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Time of India
09-06-2025
- Business
- Time of India
Stock picking: Improving operating profit could signal long-term market outperformance
How do you pick winners when global equity markets are rocked by trade uncertainties and there is persistent weakness in domestic demand? One effective way is to closely check your company's EBITDA ( earnings before interest, taxes, depreciation, and amortisation) margins. In a nutshell, these are fundamentally sound companies that effectively minimise value erosion amid periods of high market volatility. Why EBITDA is a winner EBITDA is calculated by subtracting operating expenses (excluding depreciation) from the sales revenue. On the other hand, EBITDA margin is calculated by dividing EBITDA by the sales revenue. For example, a company with an EBITDA margin of 10% means that the company is generating Rs.10 as operating profit on every Rs.100 worth of sales. A study conducted by ET Wealth shows that the companies that have consistently improved EBITDA margins over the last four quarters have significantly outperformed the market benchmark in the last one year whereas the companies with consistent deterioration in EBITDA margins significantly underperformed the market benchmark. An analysis of 1,508 companies (excluding those in banking, finance, and insurance) reveals that 29 companies have maintained positive EBITDA margins and consistently improved them over the last four quarters. In contrast, 28 companies have shown a steady decline in EBITDA margins during the same period. The latest data pertains to the March 2025 quarter and has been sourced from the Reuters-Refinitiv database. In the last one year, the group of 29 companies (with positive EBITDA margins) has generated an equal-weighted average return of 30.3%, whereas the group of 28 companies (with negative EBITDA margins) has generated -9.8% returns. The Nifty 500 equal-weighted index delivered 7.8% returns in the last one year. The returns are based on 30 May 2025 closing prices. Experts agree. 'Improving EBITDA margins increases the RoE of the business, which in turn improves the growth and profitability of the business and the stock price of the company,' says Saurabh Joshi, Head of Research, Marwadi Shares and Finance Limited (MSFL). Significance of EBITDA margins EBITDA provides an accurate picture of the company's competitive strengths as it excludes the effect of non-cash charges (or depreciation), varying capital structures and taxes. 'EBITDA is the preferred metric for investors who want to know how a company performs at its core before financing decisions and accounting treatments cloud the picture,' says Om Ghawalkar, Market Analyst, a stock brokerage firm. A strong EBITDA indicates efficiency and the company's ability to generate value. Analysts suggest that investors should consider EBITDA margins over a period of time to spot good quality companies with sustainable business models and sound financial health. Corporate India performance Corporate India saw a modest improvement in both revenue and EBITDA in the March 2025 quarter compared to the December 2024 quarter. Based on a sample size of 1,508 non-BFSI companies. Growth is year-on-year. 'Consistent improvement in EBITDA margins signals superior execution, pricing power, cost control, and positive operating leverage. It reflects a company's ability to increase profits faster than expenses,' says Sonam Srivastava, Founder and Fund Manager at Wright Research PMS.'. EBITDA in a soft quarter The recent quarter performance of corporate India indicates ongoing growth challenges. Despite muted revenue growth, the operating profit growth improved relative to the December 2024 quarter, helped by cost control initiatives, operational efficiencies and input cost benefits in certain segments (see graphic). EBITDA climbers favoured by analysts Going forward, analysts expect demand to improve, aided by rural revival, steady urban consumption, normal monsoons and increased government spending. However, input costs present a mixed picture. Ghawalkar says the softer crude oil prices and the strong coal supply may ease costs for sectors like aviation and chemicals, but other sectors are likely to face pressures. While cotton MSP hikes will hit input costs in the textiles segment, rising logistics costs may squeeze margins in cement. Additionally, wage inflation in IT and healthcare is likely to keep operating costs elevated in these sectors. Here are the five companies from the group of 29 with rising EBITDA margins that have a strong analyst coverage: Orient Electric The electrical equipment manufacturer specialises in home appliances, including fans, lighting and switchgears. The company has reported strong March 2025 quarter: revenue up 9% year-on-year (y-o-y), net profit up 144%. Growth was driven by the lighting and switchgears segment, on the back of distribution expansion, new products, and premium category demand. EBITDA margin expanded 390 bps y-oy, supported by cost optimisation and Project Sanchay. The fans segment is poised for market share gains via improved DTM strategy and Hyderabad plant scale-up. Centrum Broking cites DTM, premiumisation, alternate channels, and Hyderabad plant as key growth and margin drivers. Affle 3i The global technology company specialises in mobile advertising, digital consulting, and software development. In the March 2025 quarter, revenue was up 19% y-o-y, net profit up 17.8%. Growth was led by developed markets (+27.3% y-o-y); India grew nearly 15.9%. EBITDA margin up 290 bps y-o-y, driven by lower employee costs and operational gains. Management targets 20% revenue growth in 2025-26 with gradual margin improvement. Ambit Capital sees tailwinds from integrated platform, stronger processes, sales push, premiumisation, and exposure to high-growth markets and segments. Brigade Enterprises The Bangalore based real estate developer has a diversified portfolio, including residential, commercial, hospitality and retail projects. The March 2025 quarter pre-sales was up 9% y-o-y, driven by strong new launches. EBITDA was down 4% y-o-y, but margin expanded 307 bps on cost control and premium property sales. Robust launch pipeline in residential and commercial segments underpins 2025-26 growth visibility. It expects 15-20% pre-sales growth in 2025-26. Antique Stock Broking highlights geographic expansion beyond Bengaluru, strong launch pipeline, and rising rental asset occupancy as the key positives. Jupiter Life Line Hospitals The multispeciality healthcare provider offers tertiary and quaternary care across various medical specialties. In the March 2025 quarter, revenue was up 12.5% y-o-y, EBITDA up 25.7%, driven by better case mix and higher ARPOB. EBITDA margin expanded 260 bps yo-y due to cost control and operational efficiency. It is on track to reach 2,500 beds across 6 hospitals in Western India in 3-4 years. Exploring growth via acquisitions and greenfield projects. Prabhudas Lilladher expects sustained growth from expansion, rising occupancy, margin gains, and strategic moves in high-density western markets. National Aluminium The PSU company is engaged in in mining, alumina refining and aluminium smelting. In March 2025 quarter, revenue was up 47% y-o-y, EBITDA up 149%, driven by strong alumina and aluminium performance. EBITDA margin surged 2133 bps y-o-y, supported by lower costs and higher alumina realisations. Targeting 36-37% EBITDA margin in 2025-26 via volume growth and cost efficiencies. Axis Securities flags near-term EBITDA risk from falling alumina prices, but sees partial offset from strong cost control and higher alumina sales guidance.
