Nomura on Infosys

Buy Call, Target Raised To Rs 1,950

Q1FY25 Was An All-round Beat

Surprise Revenue Guidance Driven By Strong Start, Deal Wins, & Acquisition Integration

Project Maximus’ Impact On Margin Continues To Play Out

Raise Our FY25-26 EPS By Nearly 2-3%, Reiterate As Top Pick

Jefferies on Infosys

Buy Call, Target Raised To Rs 2,040

Q1 Beat Estimates, Driven By Strong Revenue Growth Of 3.6% QoQ

Co Has Raised Its FY25 Growth Guidance Which Seems Conservative In Context Of Strong Deal Wins

Initial Signs Of Recovery In BFSI, Strong Deal Wins Suggest The Worst Is Behind

All-Round Improvement In Operating Performance Suggest The Worst Is Behind

Raise Estimates By 3-4% & Expect Co To Deliver 10% EPS CAGR Over FY24-27

Bernstein on Infosys

Outperform Call, Target Raised To Rs 2,100

Delivered Its Strongest Beat In 10 Quarters In Q1 Across Revenue, Margin & EPS

FY 25 Revenue Guidance Was Raised To 3% To 4% YoY CC (From 1% To 3%)

Deal Momentum Was Strong At $4.1 Bn TCV With Net New Of 57

See Beginning Of An Upcycle Trend As Growth Recovers, BFSI Inflects & AI Deals Scale Up

JPM on Infosys

OW, TP Rs 1950

1Q perfect foil to a poor 4Q24, handsomely beating rev/margin/EPS/FCF &upgrading guide with some +ve one-off revenues/margins

Cos’ new revenue guidance of 3-4% parses out as 2.3-3.3% organic implies 0.8-1.5% CQGR

GS on Infosys

Buy, TP Rs 1870

1Q beat: Upside risks to guidance

INFY 1Q, coupled with commentary from some of its peers, suggest demand environment is incrementally getting better

Expect FY25E reve growth for Infy/sector to be c.400 bps higher vs FY24

CITI on Infosys

Buy, TP raised to Rs 1850

1Q revenue came in well above expectations; Deal TCV +87% yoy LTM.

Margins were slightly ahead, aided by one off.

GS on Tata Tech

Sell Call, Target Cut To Rs 950

Q1FY25 Was A Miss With Revenue/EBITDA -2.5%/-8% QoQ & Were -5%/-9% Below Consensus

Softness Was Due To Phasing Of Customer Business In The Smaller Technology Solutions Segment

Softness Was Due To Vinfast Customer Related QoQ Moderation In Rev In Core Svcs (Auto) Biz

Going Forward, Mgmt Expects A Return To Sequential Growth In The Business In Q2-Q3-Q4 Of FY25

MS on Dalmia Bharat

Equal-Weight Call, Target Rs 1,900

Small EBITDA Beat In Q1 While Key Positive Was Better Realisations

Opex/t Was Broadly In-line With Estimate

Weak Volumes, However, Were A Key Negative

Nomura on Dalmia Bharat

Reduce Call, Target Rs 1,700

Stable Realisations Drive Significant EBITDA/t Beat

EBITDA/t Of `904/t Came In 33% Above Estimates

Expansion Projects On Track

Co Poised To Achieve 50 mt Cement Capacity By FY26 Through Organic Route

Stock Currently Trades At 11.5x 1-Yr Fwd EV/EBITDA

MS on L&T Tech

Underweight Call, Target Rs 4,300

Despite The Miss, Co Has Strong Deal Pipeline & Maintained Revenue & Margin Guidance For FY25

Ask Rate To Meet Rev Guidance Is High, & Continued Estimate Cuts Could Limit Positive Triggers

Nomura on L&T Tech

Reduce, TP Rs 4310

1Q mixed bag – slightly weaker revenue & better margins

Retains FY25F guidance of 8-10% organic growth; aspirational $1.5bn of revenue runrate needs M&A support

Front-loading of investments in FY25F; retains 16% EBIT margin guidance for FY25F

Nomura on Havells

Neutral Call, Target Rs 1,900

Q1 Margin Miss On Weaker Mix

Maintain 20%/17% Revenue Growth For FY25/26 (18%/14% Ex-Lloyd)

Price Hikes & Stable Commodity Should Support Margin

Stock Trades At 54x FY26 EPS, Which Believe Factors In Expected Earnings Recovery

Jefferies on Havells

Hold Call, Target Rs 1,880/Sh

Q1 Was In-line With Estimates

Strong Sale (+20% YoY) Was Driven By Good Offtake In Summer Products

Strong Sale Was Driven B2B Offtake, Albeit With Interim Election Impact

Lloyd Posted EBIT Margin At +3.5% In Q1 (+2.8% In Q4FY24)

Strong Capex Housing Cycles – C&W, Switchgears & Lighting Sales Declined By 11-15% QoQ

Cut FY25-27 EPS By 1-2%

Citi On Go Digit General Insurance

Initiates Buy Call, Target Rs 425

Valuing Company At 8x, FY26 Book On RoE Rising To 15-16% In FY26-27 From Nearly 7% In FY24

Expect Stable 13% Decadal CAGR In Ex-crop Non-life Premiums, Aided By Health & B2B-Oriented Biz

Despite Low Vintage, Co Sustained Industry-Leading Growth

Co Is Incrementally Opportunistic In Underwriting B2B-Oriented Business

Established Corporate Ties, Product Bundling And Robust Reinsurance Supply To Aid Growth

Factor In A 24% Gross Premium CAGR Over FY24-27

Trends In The Fast-growing B2B Business Segments Remain Monitorable

Operating Leverage Should Support The Combined Ratio