External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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.

Equity Bottom-Up

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

<ul><li>Mastek reported strong revenue growth of 2.9% QoQ CC, but the margins were impacted</li><li>The margin drop of 100bps was led by the UK region while the US and ME margins were stable</li><li>The 12-month order backlog grew 7.1% QoQ and was up 7-8% YoY, including the early-April 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.

Mastek reported strong revenue growth of 2.9% QoQ CC, but the margins were impactedThe margin drop of 100bps was led by the UK region while the US and ME margins were stableThe 12-month order backlog grew 7.1% QoQ and was up 7-8% YoY, including the early-April 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.

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.

<ul><li>Sonata Software has issued an update indicating that the Q4 revenue growth for the International IT services (IITS) segment will be lower vs what was anticipated earlier</li><li>The company earlier indicated a de-growth of 2.5% to 3.5% in Q4, primarily due to the sudden and unplanned ramp down by a large high-tech client</li><li>The ramp down is now higher vs expected, and we estimate a high single digit revenue decline for Q4, and the recovery will not be immediate</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.

Sonata Software has issued an update indicating that the Q4 revenue growth for the International IT services (IITS) segment will be lower vs what was anticipated earlierThe company earlier indicated a de-growth of 2.5% to 3.5% in Q4, primarily due to the sudden and unplanned ramp down by a large high-tech clientThe ramp down is now higher vs expected, and we estimate a high single digit revenue decline for Q4, and the recovery will not be immediateContent 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.

Sonata Software: Growth challenges. Maintain ADD

Thematic (Sector/Industry)

<ul><li>Infosys: Infosys’ (INFO) sequential revenue decline of 3.5% in CC was primarily due to a reduction in third-party costs and the associated revenue, which accounted for ~2/3rd of the drop</li><li>Additionally, some deals that were in the pipeline slipped towards the end of the quarter, and Q4 seasonality and drop in volumes contributed to the lower than anticipated performance</li><li>Infosys provided a growth guidance of 0% to 3% in CC terms for FY26, and an operating margin guidance of 20-22%</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.

Infosys: Infosys’ (INFO) sequential revenue decline of 3.5% in CC was primarily due to a reduction in third-party costs and the associated revenue, which accounted for ~2/3rd of the dropAdditionally, some deals that were in the pipeline slipped towards the end of the quarter, and Q4 seasonality and drop in volumes contributed to the lower than anticipated performanceInfosys provided a growth guidance of 0% to 3% in CC terms for FY26, and an operating margin guidance of 20-22%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>ICICI Bank: ICICI Bank’s (ICICIBC) earnings beat estimates, largely driven by lower-than-expected credit costs and strong margin performance, partly offset by softer loan growth</li><li>Loan growth (+13% YoY) was impacted by slower traction in retail loans offset by continued momentum in business banking</li><li>Deposit growth (~14% YoY) was healthy, as end-period CASA ratio improved to 41.8% (+135bps QoQ), driven by strong seasonality in current account balances (+22% 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.

ICICI Bank: ICICI Bank’s (ICICIBC) earnings beat estimates, largely driven by lower-than-expected credit costs and strong margin performance, partly offset by softer loan growthLoan growth (+13% YoY) was impacted by slower traction in retail loans offset by continued momentum in business bankingDeposit growth (~14% YoY) was healthy, as end-period CASA ratio improved to 41.8% (+135bps QoQ), driven by strong seasonality in current account balances (+22% 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.

HSIE Results Daily: ICICI Bank, Angel One

<ul><li>While flats prices recovered marginally, longs price moderated QoQ: During Q4FY25, domestic steel realizations for flat products recovered a modest 1% QoQ</li><li>However, longs prices came under pressure and fell ~1-2% QoQ</li><li>Thus, blended steel prices have been broadly flattish 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.

While flats prices recovered marginally, longs price moderated QoQ: During Q4FY25, domestic steel realizations for flat products recovered a modest 1% QoQHowever, longs prices came under pressure and fell ~1-2% QoQThus, blended steel prices have been broadly flattish QoQContent 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.

Metals (Q4FY25 Results Preview): Gross Margin-Led QoQ Margin Recovery

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.

HDFC Securities
External broker reports(aggregated public sources)
• HDFC Securities

HSIE Results Daily: Mastek

Mastek reported strong revenue growth of 2.9% QoQ CC, but the margins were impacted. The margin drop of 100bps was led by the UK region while the...

HDFC Securities

Sonata Software: Growth challenges. Maintain ADD

Sonata Software has issued an update indicating that the Q4 revenue growth for the International IT services (IITS) segment will be lower vs what...

HDFC Securities

HSIE Results Daily: Infosys, Tata Elxsi

Infosys’ (INFO) sequential revenue decline of 3.5% in CC was primarily due to a reduction in third-party costs and the associated revenue, which...

HDFC Securities

HSIE Results Daily: ICICI Bank, Angel One

ICICI Bank: ICICI Bank’s (ICICIBC) earnings beat estimates, largely driven by lower-than-expected credit costs and strong margin performance,...

HDFC Securities

Metals (Q4FY25 Results Preview): Gross Margin-Led QoQ Margin Recovery

While flats prices recovered marginally, longs price moderated QoQ: During Q4FY25, domestic steel realizations for flat products recovered a modest...

HDFC Securities