December 2024 Results Preview | Sector: Technology
Technology
Result Preview
Setting the stage for a CY25 revival
Expect a shift in demand sentiment despite short-term pain from furloughs
After a decent 2Q, we expect seasonal furloughs to weigh on growth for the
sector in 3QFY25. That said, looking beyond seasonality, macro uncertainty is
gradually easing and we expect the outlook for technology spending to improve
in CY25. While the initial phase of recovery in 1HFY25 was sluggish, we now see
clear signs of an acceleration. Recovery appears to be expanding beyond US
BFSI—which continues to strengthen—into additional industry verticals such as
Hi-Tech, which is recovering ahead of schedule. We expect tier-2 companies to
continue to outpace tier-1 firms in growth during the quarter. The most
important catalyst for the sector now would come after 3QFY25, when client
budgets for CY25 would be finalized and the magnitude of change in client
behavior would become clearer.
We expect QoQ constant currency revenue growth
of ~0.4%/1.0%/3.7% for
TCS/INFO/HCLT. Mid-tier companies should continue to do well; we expect
COFORGE/PSYS to grow by 4.9%/4.0%, whereas MPHL/CYL could show
0.2%/2.3% growth.
Cross-currency impact for the quarter:
On an average, we expect 50-80bp
cross-currency headwinds for our coverage on a sequential basis.
Guidance:
We believe that Cyient and LTTS might fall short of its FY25 revenue
guidance. Overall, we expect the guidance to remain unchanged.
We expect revenue growth of Tier-I companies to be in the range of -1.0% to
+3.7% QoQ CC. Revenue of Tier-II players is expected to grow to the tune of 0%
to ~5% QoQ in CC terms.
Furloughs and wage hikes to put pressure on margins in 3Q:
We expect margin
declines for INFO (seasonally weak 2H and furloughs) and LTIM (wage hike).
That said, growth leverage in 2H for select companies (COFORGE/LTTS/CYL) and
cost optimization benefits could help offset some of this impact. We believe a
more measured hiring approach in light of only gradual improvements in
demand, and a strong USD vs. INR should provide margin cushion in FY26.
Among Tier-I players, we prefer
LTIM
as we believe its vertical exposures in BFSI
and Hi-tech, as well as its service line exposures in data, ERP and modernization,
position it well for a recovery in client spends in FY26/FY27.
Among Tier-II players, our top pick is
COFORGE.
Coforge’s strong offerings in BFS
and insurance should enable it to participate in the demand recovery, and a
strong TCV also indicates a robust near-term growth outlook. We believe
COFORGE’s organic business is in great shape and early cross-selling initiatives
between COFORGE and Cigniti indicate that COFORGE could engineer a growth
turnaround at Cigniti earlier than expected.
We now roll over to FY27E EPS (earlier Sep’26E EPS) to determine the target
prices for our coverage companies.
Motilal Oswal research is available on www.motilaloswal.com/Institutional-Equities, Bloomberg, Thomson Reuters, Factset and S&P Capital.
Investors are advised to refer through important disclosures made at the last page of the Research Report.
December 2024
1
Abhishek Pathak - Research analyst
(Abhishek.Pathak@MotilalOswal.com)
Research analyst: Keval Bhagat
(Keval.Bhagat@MotilalOswal.com) /
Tushar Dhonde
(Tushar Dhonde@MotilalOswal.com)
 Motilal Oswal Financial Services
December 2024 Results Preview | Sector: Technology
Growth expectations across our coverage
We expect INFO and TCS to report 1.0% and 0.4% cc QoQ growth, respectively,
whereas HCLT is anticipated to clock healthy growth of 3.7% in 3QFY25, driven
by seasonality in its software business. Meanwhile, TECHM is likely to post flat
revenue QoQ and Wipro may report a 1.0% decline QoQ. LTIM could report
1.5% QoQ cc growth as furloughs may slightly temper its performance.
Among mid-tier firms, we expect COFORGE to lead the pack with ~5% cc QoQ
revenue growth, driven by robust organic growth and cross-selling benefits from
Cigniti integration. Persistent is also likely to deliver 4.0% cc QoQ growth, while
Mphasis could post flat cc QoQ growth.
We expect Cyient DET to deliver stronger 2H compared to 1H. However, the
company may fall short of achieving its FY25 guidance due to challenges in its
key vertical. We are factoring in a modest cross-currency headwind for most
companies (~50-80bp impact).
Wage hike and furloughs to impact margin for select companies
We expect EBIT margins for TCS to improve by 40bp QoQ, largely due to
investment made in talent development and training, operational efficiency and
absence of wage hikes. HCLT’s margins may rise ~50bp due to operating
leverage and a strong software quarter, despite a wage hike impact and
furloughs. For Infosys, we expect margins to decline by 30bp owing to furloughs
and lower working days, offset by pricing gains, subcontractor cost optimization,
and Project Maximus.
LTIM’s margins are expected to decline sequentially by 210bp due to wage
hikes, partly offset by operational efficiencies. Wipro may see a decline of 40bp.
The net headcount addition would be lower across the board, owing to lower
working days, coupled with a gradual demand recovery.
Among mid-caps, major companies are expected to see an uptick in margin
sequentially. Coforge’s margin is set to rise to 13.7% due to wage hikes in 1H
and lower merger expenses. For Mphasis and Cyient, margins are expected to
decline primarily due to seasonality, while LTTS should see an 80bp QoQ
increase, driven by growth leverage, offshoring, and a favorable pyramid
structure.
Client spending sentiment is showing positive trends, indicating a potential
revival in modernization and discretionary spending, albeit in some pockets.
Among Tier-I players, we prefer
LTIM
as we believe its vertical exposures in BFSI
and Hi-tech, as well as its service line exposures in data, ERP and modernization,
position it well for a recovery in client spends in FY26/FY27.
Among Tier-II players, our top pick is
COFORGE.
Coforge’s strong offerings in BFS
and insurance should enable it to participate in a demand recovery, and a strong
TCV also indicates a robust near-term growth outlook. We believe COFORGE’s
organic business is in great shape and early cross-selling initiatives between
COFORGE and Cigniti indicate that COFORGE could engineer a growth
turnaround at Cigniti earlier than expected.
