MANIK TANEJA
Don't see an upgrade in IT sector from an earnings standpoint: Manik Taneja, Axis Capital
Manik Taneja says Axis Capital has reduced sell ratings for most tier I and tier II companies, except for Tech Mahindra which is rated positive. The positive reaction to stock prices is driven by companies reporting in line to a beat to modest expectations. The sector has underperformed compared to benchmarks, leading to some catch-up. However, the earnings trend continues to be mixed.
Manik Taneja on how Tech M will fare? What to expect from IT cos in H2
Axis Capital's Manik Taneja says that tier-1 tech companies have managed to maintain margins well, with some deferring wage implements. However, growth has been modest and below expectations for most companies in the IT sector. Taneja does not expect significant positive surprises in Tech Mahindra's upcoming earnings report and believes that the company's margins may not show a significant uplift. Axis Capital has a negative view on the sector overall, with Tech Mahindra being the only positive-rated stock among tier-1 companies.
How are the IT stocks expected to fare this earnings season? Manik Taneja answers
"I will not be surprised if the commentary from companies during the current quarter shifts towards a re-prioritisation of client spends when customers are once again looking for more cost savings and that typically tends to play to the advantage of Indian IT companies. If there is increased impetus on optimisation, that is positive for offshore IT. But this typically tends to play with some amount of lag."
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Commentary from global peers has continued to be reassuring on client spending all through despite increasing macro volatility and associated investor and street concerns going by prior cycles. According to analysts, demand is holding up well for Indian techs for now, with the likely macro setup expected to benefit offshore techs, albeit with a lag.
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