External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

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 Q3FY23, Tata Consultancy Services Ltd (TCS) reported revenue growth of 5.3% QoQ in rupee terms, beating our expectations.</li><li>The company’s revenues stood at Rs 58,239 Cr, up 19.1% YoY. It reported operating profits of Rs 14,284 Cr with Operating Margins at 24.5% (expanded 50bps QoQ) on account of better execution and lower operating costs during the quarter.</li><li>Attrition levels remained elevated at 21.3% looming concern over the execution efficiency in the future.</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 Q3FY23, Tata Consultancy Services Ltd (TCS) reported revenue growth of 5.3% QoQ in rupee terms, beating our expectations.The company’s revenues stood at Rs 58,239 Cr, up 19.1% YoY. It reported operating profits of Rs 14,284 Cr with Operating Margins at 24.5% (expanded 50bps QoQ) on account of better execution and lower operating costs during the quarter.Attrition levels remained elevated at 21.3% looming concern over the execution efficiency in the future.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 in Challenging Environment

Thematic (Sector/Industry)

<ul><li>The IT Services sector is expected to report moderate growth in Q3FY23, primarily on account of the seasonally weak quarter and slowing down growth momentum led by uncertainties in the US and UK.</li><li>However, IT spending in North America and Europe has continued to be relatively strong owing to the demand for digital transformation and cloud transformations.</li><li>We believe it is likely to remain intact, at least for 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.

The IT Services sector is expected to report moderate growth in Q3FY23, primarily on account of the seasonally weak quarter and slowing down growth momentum led by uncertainties in the US and UK.However, IT spending in North America and Europe has continued to be relatively strong owing to the demand for digital transformation and cloud transformations.We believe it is likely to remain intact, at least for 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.

IT Q3FY23 Result Preview – Demand Slowing Down; Margins Remain Stable

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>TCS reported revenue of USD6.87b in 2QFY23, up 4.0% QoQ in constant currency (CC) terms, 50bp above our estimates.</li><li>The company reported deal wins of USD8.1b (up 7% YoY/flat QoQ, book-to-bill ratio at 1.2x), in line with its historical trajectory.</li><li>EBIT improved 90bp QoQ to 24% (vs. our estimate of 23.5%) despite supply pressures.</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 revenue of USD6.87b in 2QFY23, up 4.0% QoQ in constant currency (CC) terms, 50bp above our estimates.The company reported deal wins of USD8.1b (up 7% YoY/flat QoQ, book-to-bill ratio at 1.2x), in line with its historical trajectory.EBIT improved 90bp QoQ to 24% (vs. our estimate of 23.5%) despite supply pressures.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 - Strong Growth and Demand Outlook Key Positive in Q2

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory 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>Tata Consultancy Services (TCS) has reported better-than-expected revenue growth of 4% QoQ in CC terms vs I-Sec/consensus expectations of 3.4%/3.5% for Q2FY23.</li><li>However, US$ revenue growth was lower at 1.4% QoQ due to cross-currency headwinds of 260bps QoQ.</li><li>Sequential revenue growth was led by technology &amp; services, life sciences &amp; healthcare, manufacturing and retail &amp; CPG.</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) has reported better-than-expected revenue growth of 4% QoQ in CC terms vs I-Sec/consensus expectations of 3.4%/3.5% for Q2FY23.However, US$ revenue growth was lower at 1.4% QoQ due to cross-currency headwinds of 260bps QoQ.Sequential revenue growth was led by technology &amp; services, life sciences &amp; healthcare, manufacturing and retail &amp; CPG.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 - On Expected Lines

<ul><li>In Q2FY23,Tata Consultancy Services Ltd (TCS) reported revenue growth of 4.8% QoQ in rupee terms, beating our expectations.</li><li>The company’s revenues stood at Rs 55,309 Cr, up 18% YoY.</li><li>It reported operating profits at Rs 13,279 Cr with Operating Margins at 24% (expanded 90bpsQoQ).</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 Q2FY23,Tata Consultancy Services Ltd (TCS) reported revenue growth of 4.8% QoQ in rupee terms, beating our expectations.The company’s revenues stood at Rs 55,309 Cr, up 18% YoY.It reported operating profits at Rs 13,279 Cr with Operating Margins at 24% (expanded 90bpsQoQ).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 Ltd - Resilient Demand, Superior Execution Leads Encouraging Growth

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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Tata Consultancy Svcs (TCS IN)

TCS - Superior Execution in Challenging Environment

In Q3FY23, Tata Consultancy Services Ltd (TCS) reported revenue growth of 5.3% QoQ in rupee terms, beating our expectations.

Axis Direct

IT Q3FY23 Result Preview – Demand Slowing Down; Margins Remain Stable

The IT Services sector is expected to report moderate growth in Q3FY23, primarily on account of the seasonally weak quarter and slowing down growth...

Axis Direct

Tcs - Strong Growth and Demand Outlook Key Positive in Q2

The company reported deal wins of USD8.1b (up 7% YoY/flat QoQ, book-to-bill ratio at 1.2x), in line with its historical trajectory.

Motilal Oswal

Tata Consultancy Services - On Expected Lines

Tata Consultancy Services (TCS) has reported better-than-expected revenue growth of 4% QoQ in CC terms vs I-Sec/consensus expectations of 3.4%/3.5%...

ICICI Securities Limited

Tata Consultancy Services Ltd - Resilient Demand, Superior Execution Leads Encouraging Growth

In Q2FY23,Tata Consultancy Services Ltd (TCS) reported revenue growth of 4.8% QoQ in rupee terms, beating our expectations.

Axis Direct

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