LTIM and COFORGE remain our top picks
December 2024
2
 Motilal Oswal Financial Services
December 2024 Results Preview | Sector: Technology
Exhibit 1: Expect Tier-I companies’ revenue (USD) to be flat QoQ
Company
TCS
INFO
HCLT
WPRO
TECHM
LTIM
Tier I aggregate
Company
TCS
INFO
HCLT
WPRO
TECHM
LTIM
Tier I aggregate
3QFY25
7,644
4,913
3,553
2,620
1,565
1,138
21,434
3QFY25
24.5
20.8
19.1
16.3
9.7
13.4
20.1
Revenue (USD m)
2QFY25
QoQ (%)
3QFY24
7,670
-0.3%
7,281
4,894
0.4%
4,663
3,445
3.1%
3,415
2,660
-1.5%
2,656
1,589
-1.5%
1,573
1,127
1.0%
1,084
21,385
0.2%
20,672
EBIT margin (%)
2QFY25
QoQ (%)
3QFY24
24.1
40.0
25.0
21.1
-30.0
20.5
18.6
50.0
19.7
16.7
-30.0
14.8
9.6
10.0
7.0
15.5
-210.0
15.4
20.1
-
19.9
YoY (%)
5.0%
5.4%
4.1%
-1.4%
-0.5%
5.0%
3.7%
YoY (%)
-50.0
30.0
-60.0
150.0
270.0
-200.0
20.0
3QFY25
645
414
300
222
132
96
1,808
3QFY25
127.3
68.4
45.3
29.7
10.4
10.9
292
Revenue (INR b)
2QFY25
QoQ (%)
3QFY24
643
0.3%
606
410
1.1%
388
289
3.8%
284
223
-0.7%
222
133
-0.9%
131
94
1.7%
90
1,792
0.9%
1,722
Adjusted PAT (INR b)
2QFY25
QoQ (%)
3QFY24
119.6
6.4%
117.7
65.2
5.0%
61.1
42.4
6.9%
43.5
32.3
-7.9%
27.0
12.6
-17.6%
7.3
12.5
-12.5%
11.7
284
2.7%
268
YoY (%)
6.4%
6.7%
5.3%
-0.2%
0.7%
6.4%
5.0%
YoY (%)
8.1%
11.9%
4.1%
10.0%
42.5%
-6.4%
8.8%
Exhibit 2: Expect Tier-II companies’ revenue (USD) to be up 2.5% QoQ
Company
LTTS
MPHL
COFORGE
PSYS
ZENT
CYL
Tier II aggregate
Company
LTTS
MPHL
COFORGE
PSYS
ZENT
CYL
Tier II aggregate
3QFY25
318
421
386
359
156
176
1,816
3QFY25
15.9
15.2
13.7
14.4
13.2
13.5
14.5
Revenue (USD m)
2QFY25
QoQ (%)
3QFY24
307
3.7%
291
421
0.0%
402
369
4.4%
282
346
3.9%
301
156
-0.1%
145
173
1.6%
179
1,772
2.5%
1,599
EBIT margin (%)
2QFY25
QoQ (%)
3QFY24
15.1
80.0
17.2
15.4
-20.0
14.8
11.1
270.0
13.8
14.0
40.0
14.5
13.1
10.0
14.6
14.2
-70.0
16.0
13.9
70.0
15.1
YoY (%)
9.4%
4.6%
36.8%
19.4%
7.9%
-1.9%
13.5%
YoY (%)
-130.0
40.0
-
-10.0
-150.0
-250.0
-60.0
3QFY25
26.8
35.5
32.5
30.3
13.2
14.8
153.1
3QFY25
3.5
4.3
3.0
3.5
1.4
1.8
17.6
Revenue (INR b)
2QFY25
QoQ (%)
3QFY24
YoY (%)
25.7
4.2%
24.2
10.7%
35.3
0.6%
33.5
5.9%
30.6
6.2%
23.2
40.0%
29.0
4.5%
25.0
21.2%
13.1
0.6%
12.0
9.3%
14.5
2.3%
14.9
-0.6%
148.2
3.3%
132.9
15.2%
Adjusted PAT (INR b)
2QFY25
QoQ (%)
3QFY24
YoY (%)
3.2
9.2%
3.4
3.8%
4.2
2.4%
3.7
16.1%
2.0
47.6%
2.4
25.4%
3.2
9.2%
2.9
24.0%
1.6
-8.2%
1.6
-11.5%
1.8
-0.3%
1.9
-3.9%
16.1
9.5%
15.8
11.2%
Source: Company, MOFSL
Exhibit 3: Tier I companies should report flat QoQ growth on account of seasonality
USD Revenue Growth Tier I
6%
4%
2%
0%
-2%
USD Revenue Growth Tier II
Source: MOFSL, Company
December 2024
3
 Motilal Oswal Financial Services
December 2024 Results Preview | Sector: Technology
Exhibit 4: Margins remain a mixed bag for both Tier- I and Tier-II companies
EBIT Margins Tier I
21%
18%
15%
12%
9%
EBIT Margins Tier II
Source: MOFSL, Company
Exhibit 5: Cross-currency impact on 3Q USD Growth
TCS
INFO
HCLT
WPRO
TECHM
LTIM
LTTS
MPHL
COFORGE
PSYS
ZENT
CYL (DET)
CC USD growth
QoQ (%)
0.4
1.0
3.7
-1.0
0.0
1.5
4.0
0.2
4.9
4.0
0.3
2.3
USD growth
QoQ (%)
-0.3
0.4
3.1
-1.5
-1.5
1.0
3.7
0.0
4.4
3.9
-0.1
1.6
Cross-currency
impact (bp)
-70
-60
-50
-50
-150
-50
-30
-20
-50
-10
-40
-70
Source: Company, MOFSL
Exhibit 10: Summary of quarterly performance estimates
Companies
TCS
INFO
HCLT
WPRO
TECHM
LTIM
MPHL
LTTS
PSYS
COFORGE
CYL
ZENT
Sector aggregate (INR b)
CMP
(INR)
4,159
1,906
1,929
304
1,747
5,649
2,930
4,752
6,637
9,835
1,848
760
Rating
Buy
Buy
Buy
Neutral
Neutral
Buy
Neutral
Buy
Buy
Buy
Buy
Neutral
Sales (INR b)
EBIT (INR b)
Adjusted net profit (INR b)
Variance Variance
Variance Variance
Variance Variance
Dec’24E
Dec’24E
Dec’24E
YoY (%) QoQ (%)
YoY (%) QoQ (%)
YoY (%) QoQ (%)
644.6
6.4
0.3
157.9
4.2
2.1
127.3
8.1
6.4
414.3
299.6
221.5
132.0
95.9
35.5
26.8
30.3
32.5
14.8
13.2
1,961
6.7
5.3
-0.2
0.7
6.4
5.9
10.7
21.2
40.0
