External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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Equity Bottom-Up

<ul><li>Mastek organic growth is set to recover to double digits, followed by an expansion in margins to the high teens</li><li>Mastek delivered a five-year average organic YoY CC revenue growth of ~10%, which slowed down to ~7% in FY24, we expect the organic growth to revive to low teens over FY24-27E</li><li>The growth will be triggered by (1) revival in UK geography, which is ~60% of the revenue and is witnessing traction in both UK government and UK private segment, (2) increase in UK government’s digital spends in areas like defence and healthcare, (3) early signs of recovery in the NHS(the company expects to win net new deals), (4) incremental revenue from the defence deal which will add ~USD 50-60mn over the next three years, (5) revival in the US and growth will be led by more managed services deals, revival of client-specific issues, and investments in areas like Oracle, Salesforce, and Data services, and (6) a strong 12-month order book of USD 262mn (+11% YoY).</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.

Mastek organic growth is set to recover to double digits, followed by an expansion in margins to the high teensMastek delivered a five-year average organic YoY CC revenue growth of ~10%, which slowed down to ~7% in FY24, we expect the organic growth to revive to low teens over FY24-27EThe growth will be triggered by (1) revival in UK geography, which is ~60% of the revenue and is witnessing traction in both UK government and UK private segment, (2) increase in UK government’s digital spends in areas like defence and healthcare, (3) early signs of recovery in the NHS(the company expects to win net new deals), (4) incremental revenue from the defence deal which will add ~USD 50-60mn over the next three years, (5) revival in the US and growth will be led by more managed services deals, revival of client-specific issues, and investments in areas like Oracle, Salesforce, and Data services, and (6) a strong 12-month order book of USD 262mn (+11% YoY).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), Sharekhan

Sharekhan

Sharekhan is India's leading broking house providing services from easy online trading, research to wide array of financial products. 

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>Sharekhan's research report onMastek Mastek’s reported revenue stood at $93.7 million, down 1.4% q-o-q/up 6% y-o-y in constant currency (CC) terms, which was lower than our estimate of $96.3 million on account of three specific client situations.</li><li>EBITDA margin fell 98bps q-o-q to 16%, missing our estimates of 17.3%, largely on account of the specific impacts on revenue.</li><li>The company registered its highest-ever 12-month order backlog, which stood at Rs.</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.

Sharekhan's research report onMastek Mastek’s reported revenue stood at $93.7 million, down 1.4% q-o-q/up 6% y-o-y in constant currency (CC) terms, which was lower than our estimate of $96.3 million on account of three specific client situations.EBITDA margin fell 98bps q-o-q to 16%, missing our estimates of 17.3%, largely on account of the specific impacts on revenue.The company registered its highest-ever 12-month order backlog, which stood at Rs.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.

Mastek Ltd - Muted Quarter; Confident Commentary

Thematic (Sector/Industry)

<ul><li>Kotak Mahindra Bank: Kotak Mahindra Bank’s (KMB) earnings were below our estimates, largely due to higher-than-expected credit costs (65 bps) and lower other income</li><li>While the loan growth moderated to ~15% YoY, the deposit traction remained steady</li><li>NIMs continued to remain under pressure (-11bps QoQ) due to reducing share of unsecured retail and rising cost of funds (+5 bps QoQ) and are likely to moderate further during FY25</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.

Kotak Mahindra Bank: Kotak Mahindra Bank’s (KMB) earnings were below our estimates, largely due to higher-than-expected credit costs (65 bps) and lower other incomeWhile the loan growth moderated to ~15% YoY, the deposit traction remained steadyNIMs continued to remain under pressure (-11bps QoQ) due to reducing share of unsecured retail and rising cost of funds (+5 bps QoQ) and are likely to moderate further during FY25Content 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: Kotak Mahindra Bank, Tech Mahindra, IndiaMART InterMESH, RBL Bank, Mastek

<ul><li>The IT sector growth is in the middle of its recovery, having bottomed out two quarters ago, and is expected to achieve a high single-digit over the next three quarters</li><li>Current stock prices reflect increased confidence in this trajectory</li><li>AI is proving to be a net positive for the sector, and with GCC growth differential peaking, concerns around terminal growth are easing, supporting sustained demand</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 IT sector growth is in the middle of its recovery, having bottomed out two quarters ago, and is expected to achieve a high single-digit over the next three quartersCurrent stock prices reflect increased confidence in this trajectoryAI is proving to be a net positive for the sector, and with GCC growth differential peaking, concerns around terminal growth are easing, supporting sustained demandContent 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 (Q2FY25E Results Preview): Recovery in progress

<ul><li>We hosted over 15 companies and several industry experts at the HDFC Securities’ 8th annual IT conference</li><li>Key takeaways included (1) continued (prosaic) commentary on cost optimisation focus but signs of improvement in demand</li><li>(2) stable to upward bias in pricing and some improvement in the decision cycle</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 over 15 companies and several industry experts at the HDFC Securities’ 8th annual IT conferenceKey takeaways included (1) continued (prosaic) commentary on cost optimisation focus but signs of improvement in demand(2) stable to upward bias in pricing and some improvement in the decision cycleContent 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.

India

Mastek Limited provides software solutions and integration services for the financial services, insurance, manufacturing, telecom and retail sectors.

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Mastek Ltd (MAST IN)

Mastek: Recovery in sight. Maintain ADD

Mastek delivered a five-year average organic YoY CC revenue growth of ~10%, which slowed down to ~7% in FY24, we expect the organic growth to...

HDFC Securities

Mastek Ltd - Muted Quarter; Confident Commentary

EBITDA margin fell 98bps q-o-q to 16%, missing our estimates of 17.3%, largely on account of the specific impacts on revenue.

Sharekhan

HSIE Results Daily: Kotak Mahindra Bank, Tech Mahindra, IndiaMART InterMESH, RBL Bank, Mastek

Kotak Mahindra Bank: Kotak Mahindra Bank’s (KMB) earnings were below our estimates, largely due to higher-than-expected credit costs (65 bps) and...

HDFC Securities

IT Sector (Q2FY25E Results Preview): Recovery in progress

The IT sector growth is in the middle of its recovery, having bottomed out two quarters ago, and is expected to achieve a high single-digit over...

HDFC Securities

IT Sector: Recovery Signs

Key takeaways included (1) continued (prosaic) commentary on cost optimisation focus but signs of improvement in demand (2) stable to upward bias...

HDFC Securities

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