Karvy Broker Research reports

Products Business Continues to Outperform: HCL T reports yet another industry-leading performance with products business largely contributing to incremental revenues.

Visible Growth in Revenues and MarginsTorrent Pharma s woes in various markets appears to be receding and is all set to show double digit topline growth in key markets which will give impetus to increase in margins.

Muted Performance: TCS reported a muted Q3FY20 performance due to sluggish performance of BFSI and Retail verticals.

Macro Issues Limit Topline Growth:BATA's Q3FY20 failed to impress as the impact of slowdown continues to be visible.

Same Story Goes on: Wipro came up with yet another weak quarter with muted Q4FY20.

Moving from Rural to Urban: V-Mart has gradually been shifting its reach from smaller to bigger cities and towards higher value retailing.

India and ROW Markets OutperformNet Revenues for the quarter increased by 5.4% YoY to Rs. 81.5 bn.

We upgrade our Revenues by 1.8%/2.8% in FY20E/FY21E due to upgrade in USand EM business. We downgrade our EBITDAM by 40bps to 18.9% for FY20Ewhile we maintain our EBITDAM for FY21E.

Improvement in Underwriting Performance of Life Insurance, Strong Deposits and Existing Customer Franchise LoanGrowth Spurred the Momentum

Stable Pre-sales, Rising Debt: During the quarter, the pre-sale volume remained steady at 1.07 Mnsft