-0.6
9.3
5.7
1.1
3.8
-0.7
-0.9
1.7
0.6
4.2
4.5
6.2
2.3
0.6
1.1
86.3
57.2
36.2
12.8
12.9
5.4
4.3
4.4
4.5
2.0
1.7
386
8.4
1.9
10.0
40.5
-7.2
8.8
2.5
20.3
39.6
-16.1
-1.5
6.1
-0.2
6.7
-2.7
0.0
-11.8
-0.7
10.0
7.5
31.6
-2.7
1.3
1.5
68.4
11.9
5.0
45.3
4.1
6.9
29.7
10.0
-7.9
10.4
42.5
-17.6
10.9
-6.4
-12.5
4.3
16.1
2.4
3.5
3.8
9.2
3.5
24.0
9.2
3.0
25.4
47.6
1.8
-3.9
-0.3
1.4
-11.5
-8.2
310
8.9
3.0
Source: Company, MOFSL
December 2024
4
 Motilal Oswal Financial Services
December 2024 Results Preview | Sector: Technology
Exhibit 6: Comparative valuations
Company
TCS
INFO
HCLT
WPRO
TECHM
LTIM
MPHL
LTTS
PSYS
COFORGE
CYL
ZENT
CMP
(INR)
4,159
1,906
1,929
304
1,747
5,649
2,930
4,752
6,637
9,835
1,848
760
M-cap
(INR b)
15,036
7,862
5,220
3,172
1,709
1,682
551
505
1,017
608
204
173
Target
Price
5,000
2,250
2,400
290
1,750
8,000
3,200
5,250
7,500
11,500
2,100
800
Upside/
Downside
20%
18%
24%
-5%
0%
42%
9%
10%
13%
17%
14%
5%
FY25E
139.0
63.6
63.3
11.5
47.8
162.2
90.7
127.1
88.5
145.7
63.0
26.9
EPS (INR)
FY26E
153.0
71.5
71.9
12.3
62.1
189.2
104.3
153.4
116.5
229.2
84.8
30.9
FY27E
167.3
80.1
79.7
13.0
69.6
229.9
115.1
174.7
136.1
282.3
96.9
35.1
EPS
CAGR (%)
FY24-27E
9.8
11.1
11.2
8.4
19.2
14.1
12.1
12.4
21.9
28.4
16.0
6.5
FY25E
29.9
30.0
30.5
26.5
36.5
34.8
32.3
37.4
75.0
67.5
P/E (x)
FY26E
27.2
26.6
26.8
24.8
28.1
29.9
28.1
31.0
57.0
42.9
FY27E
24.9
23.8
24.2
23.4
25.1
24.6
25.5
27.2
48.8
34.8
29.3
21.8
19.1
28.2
24.6
21.6
Source: Company, MOFSL
The tables below provide a snapshot of actual and estimated numbers for IT companies under the MOFSL coverage universe.
Highlighted columns indicate the quarter/financial year under review.
December 2024
5
 Motilal Oswal Financial Services
December 2024 Results Preview | Sector: Technology
Coforge
CMP INR9,835| TP: INR11,500 (17%)
EPS CHANGE (%): FY25|26|27: 0.3|-1.6|-0.5
Revenue growth is expected to be ~4.9% QoQ CC, supported
Key things to watch out for:
further benefits from
by robust organic growth.
Cigniti’s cross-selling and deal TCV in BFS and Insurance
(~48.5% of revenue).
EBIT margin is set to rise to 13.7% due to wage hikes in 1H
We expect Coforge to report 12.6% organic CC growth in
and lower merger expenses, though ESOP costs in 3Q-4Q will
FY25E. We now value COFORGE organically at 45x FY27E
weigh on margins. Cigniti's standalone margin is expected to
EPS (vs. 40x earlier) and value the Cigniti business at 27x
hit 18% by 4QFY25.
FY27E EPS.
Quarterly Performance
Y/E March
(Consolidated)
Rev. (USD m)
QoQ (%)
Revenue (INR m)
YoY (%)
GPM (%)
SGA (%)
EBITDA (INRm)
EBITDA Margin (%)
EBIT (INRm)
EBIT Margin (%)
Other income
ETR (%)
Minority Interest
Adj. PAT
QoQ (%)
YoY (%)
Adj. EPS (INR)
1Q
272
2.8
22,210
21.4
30.7
14.7
3,329
15.0
2,572
11.6
-152
20.0
-104.0
1,831
-21.3
22.0
29.2
FY24
2Q
3Q
278
282
2.3
1.4
22,762
23,233
16.2
13.0
32.5
33.1
14.9
15.1
3,473
4,012
15.3
17.3
2,701
3,201
11.9
13.8
-295
-257
21.9
17.5
-69.0
-48.0
1,809
2,380
-1.2
31.6
-10.3
4.3
29.0
38.1
FY25E
2Q
3QE
369
386
26.8
4.4
30,623
32,521
34.5
40.0
32.4
34.6
16.5
15.7
4,640
5,557
15.2
17.1
3,397
4,470
11.1
13.7
-262
-218
25.5
23.2
-314.0
-278.9
2,022
2,985
51.8
47.6
11.8
25.4
30.1
44.5
FY24
1,119
11.7
91,790
14.5
32.6
15.1
14,977
16.3
11,791
12.8
-1,156
19.7
-276.0
8,266
1.7
133.2
FY25E
1,447
29.3
1,20,907
31.7
33.8
16.6
19,241
15.9
14,910
12.3
-979
25.0
-778.8
9,666
16.9
145.7
Buy
4Q
287
1.7
23,585
8.7
34.1
15.5
4,163
17.7
3,317
14.1
-452
19.7
-55.0
2,246
-5.6
-3.5
36.2
1Q
291
1.6
24,008
8.1
33.0
19.1
3,134
13.1
2,319
9.7
-272
31.9
-61.0
1,332
-40.7
-27.3
20.8
4QE
400
3.8
33,755
43.1
35.0
15.7
5,910
17.5
4,724
14.0
-227
23.2
-124.9
3,327
11.5
48.1
49.6
Cyient
CMP INR1,848 | TP: INR2,100 (+14%)
Expect 2.3% QoQ CC growth for DET in 3QFY25, led by the
ramp-up of initiative-based work and the reversal of
furloughs in sustainability.
