provider with low churn</li><li>Still, it faces challenges of scale, longer deal conversion cycle and business cyclicality</li><li>The upside seems capped as current growth numbers for LTTS already factor in the incremental revenue addition of 2x its historical organic average</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.

L&amp;T Technology Services (LTTS) has strong credentials as a leading pure-play engineering services provider with low churnStill, it faces challenges of scale, longer deal conversion cycle and business cyclicalityThe upside seems capped as current growth numbers for LTTS already factor in the incremental revenue addition of 2x its historical organic averageContent 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.

L&T Technology Services: Volatility to Persist. Maintain REDUCE

<ul><li>LTTS’ prowess as a leading pureplay ER&amp;D service provider with a diversified vertical base and strong credentials across domains persists</li><li>However, a longer deal conversion cycle, business cyclicality (weakness in Q1FY25E) despite strong industrial tailwinds and softness in margins due to investments for org structure changes are risks</li><li>Q4 print came in line and was supported by seasonality in the SWC business</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.

LTTS’ prowess as a leading pureplay ER&amp;D service provider with a diversified vertical base and strong credentials across domains persistsHowever, a longer deal conversion cycle, business cyclicality (weakness in Q1FY25E) despite strong industrial tailwinds and softness in margins due to investments for org structure changes are risksQ4 print came in line and was supported by seasonality in the SWC businessContent 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.

L&T Technology (Q4FY24): Margin Caution, Weak Guidance. Maintain REDUCE

<ul><li>We visited L&amp;T Technology Services’ (LTTS) Baroda ODC and labs, which included several customer case studies</li><li>LTTS’ key differentiation as a pure-play ER&amp;D services company is not just at the intersection of IT and OT, but more so in its strong domain capabilities, end-to-end ER&amp;D services and strengths in verticals such as industrial product and plant engineering</li><li>LTTS’ recurring revenue streams from large accounts (currently 57 of T100 global R&amp;D spenders are clients) as well as new logo entry is supported by its deep engineering expertise and investment in labs (enabling pilot projects and innovation)</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 visited L&amp;T Technology Services’ (LTTS) Baroda ODC and labs, which included several customer case studiesLTTS’ key differentiation as a pure-play ER&amp;D services company is not just at the intersection of IT and OT, but more so in its strong domain capabilities, end-to-end ER&amp;D services and strengths in verticals such as industrial product and plant engineeringLTTS’ recurring revenue streams from large accounts (currently 57 of T100 global R&amp;D spenders are clients) as well as new logo entry is supported by its deep engineering expertise and investment in labs (enabling pilot projects and innovation)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.

L&T Technology Services: Medium-Term Growth Trajectory Priced In.

Thematic (Sector/Industry)

<ul><li>IT sector (coverage universe) continues to transition from a protracted IT upgrade cycle and low discretionary spending to some normalisation in H2FY25E which is our ‘base’ case</li><li>We believe that the growth/earnings cut cycle has bottomed out, but the pace of recovery remains uncertain, especially with lingering macro events over the next couple of quarters</li><li>The relative under-ownership in the sector can still provide tactical opportunities, even as valuations relative to benchmarks are not compelling enough in aggregate—remain selective with preference for TCS within tier-1 and Persistent Systems within mid-tier IT.</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 (coverage universe) continues to transition from a protracted IT upgrade cycle and low discretionary spending to some normalisation in H2FY25E which is our ‘base’ caseWe believe that the growth/earnings cut cycle has bottomed out, but the pace of recovery remains uncertain, especially with lingering macro events over the next couple of quartersThe relative under-ownership in the sector can still provide tactical opportunities, even as valuations relative to benchmarks are not compelling enough in aggregate—remain selective with preference for TCS within tier-1 and Persistent Systems within mid-tier IT.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.

<ul><li>IT sector (coverage universe) growth is expected to bottom out in Q4FY24 and recover ‘gradually’ in FY25E</li><li>The slowdown in macro is still a baseline scenario and lower discretionary spending and slower conversion from TCV to revenue is a feature and not a bug—at least in the near term—and deals will be focused on cost optimisation</li><li>Growth divergence will continue within the sector and guidance for FY25E is likely to factor in improved H2 performance.</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 (coverage universe) growth is expected to bottom out in Q4FY24 and recover ‘gradually’ in FY25EThe slowdown in macro is still a baseline scenario and lower discretionary spending and slower conversion from TCV to revenue is a feature and not a bug—at least in the near term—and deals will be focused on cost optimisationGrowth divergence will continue within the sector and guidance for FY25E is likely to factor in improved H2 performance.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 (Q4FY24E Results Preview): Transition period from ‘gradually’ to ‘eventually’

India

Mphasis Limited is a global IT and BPO service provider to G2000 companies around the globe, assists its clients in innovating and streamlining their business processes by offering custom solutions for technology and operations outsourcing. The Company focuses on financial services, logistics and technology verticals.

