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>Hi-Tech vertical continues to face challenges: While the company witnessed robust Total Contract Value (TCV) performance in Q2FY25, driven by significant contract wins predominantly in the Banking, Financial Services, and Insurance (BFSI) sectors and related areas, the high-tech segment continued to face challenges, reflecting ongoing struggles in that sector.</li><li>Revenue growth to improve in the long term: Revenue growth for Zensar is expected to improve in the long term, driven by organisational restructuring, incentivisation of sales, and cross-selling.</li><li>However, near-term challenges persist.</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.

Hi-Tech vertical continues to face challenges: While the company witnessed robust Total Contract Value (TCV) performance in Q2FY25, driven by significant contract wins predominantly in the Banking, Financial Services, and Insurance (BFSI) sectors and related areas, the high-tech segment continued to face challenges, reflecting ongoing struggles in that sector.Revenue growth to improve in the long term: Revenue growth for Zensar is expected to improve in the long term, driven by organisational restructuring, incentivisation of sales, and cross-selling.However, near-term challenges persist.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.

Zensar Technologies Ltd. - Inline Revenue Growth; Improved Outlook

<ul><li>Focus on mining: Zensar management has indicated that it will focus on increasing client engagement and try to farm more business from existing accounts.</li><li>This will help it increase the top client account and grow in the long term.</li><li>Focus on verticalization: The management also indicated that it will do verticalization of accounts so that its annuity revenue will increase.</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.

Focus on mining: Zensar management has indicated that it will focus on increasing client engagement and try to farm more business from existing accounts.This will help it increase the top client account and grow in the long term.Focus on verticalization: The management also indicated that it will do verticalization of accounts so that its annuity revenue will increase.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.

Zensar Technologies Ltd. - Strategic Focus Areas for Long-Term Growth

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

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>Bajaj Finance: Bajaj Finance (BAF) earnings were below our estimates on account of elevated provisioning (2.1%, adjusted for management overlay), and NIM compression, offsetting strong AUM growth (+31% YoY)</li><li>Loan growth continued to remain robust across segments except rural B2C (asset quality challenges) and urban sales finance (regulatory embargo)</li><li>While the management had indicated an uptick in credit costs during FY25, the sharp spike has been a negative surprise, although we expect some normalisation during H2FY25</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) earnings were below our estimates on account of elevated provisioning (2.1%, adjusted for management overlay), and NIM compression, offsetting strong AUM growth (+31% YoY)Loan growth continued to remain robust across segments except rural B2C (asset quality challenges) and urban sales finance (regulatory embargo)While the management had indicated an uptick in credit costs during FY25, the sharp spike has been a negative surprise, although we expect some normalisation during H2FY25Content 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, Torrent Pharma, ICICI Prudential Life, Supreme Industries

<ul><li>In Q2FY24, Zensar Technologies Ltd (Zensar) reported revenue of Rs 1,241 Cr, up 1.1% QoQ and 0.6% QoQ (in CC terms), which stood slightly below our expectations.</li><li>The company reported an operating profit of Rs 194 Cr, a healthy growth of 11.3% on a QoQ basis.</li><li>The company’s operating margins remained in line with our expectations, increasing by 40bps, mainly due to lower operating costs and a favourable currency mix in 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.

In Q2FY24, Zensar Technologies Ltd (Zensar) reported revenue of Rs 1,241 Cr, up 1.1% QoQ and 0.6% QoQ (in CC terms), which stood slightly below our expectations.The company reported an operating profit of Rs 194 Cr, a healthy growth of 11.3% on a QoQ basis.The company’s operating margins remained in line with our expectations, increasing by 40bps, mainly due to lower operating costs and a favourable currency mix in 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.

Zensar Technologies Ltd. - Beat on Profit; Near-Term Challenges Persist

<ul><li>Colgate Palmolive: Colgate’s domestic revenue grew 5% YoY (four-year CAGR sustaining at 4%), led by high single-digit growth in toothpaste (Dabur clocked c.5%)</li><li>Volumes arrested a declining trend of the previous four quarters and were flat (HSIE 1%) with c.1% four-year CAGR</li><li>GM continued to expand sequentially (100bps) to 66.9%, better than our expectation of 66%</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.

Colgate Palmolive: Colgate’s domestic revenue grew 5% YoY (four-year CAGR sustaining at 4%), led by high single-digit growth in toothpaste (Dabur clocked c.5%)Volumes arrested a declining trend of the previous four quarters and were flat (HSIE 1%) with c.1% four-year CAGRGM continued to expand sequentially (100bps) to 66.9%, better than our expectation of 66%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: Colgate Palmolive, Deepak Nitrite, Alkyl Amines

India

Zen Technologies Limited manufactures, buys, sells, imports, exports, assembles and maintains computers, electronic gadgets and allied products, in addition to providing consultancy advice and services based on computer software and hardware packages.  Zen also develops, constructs, fabricates and sells training simulators and Allied Products to armed forces, security and police agencies.

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Zen Technologies (ZEN IN)

Zensar Technologies Ltd. - Inline Revenue Growth; Improved Outlook

Revenue growth for Zensar is expected to improve in the long term, driven by organisational restructuring, incentivisation of sales, and cross...

Axis Direct

Zensar Technologies Ltd. - Strategic Focus Areas for Long-Term Growth

Focus on mining: Zensar management has indicated that it will focus on increasing client engagement and try to farm more business from existing...

Axis Direct

HSIE Results Daily: Bajaj Finance, Torrent Pharma, ICICI Prudential Life, Supreme Industries

Bajaj Finance (BAF) earnings were below our estimates on account of elevated provisioning (2.1%, adjusted for management overlay), and NIM...

HDFC Securities

Zensar Technologies Ltd. - Beat on Profit; Near-Term Challenges Persist

In Q2FY24, Zensar Technologies Ltd (Zensar) reported revenue of Rs 1,241 Cr, up 1.1% QoQ and 0.6% QoQ (in CC terms), which stood slightly below our...

Axis Direct

HSIE Results Daily: Colgate Palmolive, Deepak Nitrite, Alkyl Amines

Colgate Palmolive: Colgate’s domestic revenue grew 5% YoY (four-year CAGR sustaining at 4%), led by high single-digit growth in toothpaste (Dabur...

HDFC Securities

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