Sustainability is anticipated to improve in 2H, with Cyient
also projecting a stronger order intake during this period.
DET Quarterly Performance
Y/E March
Revenue (USD m)
QoQ (%)
Revenue (INR m)
YoY (%)
GPM (%)
SGA (%)
EBITDA
EBITDA Margin (%)
EBIT
EBIT Margin (%)
Other income
ETR (%)
Adj. PAT
QoQ (%)
YoY (%)
EPS (INR)
EPS CHANGE (%): FY25|26|27: -2.6|-1.6|-1.6
DET margins are expected to decline by ~70bp QoQ to
13.5% in 3Q, driven by wage hikes, investment in sales and
sem-con investments, partially offset by growth leverage.
We value CYL DET Business at 24x FY27E (earlier 25x) as
we expect risks to its FY25E guidance in light of short-
term headwinds for key verticals.
FY25
2Q
3QE
173
176
2.0
1.6
14,496
14,826
-1.8
-0.6
39.7
39.2
21.5
21.8
2,642
2,580
18.2
17.4
2,058
2,002
14.2
13.5
282
74
24.5
24.5
1,766
1,566
24.9
-11.3
2.2
-9.3
16
14
FY24
714
12.9
59,114
16.1
39.9
19.7
11,960
20.2
9,545
16.1
-548
23.4
6,893
31.5
63
FY25E
699
-2.1
58,814
-0.5
39.3
21.1
10,732
18.2
8,388
14.2
379
24.3
6,634
-3.8
60
Buy
1Q
177
0.5
14,546
37.2
39.8
19.5
2,956
20.3
2,336
16.1
-122
23.1
1,703
6.1
56.4
15
FY24
2Q
3Q
178
179
0.7
0.4
14,762
14,914
22.5
8.1
40.2
40.0
19.7
20.0
3,036
2,981
20.6
20.0
2,439
2,385
16.5
16.0
-180
-139
23.5
23.1
1,728
1,727
1.5
-0.1
60.4
17.3
16
16
4Q
179
0.1
14,892
2.8
39.8
19.7
2,987
20.1
2,385
16.0
-107
23.8
1,735
0.5
8.1
16
1Q
170
-5.4
14,144
-2.8
39.5
21.9
2,487
17.6
1,903
13.5
-54
23.5
1,414
-18.5
-17.0
13
4QE
181
2.7
15,348
3.1
39.0
19.3
3,024
19.7
2,425
15.8
77
24.5
1,888
20.5
8.8
17
December 2024
6
 Motilal Oswal Financial Services
December 2024 Results Preview | Sector: Technology
HCL Technologies
CMP INR1,929| TP: INR2,400 (+24%)
HCL is expected to post 3.7% QoQ CC growth, driven by
seasonal tailwinds from renewals in its products business.
While ER&D and manufacturing could continue to be soft
owing to challenges from the German automotive sector,
a revival in Hi-tech discretionary spending is anticipated.
FY24
2Q
3,225
0.8
267
8.0
36.2
12.4
59
22.3
49
18.5
2
25.3
38
8.4
9.8
14.1
EPS CHANGE (%): FY25|26|27: -0.7|-0.1|-0.7
Margins may rise by 50bp QoQ, led by a seasonally strong
quarter for the software business and operating leverage,
despite a 65-80bp wage hike impact and furloughs.
Buy
We expect the company to retain its FY25 revenue growth
guidance of 3.5-5%.
Quarterly Performance
Y/E March
Revenue (USD m)
QoQ (%)
Revenue (INR b)
YoY (%)
GPM (%)
SGA (%)
EBITDA
EBITDA Margin (%)
EBIT
EBIT Margin (%)
Other income
ETR (%)
Adjusted PAT
QoQ (%)
YoY (%)
EPS
1Q
3,200
-1.1
263
12.1
35.6
13.6
55
20.8
45
17.0
2
24.8
35
-11.2
7.6
13.0
3Q
3,415
5.9
284
6.5
36.7
11.5
67
23.5
56
19.7
3
25.9
44
13.5
6.2
16.0
4Q
3,430
0.4
285
7.1
35.0
12.0
61
21.4
50
17.6
3
24.2
40
-8.4
0.1
14.7
1Q
3,364
-1.9
281
6.7
34.5
12.4
58
20.6
48
17.1
9
25.4
43
6.8
20.5
15.7
FY25E
2Q
3QE
3,445
3,553
2.4
3.1
289
300
8.2
5.3
34.9
35.0
11.5
11.0
64
68
22.1
22.6
54
57
18.6
19.1
3
4
25.5
25.5
42
45
-0.5
7.0
10.5
4.1
15.6
16.7
FY24
4QE
3,563
0.3
303
6.3
33.7
11.3
64
21.0
53
17.5
4
25.5
42
-6.9
5.8
15.6
13,270
5.4
1,099
8.3
35.9
12.4
242
22.0
200
18.2
9
25.1
157
5.7
57.9
FY25E
13,926
4.9
1,172
6.6
34.5
11.5
253
21.6
212
18.1
20
25.5
172
9.8
63.3
Infosys
CMP INR1,906| TP: INR2,250 (+18%)
Revenue growth is likely to be 1.0% QoQ CC, impacted by
seasonal furloughs. We expect 2H to be weaker than 1H
as growth was partially front-ended.
However, we expect deal TCV to remain robust in 3Q, and
demand commentary to improve. We expect flow
business to recover in CY25, aiding growth.
FY24
2Q
3Q
4,718
4,663
2.2
-1.2
390
388
6.7
1.3
30.7
29.8
9.5
9.3
95
91
24.3
23.6
83
80
21.2
20.5
5
7
29.1
29.1
62
61
4.5
-1.7
3.2
-7.3
15.0
14.7
EPS CHANGE (%): FY25|26 |27: 0.2|0.6|0.6
Operating margin is expected to dip by 30bp due to
furloughs, offset by tailwinds from pricing improvements,
sub-con cost optimization, and Project Maximus, with a
projected margin of 20.8%.
Expect Infosys to maintain its guidance of 3.75% to 4.5%
for the full year.
