External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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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>Axis Bank: Axis Bank (AXSB) reported in-line results, led by healthy loan growth (+4.5% QoQ) and a sharp improvement in asset quality</li><li>NIMs were flat sequentially at 4.11% with the deposit book continuing to reprice on the back of accelerated TD mobilisation and decline in CASA deposits (-118bps QoQ to 44.4%)</li><li>This led to a further increase in the loan-to-deposit ratio to ~94%, which appears increasingly untenable</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.

Axis Bank: Axis Bank (AXSB) reported in-line results, led by healthy loan growth (+4.5% QoQ) and a sharp improvement in asset qualityNIMs were flat sequentially at 4.11% with the deposit book continuing to reprice on the back of accelerated TD mobilisation and decline in CASA deposits (-118bps QoQ to 44.4%)This led to a further increase in the loan-to-deposit ratio to ~94%, which appears increasingly untenableContent 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: Axis Bank, Tech Mahindra, Jubilant FoodWorks, Sonata Software

<ul><li>The big news is that not much has changed in the past few months</li><li>Most of the demand indicators are trailing 10-15% below levels at the beginning of the year and only slightly better than the July lows, the supply-side factors remain favourable, supporting operational resilience despite soft growth</li><li>In Q2FY24, the IT sector is expected to deliver a soft quarter, although Q2 has historically been a seasonally strong 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 big news is that not much has changed in the past few monthsMost of the demand indicators are trailing 10-15% below levels at the beginning of the year and only slightly better than the July lows, the supply-side factors remain favourable, supporting operational resilience despite soft growthIn Q2FY24, the IT sector is expected to deliver a soft quarter, although Q2 has historically been a seasonally strong 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.

<ul><li>Bajaj Finance: Bajaj Finance (BAF) delivered a strong set of numbers on the back of higher-than-expected growth in AUM (+32% YoY), customer additions (+42% YoY) and new loans booked (+34% YoY)</li><li>Asset quality improved marginally with GS-II/GS-III at 1.2%/0.9% however, credit costs were slightly higher on the back of prudent provisioning</li><li>Operating efficiency remained steady with the C/I ratio at 34%</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.

Bajaj Finance: Bajaj Finance (BAF) delivered a strong set of numbers on the back of higher-than-expected growth in AUM (+32% YoY), customer additions (+42% YoY) and new loans booked (+34% YoY)Asset quality improved marginally with GS-II/GS-III at 1.2%/0.9% however, credit costs were slightly higher on the back of prudent provisioningOperating efficiency remained steady with the C/I ratio at 34%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.

HSIE Results Daily: Bajaj Finance, Axis Bank, Tech Mahindra, Colgate Palmolive

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>In Q1FY24, Tech Mahindra Ltd (Tech M) reported revenue of Rs 13,159 Cr, down 4.1% on a QoQ basis.</li><li>While it posted a growth of 3.5% on a YoY basis (in CC terms), it stood below our expectations.</li><li>The company posted an operating profit of Rs 891 Cr, reporting a de-growth of 41.8% on a QoQ basis. </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 Q1FY24, Tech Mahindra Ltd (Tech M) reported revenue of Rs 13,159 Cr, down 4.1% on a QoQ basis.While it posted a growth of 3.5% on a YoY basis (in CC terms), it stood below our expectations.The company posted an operating profit of Rs 891 Cr, reporting a de-growth of 41.8% on a QoQ basis. 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.

Tech Mahindra Ltd. - Results Miss Expectations

<ul><li>We hosted the ISG index call (link) and the key message was recovery in the business environment ahead</li><li>While ISG maintained the CY23 outlook on growth in managed services deal bookings (+5% for CY23), recovery ahead is based on (1) improving pipeline for new scope projects (vs renewals &amp; extension heavy recently that drove vendor consolidation) (2) approval threshold for projects and transition timelines normalising with stable pricing environment (3) pipeline build-up for SIs with increased enterprise interest in captives and (4) stability to return in BFSI, which was impacted by executive movement earlier in enterprises</li><li>The current disconnect between the growth in bookings and soft revenue growth is largely due to the impact on discretionary services</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 the ISG index call (link) and the key message was recovery in the business environment aheadWhile ISG maintained the CY23 outlook on growth in managed services deal bookings (+5% for CY23), recovery ahead is based on (1) improving pipeline for new scope projects (vs renewals &amp; extension heavy recently that drove vendor consolidation) (2) approval threshold for projects and transition timelines normalising with stable pricing environment (3) pipeline build-up for SIs with increased enterprise interest in captives and (4) stability to return in BFSI, which was impacted by executive movement earlier in enterprisesThe current disconnect between the growth in bookings and soft revenue growth is largely due to the impact on discretionary servicesContent 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

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

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Tech Mahindra (TECHM IN)

HSIE Results Daily: Axis Bank, Tech Mahindra, Jubilant FoodWorks, Sonata Software

Axis Bank (AXSB) reported in-line results, led by healthy loan growth (+4.5% QoQ) and a sharp improvement in asset quality

HDFC Securities

IT Sector - Soft Q2, Status Quo Remains

Most of the demand indicators are trailing 10-15% below levels at the beginning of the year and only slightly better than the July lows

HDFC Securities

HSIE Results Daily: Bajaj Finance, Axis Bank, Tech Mahindra, Colgate Palmolive

Bajaj Finance (BAF) delivered a strong set of numbers on the back of higher-than-expected growth in AUM (+32% YoY), customer additions (+42% YoY)...

HDFC Securities

Tech Mahindra Ltd. - Results Miss Expectations

In Q1FY24, Tech Mahindra Ltd (Tech M) reported revenue of Rs 13,159 Cr, down 4.1% on a QoQ basis. While it posted a growth of 3.5% on a YoY basis...

Axis Direct

IT Sector Update: Recovery ahead

The current disconnect between the growth in bookings and soft revenue growth is largely due to the impact on discretionary service

HDFC Securities

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