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>IT sector is expected to post a soft Q4 on increased macro uncertainty</li><li>We expect tier-1 IT to post growth in the range of -2% to +1% QoQ and mid-tier IT to post growth in the range of -1.4% to 2.6% QoQ CC organic</li><li>Deal flow is expected to be strongly supported by increased cost optimisation deals and vendor consolidation by enterprise clients</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 is expected to post a soft Q4 on increased macro uncertaintyWe expect tier-1 IT to post growth in the range of -2% to +1% QoQ and mid-tier IT to post growth in the range of -1.4% to 2.6% QoQ CC organicDeal flow is expected to be strongly supported by increased cost optimisation deals and vendor consolidation by enterprise clientsContent 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 (Q4FY23E Results Preview) - Soft Quarter; Outlook Holds the Key

<ul><li>We hosted over 15 companies at the HDFC Securities’ 7th annual IT conference</li><li>Key takeaways include the following: (1) mixed near-term outlook on increased macro risk, but medium-term drivers for the technology upgrade cycle are intact (2) improved outlook on Europe geography (relative to earlier pessimism) (3) higher cost optimisation deals in the pipeline that has implications on deal bookings, margins but is expected to be net positive and (4) upward bias to margins due to favourable outlook and trend on the cost of delivery and optimisation levers.</li><li>BFSI vertical and Hi-Tech vertical can be soft in the near term on delayed decision-making and rationalisation of discretionary tech spend.</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 at the HDFC Securities’ 7th annual IT conferenceKey takeaways include the following: (1) mixed near-term outlook on increased macro risk, but medium-term drivers for the technology upgrade cycle are intact (2) improved outlook on Europe geography (relative to earlier pessimism) (3) higher cost optimisation deals in the pipeline that has implications on deal bookings, margins but is expected to be net positive and (4) upward bias to margins due to favourable outlook and trend on the cost of delivery and optimisation levers.BFSI vertical and Hi-Tech vertical can be soft in the near term on delayed decision-making and rationalisation of discretionary tech spend.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: Looking beyond near-term macro stress

<ul><li>We hosted over 15 companies at the HDFC Securities’ 7th annual IT conference.</li><li>Key takeaways include the following: (1) mixed near-term outlook on increased macro risk, but medium-term drivers for the technology upgrade cycle are intact; (2) improved outlook on Europe geography (relative to earlier pessimism); (3) higher cost optimisation deals in the pipeline that has implications on deal bookings, margins but is expected to be net positive; and (4) upward bias to margins due to favourable outlook and trend on the cost of delivery and optimisation levers.</li><li>We prefer Infosys, LTI Mindtree and Persistent Systems from our coverage universe.</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 at the HDFC Securities’ 7th annual IT conference.Key takeaways include the following: (1) mixed near-term outlook on increased macro risk, but medium-term drivers for the technology upgrade cycle are intact; (2) improved outlook on Europe geography (relative to earlier pessimism); (3) higher cost optimisation deals in the pipeline that has implications on deal bookings, margins but is expected to be net positive; and (4) upward bias to margins due to favourable outlook and trend on the cost of delivery and optimisation levers.We prefer Infosys, LTI Mindtree and Persistent Systems from our coverage universe.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 - Looking Beyond Near-Term Macro Stress

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>Accenture reported robust Q2FY23 numbers which stood above street expectations.</li><li>Revenue for the quarter stood at $15.8 Bn, posting an encouraging growth of 5% YoY in USD and 15% in local currency despite rising pressures of slowdown and increasing interest rates.</li><li>Beating the street expectation of revenue growth, the company’s operating margins also improved by 10bps to 13.8%.</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.

Accenture reported robust Q2FY23 numbers which stood above street expectations.Revenue for the quarter stood at $15.8 Bn, posting an encouraging growth of 5% YoY in USD and 15% in local currency despite rising pressures of slowdown and increasing interest rates.Beating the street expectation of revenue growth, the company’s operating margins also improved by 10bps to 13.8%.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.

Accenture - Results Beat Expectations Albeit with Lower Guidance

<ul><li>Tata Consultancy Services: TCS delivered revenue beat and in-line operating performance in Q3FY23</li><li>Revenue growth of 2.9% QoQ (1.2% est.) was driven by a disproportionate rise in Regional Market &amp; Others segment (&gt;40% of incremental sequential growth), based on growth in product and APAC business</li><li>Markers for growth deceleration (normalisation) for TCS include soft deal bookings, decline in headcount (also due to bench optimisation), and lower pipeline to bookings conversion in Continental Europe (~15% of revenue)</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: TCS delivered revenue beat and in-line operating performance in Q3FY23Revenue growth of 2.9% QoQ (1.2% est.) was driven by a disproportionate rise in Regional Market &amp; Others segment (&gt;40% of incremental sequential growth), based on growth in product and APAC businessMarkers for growth deceleration (normalisation) for TCS include soft deal bookings, decline in headcount (also due to bench optimisation), and lower pipeline to bookings conversion in Continental Europe (~15% of revenue)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 - Growth Normalisation Ahead

India

Infosys Limited provides IT consulting and software services, including e-business, program management and supply chain solutions. The Group's services include application development, product co-development, and system implementation and system engineering. Infosys targets businesses specializing in the insurance, banking, telecommunication and manufacturing sectors.