Buy
Quarterly Performance (IFRS)
Y/E March
Revenue (USD m)
QoQ (%)
Revenue (INR b)
YoY (%)
GPM (%)
SGA (%)
EBITDA
EBITDA Margin (%)
EBIT
EBIT Margin (%)
Other income
ETR (%)
PAT
QoQ (%)
YoY (%)
EPS (INR)
1Q
4,617
1.4
379
10.0
30.5
9.6
90
23.8
79
20.8
5
28.9
59
-3.0
10.9
14.4
4Q
4,564
-2.1
379
1.3
29.5
9.4
88
23.1
76
20.1
7
26.8
61
-0.5
-0.9
14.7
1Q
4,714
3.3
393
3.6
30.9
9.8
93
23.8
83
21.1
7
29.3
64
4.8
7.1
15.4
FY25E
2Q
3QE
4,894
4,913
3.8
0.4
410
414
5.1
6.7
30.5
30.4
9.4
9.5
98
98
23.8
23.5
86
86
21.1
20.8
6
7
29.6
27.0
65
68
2.2
5.1
4.7
12.0
15.7
16.5
4QE
4,934
0.4
419
10.6
29.3
9.3
95
22.6
84
19.9
7
27.0
66
-2.8
9.5
16.0
FY24
18,562
1.9
1,537
4.7
30.1
9.4
364
23.7
317
20.7
23
28.5
243
1.0
58.4
FY25E
19,455
4.8
1,637
6.5
30.3
9.5
384
23.4
339
20.7
28
28.2
264
8.3
63.6
December 2024
7
 Motilal Oswal Financial Services
December 2024 Results Preview | Sector: Technology
LTIMindtree
CMP INR5,649| TP: INR8,000 (+42%)
EPS CHANGE (%): FY25|26| 27: -1.5|-1.3|-1.6
LTIM is expected to report 1.5% CC growth in Q3. While 2H
BFS customers starting to scale up high-priority programs
will see a ramp-up from deals closed in 1H, seasonal
with momentum across sub-segments. Governance and
impacts may affect growth. LTIM saw steady deal
Regulatory compliance continue to be key spend areas. Hi-
momentum in key verticals and we expect growth to
tech continues to be robust too, and is recovering ahead
recover in 4Q.
of schedule.
Margins may decline sequentially by 210bp due to wage
In 3QFY25, demand commentary, the performance of the
hikes, partly offset by operational efficiencies.
BFSI vertical, and margins will be closely monitored.
Quarterly Performance
Y/E March
Revenue (USD m)
QoQ (%)
Revenue (INR m)
YoY (%)
GPM (%)
SGA (%)
EBITDA
EBITDA Margin (%)
EBIT
EBIT Margin (%)
Other income
ETR (%)
Adj PAT
QoQ (%)
YoY (%)
EPS (INR)
FY24
2Q
1,076
1.6
89,054
8.2
31.4
13.1
16,313
18.3
14,231
16.0
962
23.5
11,623
0.9
-2.2
39.2
FY25E
2Q
3QE
1,127
1,138
2.8
1.0
94,329 95,948
5.9
6.4
30.8
28.8
12.8
12.8
16,993 15,352
18.0
16.0
14,582 12,857
15.5
13.4
2,286
1,727
25.8
24.9
12,516 10,949
10.3
-12.5
7.7
-6.4
42.2
37.0
FY24
4,287
4.4
3,55,170
7.0
30.7
12.7
63,874
18.0
55,685
15.7
4,802
24.2
45,846
2.1
154.5
Buy
1Q
1,059
0.1
87,021
13.8
31.6
12.8
16,355
18.8
14,508
16.7
856
25.0
11,523
3.4
4.1
38.9
3Q
1,084
0.8
90,166
4.6
29.9
12.3
15,849
17.6
13,859
15.4
1,588
24.3
11,693
0.6
8.2
39.4
4Q
1,069
-1.3
88,929
2.3
29.8
12.5
15,357
17.3
13,087
14.7
1,396
24.0
11,007
-5.9
-1.2
37.1
1Q
1,096
2.5
91,426
5.1
30.3
12.7
16,061
17.6
13,709
15.0
1,547
25.6
11,351
3.1
-1.5
38.2
4QE
1,174
3.2
99,819
12.2
30.5
12.5
17,967
18.0
15,771
15.8
1,797
24.9
13,189
20.5
19.8
44.6
FY25E
4,535
5.8
3,81,522
7.4
30.1
12.7
66,373
17.4
56,919
14.9
7,357
25.3
48,005
4.7
162.0
LTTS
CMP INR4,752| TP: INR5,250 (+10%)
We expect revenues to grow 4% CC QoQ as 2H is a
seasonally strong period for LTTS.
EBIT margins are expected to improve by 80bp QoQ, with
growth leverage, offshoring, and pyramid adjustments
serving as key margin drivers. The impact of a wage hike
will affect 3Q margins.
EPS CHANGE (%): FY25|26| 27: 0.6|2.7|2.2
We expect the company to retain its FY25 USD CC
revenue growth guidance of 8-10%, but see challenges in
achieving the lower end.
We value LTTS at 30x FY27E (earlier 40x) as we believe
meeting the lower end of the guidance now requires a
CQGR of ~4.5%, which could be challenging.
Buy
Quarterly Performance
Y/E March
Revenue (USD m)
QoQ (%)
Revenue (INR m)
YoY (%)
GPM (%)
SGA (%)
EBITDA
EBITDA Margin (%)
EBIT
EBIT Margin (%)
Other income
ETR (%)
PAT
QoQ (%)
YoY (%)
EPS (INR)
1Q
280
9.8
23,014
22.8
30.0
10.4
4,528
19.7
3,954
17.2
357
27.6
3,111
0.5
13.5
29.4
FY24
2Q
3Q
288
291
2.9
0.9
23,865
24,218
19.6
18.2
28.0
29.2
8.1
9.1
4,756
4,877
19.9
20.1
4,075
4,162
17.1
17.2
286
493
27.6
27.6
3,154
3,362
1.4
6.6
11.7
10.7
29.8
31.7
4Q
305
5.0
25,375
21.1
28.9
9.1
5,028
19.8
4,282
16.9
428
27.5
3,409
1.4
10.1
32.2
1Q
295
-3.2
24,619
7.0
29.3
10.8
4,562
18.5
3,836
15.6
491
27.5
3,136
-8.0
0.8
29.6
FY25E
2Q
307
3.9
25,729
7.8
29.3
11.2
4,660
18.1
3,877
15.1
531
27.4
3,196
1.9
1.3
29.8
3QE
318
3.7
26,818
10.7
28.9
10.0
5,069
18.9
4,264
15.9
483
26.5
3,489
9.2
3.8
32.5
4QE
331
4.2
28,153
10.9
29.5
10.2
5,433
19.3
4,645
16.5
507
26.5
3,787
8.5
11.1
35.3
FY24
1,164
17.6
96,472
20.4
29.0
9.1
19,189
19.9
16,473
17.1
1,564
27.6
13,036
11.4
123.0
FY25E
1,251
7.5
1,05,318
9.2
29.3
10.5
19,724
18.7
16,622
15.8
2,011
26.9
13,608
4.4
127.1
December 2024
8
 Motilal Oswal Financial Services
December 2024 Results Preview | Sector: Technology
Mphasis
CMP INR2,930 | TP: INR3,200 (9%)
We expect 0.2% QoQ CC revenue growth, impacted by
furloughs. However, recovery continues in BFS, with signs
of improvement in mortgages.
