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WIPRO

Wipro reported Q2FY23 gross revenue at $2.80B (CIER estimate: $2.82B), up 12.9%
YoY in CC; gross revenue was Rs.225.4B in INR (CIER estimate: Rs.223.3B), up
11.5% YoY in INR. The order book TCV grew 23.8% YoY. Net Income for the quarter
stood at Rs. 26.6 Bn. ($326.8 million), up 3.5% sequentially and down 8.1%
YoY.By segments- the flagship IT Services Segment Revenue stood at $2,798
Mn,showing an increase of just 8.4% YoY; IT Products segment revenue for the
quarter was $15.3 Mn; India SRE segment revenue for the quarter was $19.4 Mn.IT
Services operating margin for the quarter was at 15.1%, a 16 bps improvement QoQ
sequentially, inline with management's belief that margins had bottomed last
quarter.The fall in profits was due to fall in margin due to higher employee
costs, especially in India. Consulting business (including UK-based Capco) is
also slowing down.The management has guided with a muted outlook for next
quarter revenues from IT services. forecasting them to be in the range of $2,811
Mn. to $2,853 Mn, which translates to a sequential growth of ~0.5-2%. Company
expects that margin in Q3 will also face some headwinds due to the impact of two
mincremental months of salary increase. While the stock has been beaten
down ~40% in the past one year, we feel that the poor prospects of the company
(worsened by 28% of business coming from Europe, including a large chunk of
business from Capco acquisition) leave some more downside to the stock. Based on
DCF valuation methodology, we changeour rating to Reduce and assign a target
price of 373 (earlier 400), implying a 17.2x PE (earlier 18x) to forecasted NTM
EPS of Rs. 20.9 (earlier 21.1).

TECHM

Tech Mahindra Ltd. reported CC Revenue growth of 2.9% sequentially to $1638M,up
0.3% sequentially in USD terms- this was 2.8% lower than our USD
growthestimates. INR depreciation aided the company to perform slightly better
in INR terms, with revenue coming at Rs. 13,129 cr, up 3.3% sequentially and
20.7% YoY.Growth was balanced, with the Communications, Media, and Entertainment
vertical growing at 3.1% and the Enterprise vertical growing at 2.8% in CC. EBIT
for the quarter was at $184 million (in rupee terms Rs. 1,477 cr.) versus $177
mn in Q1 (in rupee terms Rs.1404 cr).Employee, subcontracting, and SG&A
expenses this quarter came in higher than forecasted, leading Gross margins to
come 106 bps lower than expected at 27.9%.However, higher than expected Other
Income of Rs 290 cr (partially due to investment income and the rest coming from
currency hedges) caused the EBIT margin to expand 20 bps sequentially to
11.3%.Operational performance of the company was stable this quarter. The total
headcount was up 3.7% sequentially to 163,912. Utilization rose to 85%, up from
83% in Q1FY23 though still down from 87% in Q2FY22 (which has left some scope
for improvement as freshers get deployed).Active Customers are up by 17 to 1279.
Performance was muted in terms of deal wins (which were $716M this quarter
visavis $802M in the previous quarter and $750M in Q1FY22). Free Cash Flows
rebounded to $253M (from $72M last quarter and $188M in Q2FY22).Hence, we
believe that the share price has corrected excessively over the past 10 months,
and the company is placed well for a re-rating. Hence, we maintain our
OUTPERFORM rating while raising the target price to Rs.1,321 (earlier Rs. 1,200)
which we derive by raising our target PE from 19.7x to 20x (1.2 SD from its
5-year mean PE) and target NTM EPS from Rs. 60.9 to Rs. 66.1.