Persistent Systems Limited offers outsourced software product development. The Company offer services that include testing, support, and professional services.

Tata Elxsi Limited manufactures computers and workstations besides providing system design, software development and integration services. The Group supplies its products to a number of industries, including the automotive, metals, consumer products, finance, IT & Communications, energy, chemicals, engineering, pharmaceuticals, entertainment and agro industries.

ITI Limited manufactures telecommunications products, including electronic switching equipment, telephones and related devices, digital radio, open wire bags, optical fiber equipment and digital exchanges.   The Group's customers include defense, railways and oil companies.

WNS (Holdings) Ltd., operates as a holding company The Company, through its subsidiaries, provides business process outsourcing services including finance, accounting, customer relationship management, and business administration services.

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.

Tejas Networks Limited produces optical and data networking products. The Company offers products such as converged packet optical, packet transport network, and enterprise ethernet switches. Tejas Networks serves telecom carriers, utilities, media, and defense sectors worldwide.

One 97 Communications Limited provides payment solutions. The Company provides online services such as hotel booking, top ups, data processing, games, mobile content, and bill payments. One 97 Communications Limited serves customers worldwide.

Firstsource Solutions Limited provides business process outsourcing services. The Company provides services globally to companies in the banking, financial services, and insurance industries.

Intellect Design Arena Ltd is a financial technology firm. The Company caters to banks, insurance companies and other financial service firms.

Company Description

Upwork Inc. provides online recruitment services. The Company offers jobs in the categories such as website developers, virtual assistants, sales and marketing experts, accountants, and consultants. Upwork serves customers in the United States.

Fiverr International Ltd. provides an online marketplace for selling goods and services. The Company specializes logo, poster, and brochure designing, as well as photoshop editing, content marketing, web analytics, and translation services. Fiverr International serves customers worldwide.

Humanica Public Company Limited provides information and communication technology services. The Company specializes in software development, human resource solutions, accounting, financial services, enterprise resource planning, and business outsourcing. Humanica serves customers in Asia.

Raksul, Inc. provides Internet based services. The Company mainly offers net printing, net transportation, and other services. Raksul provides services in Japan.

SUMCO Corporation manufactures silicon wafers for the semiconductor industry. The Company produces silicon wafers used to produce solar batteries as well as ultra-high purity quartz used to produce vessels for silicon manufacturing process. SUMCO markets its products worldwide.

SK Holdings Co., Ltd. is a holdings company that is engaged in various industries including energy, chemicals, information technology, semiconductors, marketing, and services businesses in South Korea and internationally.

Yandex NV operates an Internet website in Russia.  The Company's website offers an Internet search engine, news, shopping information, blogs, photographs and videos.  Yandex earns its revenues from online advertising.

Technology One Limited is an Australian-based company that is engaged in the development, marketing, sales, implementation, support, and distribution of financial management and enterprise software solutions. The Company has operations in New Zealand, the United Kingdom, the South Pacific, and Malaysia.

Axcelis Technologies, Inc. manufactures components for the semiconductor industry. The Company designs, manufactures and services ion implantation, dry strip, thermal processing and curing equipment used in the fabrication of semiconductor chips. Axcelis Technologies sells their products to semiconductor chip manufacturers worldwide.

MA-COM Technology Solutions Holdings Inc. provides high performance analog semiconductor solutions. The Company supplies semiconductors, active and passive components, and sub-assemblies for use in radio frequency, microwave, and millimeter wave applications. MA-COM Technology Solutions serves customers throughout the United States.

L&T Technology Services Limited operates as an engineering services company. The Company offers design and development solutions throughout the entire product development chain for various industries, including industrial products, consumer electronics, medical devices, telecommunications, automotive, aerospace, trucks and off-highway vehicles, and process engineering.

L&T Technology Services Limited (LTTS IN)

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

L&T Technology Services Limited (LTTS IN)

L&T Technology Services: Volatility to Persist. Maintain REDUCE

L&T Technology Services (LTTS) has strong credentials as a leading pure-play engineering services provider with low churn. Still, it faces...

HDFC Securities

L&T Technology (Q4FY24): Margin Caution, Weak Guidance. Maintain REDUCE

LTTS’ prowess as a leading pureplay ER&D service provider with a diversified vertical base and strong credentials across domains persists

HDFC Securities

L&T Technology Services: Medium-Term Growth Trajectory Priced In.

LTTS’ key differentiation as a pure-play ER&D services company is not just at the intersection of IT and OT, but more so in its strong domain...

HDFC Securities

IT: More of the same is good news

IT sector (coverage universe) continues to transition from a protracted IT upgrade cycle and low discretionary spending to some normalisation in...

HDFC Securities

IT Sector (Q4FY24E Results Preview): Transition period from ‘gradually’ to ‘eventually’

IT sector (coverage universe) growth is expected to bottom out in Q4FY24 and recover ‘gradually’ in FY25E. The slowdown in macro is still a...

HDFC Securities

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)