Broad-based TCV wins across verticals and client pyramid
as well as conversion from TCV to revenue would continue
to improve.
FY24
2Q
3Q
398
402
0.1
1.0
32,765
33,380
-6.9
-4.8
28.9
31.3
10.7
13.3
5,956
6,007
18.2
18.0
5,067
4,972
15.5
14.9
150
14
24.9
25.1
3,920
3,736
-1.0
-4.7
-6.3
-9.4
20.6
19.6
EPS CHANGE (%): FY25|26| 27: -0.8|-0.4|-1.8
We expect a sequential margin decline of 20bps in 3Q,
primarily driven by seasonal factors. While efficiency gains
offered some relief, furloughs exerted downward pressure
on margins.
Watch out for commentary about demand environment
and pricing, the volume recovery for its mortgage business
and deal TCV.
FY25E
2Q
3QE
421
421
2.7
0.0
35,362
35,576
7.9
6.6
31.3
29.5
12.9
12.0
6,480
6,226
18.3
17.5
5,444
5,408
15.4
15.2
182
356
24.7
24.7
4,234
4,337
4.7
2.4
8.0
16.1
22.2
22.7
FY24
1,609
-6.3
1,32,785
-3.8
30.1
11.9
24,220
18.2
20,114
15.1
570
24.8
15,549
-5.1
81.8
FY25E
1,691
5.1
1,42,526
7.3
30.3
12.4
25,541
17.9
21,852
15.3
1,149
24.7
17,312
11.3
90.7
Neutral
Quarterly Performance
Y/E March
Revenue (USD m)
QoQ (%)
Revenue (INR m)
YoY (%)
GPM (%)
SGA (%)
EBITDA
EBITDA Margin (%)
EBIT
EBIT Margin (%)
Other income
ETR (%)
PAT
QoQ (%)
YoY (%)
EPS (INR)
1Q
398
-3.4
32,520
-4.7
29.1
11.1
5,869
18.0
4,995
15.4
263
24.7
3,961
-2.3
-1.5
20.9
4Q
411
2.1
34,120
1.5
31.2
12.5
6,388
18.7
5,080
14.9
143
24.7
3,932
5.2
-3.0
20.7
1Q
410
-0.2
34,225
5.2
30.8
12.7
6,185
18.1
5,135
15.0
238
24.7
4,045
2.9
2.1
21.3
4QE
439
4.3
37,363
9.5
29.8
12.0
6,651
17.8
5,866
15.7
374
24.7
4,696
8.3
19.4
24.6
Persistent Systems
CMP INR6,637 | TP: INR7,500 (+13%)
We expect 4.0% QoQ CC revenue growth; healthcare will
lead growth, to be offset by furloughs in BFSI and Hi-Tech.
We anticipate growth across key verticals to converge in
FY26, and Hi-Tech to lead the charge.
Margins are expected to improve by 40bp QoQ, driven by
steady utilization (83-85%), controlled SG&A investments,
absence of wage hikes, and pricing growth. However,
seasonal furloughs in 2H may pose headwind, similar to
last year.
Quarterly Performance (IFRS)
Y/E March
(Consolidated)
Revenue (USD m)
QoQ (%)
Revenue (INR m)
QoQ (%)
YoY (%)
GPM (%)
SGA (%)
EBITDA
EBITDA Margin (%)
EBIT
EBIT Margin (%)
Other income
ETR (%)
Adj. PAT
QoQ (%)
YoY (%)
Reported EPS (INR)
FY24
2Q
3Q
292
301
3.1
3.0
24,117 24,982
3.9
3.6
17.7
15.2
33.1
33.8
16.3
16.1
4,052
4,418
16.8
17.7
3,308
3,631
13.7
14.5
250
262
26.0
26.5
2,633
2,861
-5.1
8.7
19.7
6.9
17.3
18.8
EPS CHANGE (%): FY25|26| 27: -1.2|1.3|1.7
Commentaries on recovery in Hi-tech vertical are the key
things to monitor.
3Q ACV is expected to be higher due to new deals and
renewals in the US. We value PSYS at 55x (earlier 50x)
FY27E EPS. We believe a recovery in Hi-Tech and BFSI
verticals could strengthen its portfolio in FY26, and this
should command a premium multiple.
FY25E
2Q
3QE
346
359
5.3
3.9
28,972 30,267
5.8
4.5
20.1
21.2
33.4
33.5
16.8
16.5
4,807
5,145
16.6
17.0
4,062
4,367
14.0
14.4
283
242
25.2
23.0
3,250
3,549
6.1
9.2
23.4
24.0
21.2
23.2
FY24
1,186
14.5
98,216
17.6
33.6
16.0
17,243
17.6
14,149
14.4
813
23.7
11,421
20.1
71.9
Buy
1Q
283
3.0
23,212
3.0
23.6
34.2
16.0
4,229
18.2
3,466
14.9
90
22.0
2,774
10.3
31.1
15.0
4Q
311
3.4
25,905
3.7
14.9
33.3
15.7
4,544
17.5
3,744
14.5
210
20.3
3,153
10.2
25.4
20.7
1Q
328
5.6
27,372
5.7
17.9
33.0
16.4
4,552
16.6
3,840
14.0
165
23.5
3,064
-2.8
10.5
19.9
4QE
371
3.4
31,515
4.1
21.7
33.5
16.5
5,358
17.0
4,548
14.4
252
23.0
3,697
4.2
17.3
24.1
FY25E
1,404
18.3
1,18,125
20.3
33.4
16.6
19,862
16.8
16,817
14.2
942
23.6
13,561
18.7
88.5
December 2024
9
 Motilal Oswal Financial Services
December 2024 Results Preview | Sector: Technology
TCS
CMP INR4,159 | TP: INR5,000 (+20%)
EPS CHANGE (%): FY25|26| 27: -1.4|-2.4|-2.7
Growth is expected to be subdued at 0.4% QoQ CC.
