External broker reports(aggregated public sources), Emkay Global Financial Services Limited

Emkay

External broker reports(aggregated public sources)

Emkay Global Financial Services Limited

Emkay Global Financial Services Ltd. is a leader in the financial services sector, actively creating wealth for our clients for over two decades. 

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>TCS reported a steady operating performance – revenue grew 1.1% QoQ (1.1% CC) to USD7.36bn, slightly missing our estimate of USD7.42bn.</li><li>Growth fell short of management’s initial estimates on account of the tough macro and slower decision-making.</li><li>Adj. EBITM expanded by 100bps QoQ to 26%, logging higher than our estimate of 25.1%, aided by reduction in subcontracting costs, better utilization, and productivity improvement. </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.

TCS reported a steady operating performance – revenue grew 1.1% QoQ (1.1% CC) to USD7.36bn, slightly missing our estimate of USD7.42bn.Growth fell short of management’s initial estimates on account of the tough macro and slower decision-making.Adj. EBITM expanded by 100bps QoQ to 26%, logging higher than our estimate of 25.1%, aided by reduction in subcontracting costs, better utilization, and productivity improvement. 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.

Tcs - Superior Execution Drives Margin Beat

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>Motilal Oswal's research report onTCS TCS reported revenue of USD7.36b in 4QFY24, up 1.1% QoQ in constant currency (CC) terms, 110bp below our estimates but in line with Bloomberg consensus, despite ongoing demand weakness.</li><li>The growth was driven by India (up 11% QoQ/37% YoY, aided by BSNL scale up) and the UK (up 3.6% QoQ), while North America and Continental Europe were weak.</li><li>TCS reported its best quarterly deal TCV of USD13.2b (up 63% QoQ/32%YoY, book-to-bill ratio at 1.8x), including one mega deal.</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.

Motilal Oswal's research report onTCS TCS reported revenue of USD7.36b in 4QFY24, up 1.1% QoQ in constant currency (CC) terms, 110bp below our estimates but in line with Bloomberg consensus, despite ongoing demand weakness.The growth was driven by India (up 11% QoQ/37% YoY, aided by BSNL scale up) and the UK (up 3.6% QoQ), while North America and Continental Europe were weak.TCS reported its best quarterly deal TCV of USD13.2b (up 63% QoQ/32%YoY, book-to-bill ratio at 1.8x), including one mega deal.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.

TCS - Good 4Q Driven by TCV and Margin Performance

External broker reports(aggregated public sources), Prabhudas Lilladhar

Prabhudas Lilladhar

Prabhudas Lilladher is one of India's leading research based financial services organisation.

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>Prabhudas Lilladher's research report onTata Consultancy Services TCS reported revenue of USD7.4b, up +1.1% QoQ in CC and reported terms, below consensus of +1.4% QoQ.</li><li>The growth was partly aided by ramp up of BSNL deal, otherwise key vertical (BFSI flat QoQ) and geography (NA flat QoQ) remained muted in Q4.</li><li>Despite the softness in revenue, the company recorded highest-ever deal TCV of USD13.2b (+32% YoY) in Q4 partly aided by mega deal (Aviva Insurance) and other notable large wins.</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.

Prabhudas Lilladher's research report onTata Consultancy Services TCS reported revenue of USD7.4b, up +1.1% QoQ in CC and reported terms, below consensus of +1.4% QoQ.The growth was partly aided by ramp up of BSNL deal, otherwise key vertical (BFSI flat QoQ) and geography (NA flat QoQ) remained muted in Q4.Despite the softness in revenue, the company recorded highest-ever deal TCV of USD13.2b (+32% YoY) in Q4 partly aided by mega deal (Aviva Insurance) and other notable large wins.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 - Strong Execution, Notable Wins Defying Macros

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>In Q4FY24, Tata Consultancy Services Ltd. (TCS) reported revenue of Rs 61,237 Cr, up only 1.5% on a QoQ basis (in rupee terms).</li><li>The lacklustre growth was owing to weakness in discretionary spending.</li><li>On a YoY basis, it posted revenue growth of 3.5%. The company reported operating profits of Rs 15,918 Cr and operating margins of 26%, up 100bps QoQ. </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, Tata Consultancy Services Ltd. (TCS) reported revenue of Rs 61,237 Cr, up only 1.5% on a QoQ basis (in rupee terms).The lacklustre growth was owing to weakness in discretionary spending.On a YoY basis, it posted revenue growth of 3.5%. The company reported operating profits of Rs 15,918 Cr and operating margins of 26%, up 100bps QoQ. 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 - Superior Execution; Demand Uncertainty Still Persists

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Tata Consultancy Svcs / Equity Capital Markets

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>On the IPO front, <a href="https://www.smartkarma.com/entities/trial-holdings-inc" target="_blank" data-smartkarma-citation="entities:36821:1" rel="noopener">Trial Holdings (5882 JP)</a> ended up doing better than we expected, while Hong Kong finally got its first US$100m+ listing for the year.</li>
<li>For placements, India was again at the forefront, this time with a not-so-pleasant results of <a href="https://www.smartkarma.com/entities/tata-consultancy-svcs-ltd" target="_blank" data-smartkarma-citation="entities:18708:1" rel="noopener">Tata Consultancy Svcs (TCS IN)</a>. </li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
On the IPO front, Trial Holdings (5882 JP) ended up doing better than we expected, while Hong Kong finally got its first US$100m+ listing for the year.
For placements, India was again at the forefront, this time with a not-so-pleasant results of Tata Consultancy Svcs (TCS IN). 


ECM Weekly (25th Mar 2024) - TCS, Akeso, Coforge, ABSL, Tokio Marine, Trial, Migao, Mixue, Reddit

India

Tata Consultancy Services, a division of Tata Sons Limited, is a global IT services organization that provides a comprehensive range of IT services to its clients in diverse industries. The Company, caters to finance and banking, insurance, telecommunication, transportation, retail, manufacturing, pharmaceutical, and utility industries.

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Tcs - Superior Execution Drives Margin Beat

TCS reported a steady operating performance – revenue grew 1.1% QoQ (1.1% CC) to USD7.36bn, slightly missing our estimate of USD7.42bn.

Emkay

TCS - Good 4Q Driven by TCV and Margin Performance

TCS reported its best quarterly deal TCV of USD13.2b (up 63% QoQ/32%YoY, book-to-bill ratio at 1.8x), including one mega deal.