Tech Mahindra Ltd. develops and markets computer software.  The Company markets software for telecommunications equipment manufacturers, telecom service providers, software vendors, and systems integrators.

Wipro Limited specializes in IT and computer related technologies. The Group's services encompass a number of areas, including software architecture, business intelligence systems, e-commerce, data warehousing, Internet access devices, network management, system administration, messaging systems, IT consulting and design. Wipro also has a presence in niche markets of consumer products.

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.

LTIMindtree Limited provides information technology services and solutions. The Company offers analytics and information management, enterprise integration, applications management, cloud computing, testing, and consulting services, as well as geographical information and manufacturing execution systems. LTIMindtree serves customers worldwide.

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.

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

Sonata Software Limited operates an Information Technology company, which provides software products, development services, IT consulting, and a number of business solutions services.  The Group exports its products primarily to the U.S.A., Europe and Asia.

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.

International Business Machines Corporation (IBM) provides computer solutions through the use of advanced information technology. The Company's solutions include technologies, systems, products, services, software, and financing. IBM offers its products through its global sales and distribution organization, as well as through a variety of third party distributors and resellers.

Paychex, Inc. provides comprehensive payroll and integrated human resource and employee benefits outsourcing solutions for small- to medium-sized businesses in the United States. The Company's services range from calculating payroll and filing tax payments to administering retirement plans and workers' compensation.

Cognizant Technology Solutions Corporation provides custom Information Technology (IT) consulting and technology services as well as outsourcing services. The Company's core competencies include technology strategy consulting, complex systems development, enterprise software package implementation and maintenance, data warehousing and business intelligence.

PayPal Holdings, Inc. operates as a technology platform company that enables digital and mobile payments on behalf of consumers and merchants. The Company offers online payment solutions. PayPal Holdings serves customers worldwide.

Fiserv, Inc. provides integrated information management and electronic commerce systems and services. The Company's solutions include transaction processing, electronic bill payment and presentment, business process outsourcing, document distribution services, and software and systems solutions.

Global Payments Inc. provides electronic transaction processing, information systems, and services.  The Company serves the financial, corporate, government, and merchant communities on a worldwide basis.  Global Payments provides funds transfer, merchant services, merchant accounting, Internet services, and other services.

Gartner, Inc. provides research and analysis on the computer hardware, software, communications, and related information technology industries.  The Company's business segments include research, consulting, measurement, events and executive programs.

Booz Allen Hamilton Holding Corp. provides management and technology consulting services to the U.S. government in the defense, intelligence and civil markets. The Company offers economic and business analysis, information technology, intelligence and operations analysis, modeling and simulation, organization and other consulting services.

Fidelity National Information Services, Inc. is a payment services provider. The Company provides credit and debit card processing, electronic banking services, check risk management, check cashing, and merchant card processing services to financial institutions and merchants.

Corpay, Inc. operates as a business payments company. The Company offers global payment, currency risk management, and invoice automation solutions which help businesses to control, simplify, and secure payment for vehicle related expenses, general payables, tolls, insurance, and lodging expenses. Corpay serves customers worldwide.

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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Tata Consultancy Svcs (TCS IN)

IT (Q4FY23E Results Preview) - Soft Quarter; Outlook Holds the Key

We expect tier-1 IT to post growth in the range of -2% to +1% QoQ and mid-tier IT to post growth in the range of -1.4% to 2.6% QoQ CC organic

HDFC Securities

IT Sector: Looking beyond near-term macro stress

BFSI vertical and Hi-Tech vertical can be soft in the near term on delayed decision-making and rationalisation of discretionary tech spend.

HDFC Securities

IT Sector - Looking Beyond Near-Term Macro Stress

BFSI vertical and Hi-Tech vertical can be soft in the near term on delayed decision-making and rationalisation of discretionary tech spend.

HDFC Securities

Accenture - Results Beat Expectations Albeit with Lower Guidance

Revenue for the quarter stood at $15.8 Bn, posting an encouraging growth of 5% YoY in USD and 15% in local currency despite rising pressures of...

Axis Direct

Tata Consultancy Services - Growth Normalisation Ahead

Revenue growth of 2.9% QoQ (1.2% est.) was driven by a disproportionate rise in Regional Market & Others segment (>40% of incremental sequential...

HDFC Securities

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