EBIT margin may improve by 40bp, driven by talent
Revenue remains impacted by furloughs; however,
development, training, and operational efficiency.
client-specific challenges are likely to normalize in 3Q.
The deal pipeline should remain healthy. There is
Outlook on near-term demand & pricing environment, BFSI,
some good momentum in BFSI, but weakness in
and deal wins are key monitorables. We currently value TCS at
UK/Europe and manufacturing needs to be
30x (earlier 33x) FY27E EPS, as we believe there is a downside
monitored.
risk to our estimates from the BSNL deal ramp-down in FY26E.
Quarterly Performance (IFRS)
Y/E March
IT Services Revenue (USD m)
QoQ (%)
Overall Revenue (INR b)
QoQ (%)
YoY (%)
GPM (%)
SGA (%)
EBITDA
EBITDA Margin (%)
EBIT
EBIT Margin (%)
Other income
PBT
ETR (%)
Adj. PAT
Exceptional items
Reported PAT
QoQ (%)
YoY (%)
EPS (INR)
1Q
7,226
0.4
594
0.4
12.6
39.5
16.4
150
25.2
138
23.2
12
150
25.8
111
0
111
-2.8
16.8
30.3
FY24
2Q
7,210
-0.2
597
0.5
7.9
40.1
15.8
157
26.3
145
24.3
8
153
25.8
114
0
114
2.3
8.7
31.0
FY25E
2Q
3QE
7,670
7,644
2.2
-0.3
643
645
2.6
0.3
7.7
6.4
38.2
40.0
14.1
15.5
168
171
26.1
26.6
155
158
24.1
24.5
6
13
160
171
25.4
25.5
120
127
0
0
120
127
-1.2
6.4
5.1
14.7
32.9
35.0
FY24
29,080
4.1
2,409
6.8
40.4
15.7
643
26.7
594
24.7
37
632
25.7
469
-7
462
9.3
126.3
Buy
3Q
7,281
1.0
606
1.5
4.0
40.8
15.8
164
27.1
152
25.0
7
159
25.8
118
-7
111
-2.5
2.0
30.3
4Q
7,363
1.1
612
1.1
3.5
41.1
15.1
172
28.1
159
26.0
9
168
25.8
125
0
125
12.7
9.3
34.4
1Q
7,505
1.9
626
2.2
5.4
42.6
18.0
167
26.7
154
24.7
8
162
25.4
121
0
121
-3.2
8.9
33.3
4QE
7,761
1.5
660
2.3
7.7
41.0
15.1
184
28.0
171
25.9
13
184
25.5
137
0
137
7.7
9.7
37.8
FY25E
30,580
5.2
2,573
6.8
40.4
15.7
691
26.8
638
24.8
33
677
25.5
505
0
505
9.2
139.0
Tech Mahindra
CMP INR1,747 | TP: INR1,750 (0%)
Revenue growth may stay flat in 3Q due to seasonality in CME
and enterprise, currency, and furlough headwinds. While the
communications vertical has stabilized, recovery may take time.
Margins are expected to be flat QoQ. We expect cost control
efforts (e.g., reduced sub-con costs) under Project Fortius, to be
offset by the impact of furloughs and currency headwinds.
Quarterly Performance
Y/E March
Revenue (USD m)
QoQ (%)
Revenue (INR b)
YoY (%)
GPM (%)
SGA (%)
EBITDA
EBITDA Margin (%)
EBIT
EBIT Margin (%)
Other income
ETR (%)
Adj. PAT
QoQ (%)
YoY (%)
Extra-Ordinary Item
Reported PAT
EPS (INR)
1Q
1,601
-4.0
132
3.5
25.7
13.5
16
12.2
12
8.8
1
21.8
10
-28.2
-15.5
-2.6
7
10.8
FY24
2Q
3Q
1,555
1,573
-2.8
1.1
129
131
-2.0
-4.6
22.5
23.9
11.5
13.6
14
14
10.9
10.3
9
9
7.3
7.0
2
0
9.9
17.6
10
7
2.3
-26.5
-25.3
-44.6
-4.8
-2.1
5
5
11.0
8.1
EPS CHANGE (%): FY25|26| 27: -0.1|-2.5|-2.1
We expect steady deal TCV in 3Q, driven by a slight
improvement in the demand environment.
Neutral
The outlook on margin and growth in the CME and
BFS verticals will be the key monitorable.
4Q
1,548
-1.6
129
-6.2
27.0
16.1
14
10.9
9
7.4
3
23.4
10
34.9
-27.1
-3.1
7
11.0
1Q
1,559
0.7
130
-1.2
26.5
14.5
16
12.0
11
8.5
1
26.7
9
-12.2
-10.9
0.0
9
9.6
FY25E
2Q
1,589
1.9
133
3.5
27.9
14.8
18
13.1
13
9.6
4
26.6
13
46.8
27.8
0.0
13
14.1
3QE
1,565
-1.5
132
0.7
27.0
14.0
17
13.0
13
9.7
1
26.6
10
-17.7
43.1
0.0
10
11.6
4QE
1,572
0.4
133
3.7
27.7
14.0
18
13.7
14
10.4
1
26.6
11
7.8
14.4
0.0
11
12.5
FY24
6,277
-5.0
520
-2.4
24.8
13.7
58
11.1
40
7.6
5
18.5
36
-28.5
-12.6
24
41.1
FY25E
6,284
0.1
529
1.7
27.3
14.3
69
13.0
51
9.6
8
26.6
42
17.0
0.0
42
47.8
December 2024
10
 Motilal Oswal Financial Services
December 2024 Results Preview | Sector: Technology
Wipro
CMP INR304 | TP: INR290 (-5%)
WPRO is likely to clock a revenue decline of 1.0% QoQ CC
in 3Q, hurt by softness in Europe, Communications, and
Manufacturing, along with furloughs and fewer working
days.
We expect demand environment to improve in the US,
particularly in BFS, with significant regional Capco activity
and volume growth.
