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.

Equity Bottom-Up

<ul><li>Wipro: Wipro (WPRO) delivered an in-line revenue but its operating performance was better than expected</li><li>While WPRO’s growth lagged tier-1 IT peers (10.4% YoY CC as compared to TCS, INFO and HCLT posting &gt;13% YoY CC), its operating performance was better than peers (sequentially) in Q3</li><li>Deal bookings have been trending well, but that’s not adequately translated into revenue growth due to volatility in discretionary spending and longer time to ramp up deals</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.

Wipro: Wipro (WPRO) delivered an in-line revenue but its operating performance was better than expectedWhile WPRO’s growth lagged tier-1 IT peers (10.4% YoY CC as compared to TCS, INFO and HCLT posting &gt;13% YoY CC), its operating performance was better than peers (sequentially) in Q3Deal bookings have been trending well, but that’s not adequately translated into revenue growth due to volatility in discretionary spending and longer time to ramp up dealsContent 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.

Wipro - In-Line Growth, Better Operational Show

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.

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

<ul><li>Accenture reported robust Q1FY23 numbers which stood in line with the street expectations.</li><li>Revenue for the quarter stood at $15.7 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>In line with the revenue growth, the company’s operating margins grew by 20bps to 16.5%. Its EPS for Q1FY23 stood at $3.08, up 17%, beating analyst estimates of $2.91. Accenture flagged a negative impact of ~9.5% on sales from a stronger dollar.</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 Q1FY23 numbers which stood in line with the street expectations.Revenue for the quarter stood at $15.7 Bn, posting an encouraging growth of 5% YoY in USD and 15% in local currency despite rising pressures of slowdown and increasing interest rates.In line with the revenue growth, the company’s operating margins grew by 20bps to 16.5%. Its EPS for Q1FY23 stood at $3.08, up 17%, beating analyst estimates of $2.91. Accenture flagged a negative impact of ~9.5% on sales from a stronger dollar.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 In-Line With Expectation; Guidance Below Expectations

<ul><li>HCL Technologies: HCL Tech (HCLT) posted better-than-estimated growth and a slightly higher margin in Q2FY23</li><li>Revenue growth, at 3.8% QoQ CC and 15.8% YoY CC, is tracking better than last year’s, led by 5%+ sequential growth in both IT &amp; BS as well as ER&amp;D segments</li><li>Q2 revenue outperformance and H2 visibility syncs with upgrade in revenue guidance to 13.5-14.5% CC for FY23E (vs 12-14% earlier), including Services (ex-P&amp;P) growth guidance of 16-17% CC</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.

HCL Technologies: HCL Tech (HCLT) posted better-than-estimated growth and a slightly higher margin in Q2FY23Revenue growth, at 3.8% QoQ CC and 15.8% YoY CC, is tracking better than last year’s, led by 5%+ sequential growth in both IT &amp; BS as well as ER&amp;D segmentsQ2 revenue outperformance and H2 visibility syncs with upgrade in revenue guidance to 13.5-14.5% CC for FY23E (vs 12-14% earlier), including Services (ex-P&amp;P) growth guidance of 16-17% CCContent 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: HCL Technologies, Wipro

<ul><li>Wipro Ltd’s (Wipro) revenue growth stood below our expectations at Rs 22,540 Cr, up only 3.2% QoQ and 18% YoY in CC terms.</li><li>Operating profit grew by 9% QoQ to Rs 3,250 Cr, aided by higher employee costs, rising subcontracting costs, and higher onsite expenses.</li><li>The operating margin declined by 16bps at 15.1% 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.

Wipro Ltd’s (Wipro) revenue growth stood below our expectations at Rs 22,540 Cr, up only 3.2% QoQ and 18% YoY in CC terms.Operating profit grew by 9% QoQ to Rs 3,250 Cr, aided by higher employee costs, rising subcontracting costs, and higher onsite expenses.The operating margin declined by 16bps at 15.1% 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.

Wipro Ltd - Results Missed the Expectations; Growth Momentum Slowing Down

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.

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.

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.

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.

eClerx Services Limited provides data analytics and solutions to global enterprise clients in the financial services, retail and manufacturing industries. The Company offers data analytics, operations management, data audits, metrics management and reporting services.

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

Computershare Limited operates share registries and computer bureaus which includes the administration of employee share and option plans and the provision of software that specializes in share registry, financial and stock markets. The Company also provides corporate trust services and acts as a trustee for clients' debt offerings in certain markets.

OBIC Co., Ltd. provides computer system integration, office automation, consultation, and system support services primarily for small and medium size companies.  The Company sells, leases, and maintains computers, peripherals, and related systems.  OBIC also develops and sells customized software and network systems.

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.

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.

NTT Data Corporation mainly provides large scale system integration and networking system services. System integration involves data transmission system design, sales, leasing, and services.  Network System Services include internet related and linked computer networks, and data provision and management of data. The Company is a subsidiary of Nippon Telegraph & Telephone Corporation.

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.

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Wipro Ltd (WPRO IN)

Wipro - In-Line Growth, Better Operational Show

While WPRO’s growth lagged tier-1 IT peers (10.4% YoY CC as compared to TCS, INFO and HCLT posting >13% YoY CC), its operating performance was...

HDFC Securities

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

Accenture - Results In-Line With Expectation; Guidance Below Expectations

Revenue for the quarter stood at $15.7 Bn, posting an encouraging growth of 5% YoY in USD and 15% in local currency despite rising pressures of...

Axis Direct

HSIE Results Daily: HCL Technologies, Wipro

Revenue growth, at 3.8% QoQ CC and 15.8% YoY CC, is tracking better than last year’s, led by 5%+ sequential growth in both IT & BS as well as ER&D...

HDFC Securities

Wipro Ltd - Results Missed the Expectations; Growth Momentum Slowing Down

Wipro Ltd’s (Wipro) revenue growth stood below our expectations at Rs 22,540 Cr, up only 3.2% QoQ and 18% YoY in CC terms.

Axis Direct

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