TATAELXSI

Tata Elxsi delivered 5.1% growth in Q1FY23, with EBITDAM at 29.7%.
Company’s growth was primarily volume-led, with IDV and SIS segments
showing robust growth of 13.5% and 26.2% QoQ respectively; EPD showed slower
growth at 3.2%.The management has commented about entering the second quarter
with a strong order book and a healthy deal pipeline across key markets and
industries and emphasizes that company has invested in capacity and capability
building forengineering talent, leadership and technology to support
growth.Revenue came slightly lower than CIER estimates at Rs. 763 cr, a 5.1%
growth sequentially and 28.2% growth YoY. Healthcare continues to witness strong
growthof 8.2% QoQ and 55.9% YoY, driven by new product engineering and
regulatory services. Transportation segment grew 3.8% QoQ and 30.4% YoY, aided
by largedeals in EV, ADAS and adjacencies in rail and offroad vehicles. Media
and Communications reported growth at 2.1% QoQ and 22.2% YoY, aided by platform
led deals and entry into new operator accounts.Margins cooling: After past few
quarters showing high margins, margins for this quarter got impacted due to high
number of net additions (1532, the highest ever)and lag in utilization due to
training, onboarding and deployment. Other costs such as facility operation
costs have increased as employees are resuming work fromoffice.Management is
focused on growing the talent pool: In FY23E the company plans to hire
~3000-3500 freshers and ~1000-1500 lateral employees, based on the business
needs and taking into account the elevated attrition rates.Whilst we are
confident about the growth of the company, we feel skeptical regarding company
being able to maintain margins at a level that justifies current level of
valuation. We have hence ascribed Reduce rating with a DCF-based target price of
Rs. 7,963 implying a PE of 63x on NTM EPS of Rs. 125.  

SUNPHARMA

Sun Pharma Q2FY23 results were in line with our expectations as Revenue/ EBITDA
/PAT saw a deviation of 3.6% / 3.9% / 2.3% from our estimates. Sun Pharma
reported top line of INR 1,09,523 (up 13.8% YoY and 1.8% QoQ) which was led by
global specialty business, India and emerging markets. Q2FY23 EBITDA at INR
29,566mn (up12.4% YoY and 2.5% QoQ) and margin at 27% (down 33bps YoY and up
19bps QoQ) was driven by sequentially lower operating and staff cost, off-set by
forex loss. India formulation business In Q2FY23, the India formulation business
(32% of totalrevenue), grew 8.5% YoY and 2.2% QoQ to INR 34,600mn, driven by
healthy launches (34 new products) and increase in market share by 0.5% to 8.6%.
The segment witnessed good growth across therapies in chronic and sub-chronic
  US formulation business During the quarter, the US business (30.4% of
total revenue),grew 22.9% YoY and 1.5% QoQ to INR 32,913mn (US$ 412mn), led by
robust sales ofIllumya, Cequa and Winlevi. The global specialty sales crossed
US$ 200mn revenue mark. Margin performance During the quarter, gross margin came
at 75.3% (up ~220bps QoQ and 150bps YoY) due to higher specialty sales. EBITDA
was reported at INR 29,566mn (up 12.4% YoY and 2.5% QoQ) and margin at 27% (down
33bps YoY and up19bps QoQ) was driven by sequentially lower operating and staff
cost, off-set by forexloss (due to adverse currency movement)   Outlook
& Valuation  Increasing business across key therapies in India through
new launches and increasing the market share Focusing on expanding the global
specialty portfolio into other markets and improving its access Conscious
efforts towards increasing the R&D spend to build a strong specialty and
generic R&D pipeline. We introduce the FY25 estimate and expect the above
drivers to yield Revenue/EBITDA/PAT CAGR of 12%/12.1%/15.9% between FY22-25E. We
value the stock based on Sep-24E EPS to arrive at a target price of INR 1,162
(valuing at 28x) and maintain our ADD rating.  

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FABLES - STORIES THAT MATTER

SOUTH SEA BUBBLE: THE STORY OF 300 YEARS OLD MARKET CRASH.

This blog talks about the term known as "Financial bubble" with the help of the
real life example of  South Sea Bubble. A financial bubble is the consequence of
extreme speculations and irrational investing in the stock market. We have seen
that in the recent examples of the tech bubble of 2000 and the housing market
bubble of 2008 where the prices were sky-high but the fundamentals were
defective. Back to 300 years in the past, the story of "the south sea bubble" is
based in the early 18th c ...Read More

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Attention Investors: ( 1 ) Prevent unauthorized transactions in your trading
account - Update your mobile numbers/email IDs with your stock broker(s).
Receive information of your transactions directly from exchange on your
mobile/email at the end of the day. ( 2 ) Prevent unauthorized transactions in
your demat account - Update your mobile number with your Depository Participant,
to receive alerts on your registered mobile number for all debit and other
important transactions in your demat account directly from NSDL/CDSL on the same
day. - Issued in the interest of the investors. ( 3 ) No need to issue Cheque by
investors while subscribing to IPO. Just write the bank account number and sign
in the application form to authorise your bank to make payment in case of
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unsolicited emails and SMS advising to buy, sell or hold securities and trade
only on the basis of informed decision. Investors are advised to invest after
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