Quarterly Performance (IFRS)
Y/E March
IT Services Revenue (USD m)
QoQ (%)
Overall Revenue (INR b)
QoQ (%)
YoY (%)
GPM (%)
SGA (%)
EBITDA
EBITDA Margin (%)
IT Serv. EBIT (%)
EBIT Margin (%)
Other income
ETR (%)
PAT
QoQ (%)
YoY (%)
EPS (INR)
1Q
2,779
-2.1
228
-1.5
6.0
29.4
14.2
42
18.4
16.0
15.1
3
24.0
29
-6.6
12.0
2.6
FY24
2Q
2,713
-2.3
225
-1.4
-0.1
29.3
14.6
42
18.8
16.1
14.8
2
24.0
26
-7.8
-0.5
2.5
EPS CHANGE (%): FY25|26| 27: 1.3|0.3|0.4
IT service margins are expected to dip by 40bp due to
wage hikes. Traditional levers like utilization and
offshoring, along with G&A optimization, should offset the
impact in 3Q.
Key monitorables: Commentary on recovery in Europe
region and the consulting business; strategic initiatives
from the new management.
FY25E
2Q
3QE
2,660
2,620
1.3
-1.5
223
222
1.5
-0.7
-1.0
-0.2
30.5
29.9
13.6
13.4
46
45
20.5
20.1
16.8
16.4
16.7
16.3
6
3
24.6
24.0
32
30
6.8
-7.9
21.3
9.7
3.1
2.8
FY24
4QE
2,649
1.1
226
2.0
1.7
30.2
14.1
45
19.7
16.0
15.9
3
24.0
29
-0.4
3.8
2.8
10,805
-3.8
896
-0.9
29.6
14.5
170
19.0
16.4
15.2
11
24.5
110
-2.9
10.2
FY25E
10,555
-2.3
890
-0.7
30.2
13.7
179
20.1
16.4
16.3
16
24.3
121
9.8
11.5
Neutral
3Q
2,656
-2.1
222
-1.4
-4.4
30.7
16.0
42
19.0
16.0
14.8
3
24.0
27
1.8
-11.7
2.6
4Q
2,657
0.0
222
0.0
-4.2
29.2
13.2
44
19.7
16.4
15.9
3
26.0
28
5.2
-7.8
2.7
1Q
2,626
-1.2
220
-1.1
-3.8
30.2
13.7
44
20.2
16.5
16.4
4
24.5
30
5.9
4.6
5.7
Zensar Technologies
CMP INR760| TP: INR800 (+5%)
We expect flat QoQ CC revenue growth in 3QFY25.
However, this steady performance compares favorably
with ZENT's historical trends for the third quarter.
We anticipate EBITDA margins to improve by 10bp QoQ to
15.5%. However, margins are pressured by wider
furloughs in the BFSI and TMT verticals.
Quarterly
Y/E March
Revenue (USD m)
QoQ (%)
Revenue (INR m)
YoY (%)
GPM (%)
SGA (%)
EBITDA
EBITDA Margin (%)
EBIT
EBIT Margin (%)
Other income
ETR (%)
Adj. PAT
QoQ (%)
YoY (%)
EPS (INR)
FY24
2Q
3Q
150
145
0.6
-3.7
12,408
12,041
0.5
0.5
31.8
31.1
13.2
13.9
2,308
2,076
18.6
17.2
1,942
1,764
15.7
14.6
306
356
22.7
23.8
1,738
1,616
11.3
-7.0
206.0
111.2
7.6
7.1
EPS CHANGE (%): FY25|26| 27: -4.6|-2.7|-2.6
Order book is anticipated to improve and it is likely to be
well-diversified across verticals.
Neutral
The demand environment in its critical sectors and
progress on stimulating growth levers would be closely
watched out for.
FY25E
2Q
3QE
156
156
1.2
-0.1
13,080
13,162
5.4
9.3
28.1
29.3
12.7
13.8
2,011
2,040
15.4
15.5
1,714
1,737
13.1
13.2
366
171
25.1
25.0
1,558
1,431
-1.3
-8.2
-10.4
-11.5
6.8
6.3
FY24
592
-2.0
49,018
1.1
31.8
14.0
8,715
17.8
7,377
15.0
1,379
24.1
6,649
102.9
29.1
FY25E
625
5.5
52,571
7.2
29.6
13.9
8,258
15.7
7,101
13.5
1,095
24.9
6,151
-7.5
26.9
1Q
149
1.2
12,272
2.0
33.6
14.9
2,301
18.8
1,878
15.3
224
25.7
1,562
30.9
108.0
6.8
4Q
148
2.3
12,297
1.4
30.6
14.1
2,030
16.5
1,793
14.6
493
24.2
1,733
7.2
45.3
7.6
1Q
154
4.3
12,881
5.0
30.4
15.2
1,961
15.2
1,714
13.3
383
24.7
1,579
-8.9
1.1
6.9
4QE
158
1.4
13,447
9.4
30.5
13.8
2,246
16.7
1,936
14.4
175
25.0
1,583
10.6
-8.7
6.9
December 2024
11
 Motilal Oswal Financial Services
December 2024 Results Preview | Sector: Technology
NOTES
December 2024
12
 Motilal Oswal Financial Services
December 2024 Results Preview | Sector: Technology
Explanation of Investment Rating
Investment Rating
BUY
SELL
NEUTRAL
UNDER REVIEW
NOT RATED
Expected return (over 12-month)
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< - 10%
> - 10 % to 15%
Rating may undergo a change
We have forward looking estimates for the stock but we refrain from assigning recommendation
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appropriate measures to make the recommendation consistent with the investment rating legend.
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December 2024
13
 Motilal Oswal Financial Services
December 2024 Results Preview | Sector: Technology
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Registration details of group entities.: Motilal Oswal Financial Services Ltd. (MOFSL): INZ000158836 (BSE/NSE/MCX/NCDEX); CDSL and NSDL: IN-DP-16-2015; Research Analyst: INH000000412 . AMFI:
ARN .: 146822. IRDA Corporate Agent – CA0579. Motilal Oswal Financial Services Ltd. is a distributor of Mutual Funds, PMS, Fixed Deposit, Insurance, Bond, NCDs and IPO products.
Customer having any query/feedback/ clarification may write to query@motilaloswal.com. In case of grievances for any of the services rendered by Motilal Oswal Financial Services Limited (MOFSL) write to
grievances@motilaloswal.com, for DP to dpgrievances@motilaloswal.com.
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