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.

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>SIS reported moderate growth in Q4FY22 with Revenue at Rs 2,648 Cr, registering an encouraging growth of 1.8% QoQ, (below our expectations).</li><li>Consolidated EBITDA for the quarter de-grew by 4.1% QoQ to Rs 124 Cr, owing to tepid international business</li><li>We recommend a BUY rating on the stock and assign a 21x P/E multiple to its FY24E earnings of Rs 28.4/share which gives a TP of Rs 590/share, implying an upside of 13% from the CMP.</li></ul><p><em>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.</em></p>

SIS reported moderate growth in Q4FY22 with Revenue at Rs 2,648 Cr, registering an encouraging growth of 1.8% QoQ, (below our expectations).Consolidated EBITDA for the quarter de-grew by 4.1% QoQ to Rs 124 Cr, owing to tepid international businessWe recommend a BUY rating on the stock and assign a 21x P/E multiple to its FY24E earnings of Rs 28.4/share which gives a TP of Rs 590/share, implying an upside of 13% from the CMP.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.

SIS Ltd: International Business Struggles; Healthy Recovery to Support Growth