TCS Q1 earnings on July 11, HCL Tech on July 12; Bajaj Auto, Infosys, Asian Paints results this month

01/07/2024

The largest IT firm Tata Consultancy Services Ltd (TCS) will be declaring its June quarter results on July 11 and HCL Technologies Ltd on July 12 while Infosys Ltd and Persistent Systems would be reporting their first quarter earnings on July 18.

Analysts noted that the demand environment has largely remained unchanged from the previous quarter and that Q1 headline numbers are unlikely to give away any clue either.

JM Financial said large cap IT firms to report minus 2 per cent (degrowth) to 2.1 per cent sequential growth in constant currency terms. It will likely be a quarter of middling growth, especially given 50 basis points could be added by higher number of working days alone, it said.

"We don’t expect players’ commentary to be materially different either. Investors should therefore read between the line (items) to gauge demand. Sequential improvement in BFSI, stability in Telecom/Hi-tech could be positive signs. Pick-up in attrition, moderation in headcount decline would also signal trough formation. Global cues have been incrementally positive. Accenture results (trend reversal), Cognizant's recent comment (coming in the

upper half of 2Q guide) and Cap Gemini's reiteration that trough is behind suggest things are not deteriorating further," JM Financial said.

For select midcap IT firms, growth might accelerate. JM Financial expects Persistent Sustems and KPIT Technologies to report 5.5 per cent and 4.6 per cent CC QoQ growth. Adverse cross-currency impact could lower reported dollar revenue print, it said.

"We expect margin performance to vary across players, with large-caps showing better resilience. A still patchy outlook informs our preference towards stocks where expectations are better aligned (INFO/WPRO). TechM remains a BUY on turnaround hopes while KPIT/Tata Tech are structural bets on Auto ER&D theme," it said.

Among non-IT firms, Angel One and HDFC AMC will announce their Q1 results on July 15. Bajaj Auto and Asian Paints would announce their results on July 16 and July 17, respectively.

UltraTech Cement, JSW Steel, ICICI Lombard and Nippon India would declare earnings on July 19. JK Cement will report results on July 20; Coforge and RBL Bank on July 22; and Bajaj Finance, ICICI Securities, Zensar (IT firm) and ICICI Prudential Life Insurance on July 23.

KPIT Tech, Bikaji, Bajaj Holdings and Bajaj Finserv will declare results on July 24; Nestle India, Tech Mahindra and Mphasis on July 25; and ICICI Bank, MCX and Dr Reddy's Labs on July 27. Kansai Nerolac will report its earnings on July 29 and Exide Industries on July 30.

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