Economic Times
04-06-2025
- Automotive
- Economic Times
Auto Q4FY25 Wrap: Two-wheelers lead PAT surge with TVS Motor, Eicher in front; top 13 counters to buy
The Indian auto sector saw varied results in Q4FY25. Two-wheeler companies performed well. Some vehicle makers did better than others. The Indian auto sector reported a mixed Q4FY25 with two-wheeler majors and select OEMs stealing the spotlight, while several leading tyre and auto ancillary firms reported sharp declines in profitability, revealing a distinctly bifurcated performance across the board. Among the most notable laggards, Tata Motors posted a steep 52% year-on-year (YoY) fall in Q4 net profit while its revenue barely grew by 0.53%. The stock has also dropped 5% in CY25 so far. Similarly, Apollo Tyres and Tube Investments of India struggled with declines in their profit after tax (PAT) at 48% and 42%, respectively, even as they reported modest growth in January-March quarter sales. These underwhelming showings are reflected in their stock performances too, with all three names delivering double-digit negative returns this calendar year. Tyre manufacturers and ancillary firms faced particular headwinds. Balkrishna Industries' PAT fell 24% and Bosch saw a marginal 2% decline, despite decent topline growth. Both stocks were down 16% and 8%, respectively, in CY25 as of Tuesday, June 3, 2025. In contrast, two-wheeler manufacturers delivered a strong show, with TVS Motor leading the pack by clocking an impressive 71% YoY growth in Q4 PAT, supported by a 16% rise in revenue. Its stock has returned nearly 16% in CY25 so far. Eicher Motors' 19% PAT growth and Bajaj Auto's 11% uptick in bottom line were other notable performances. Also performed well. Eicher's stock also delivered over 11% returns on the YTD basis. M&M and Hero MotoCorp too reported positive earnings growth, with M&M registering 14% PAT growth on the back of robust 20% revenue expansion. Hero MotoCorp's profit rose nearly 8%, though its CY25 return stands at just 1%. Auto ancillaries such as UNO Minda and Sundram Fasteners saw their profits dip marginally, despite a healthy 19% revenue growth in the case of UNO the Q4 trend reveals a strong divergence between vehicle manufacturers and component suppliers, and also between two-wheeler firms and other categories like CVs and tyres. This divergence is mirrored in stock price performance for CY25, where only a handful of auto stocks have posted double-digit returns. Among them are TVS Motor with 16% returns, Maruti Suzuki at 12% and Eicher Motors at 11%, being the top three. Commenting on the auto sector's performance, 'Om Ghawalkar, Market Analyst, said that the domestic automobile sector achieved historic growth in FY2024-25, posting a 7.3% rise in domestic sales and a robust 19.2% jump in exports, signaling strong momentum across both local and global markets. Citing SIAM data, Ghawalkar said that the passenger vehicle sales hit a record 4.3 million units, led by utility vehicles comprising 65% of the segment. 'Exports also surged, particularly to Latin America, Africa, and developed economies, reaching 770,000 PV units. The two-wheeler segment saw 9.1% growth domestically, driven by scooters, while exports totaled 4.2 million units, dominating India's overall vehicle exports, he companies announced May automotive sales figures which reflected a mixed trend of dispatches across segments. The passenger vehicle segment's domestic wholesale volume growth moderated although UV (utility vehicle) players reported healthy growth. All other segments, however, saw a recovery on a YoY basis. Kumar Rakesh of BNP Paribas Securities in a note said that the 2W domestic wholesale growth improved and was similar to retail trends. The 2W exports continued to post double-digit growth YoY, helped by expansion in new regions by OEMs. "CV dispatches were flat YoY, but MHCVs saw improvement MoM. Tractors saw healthy growth YoY, largely driven by M&M," he the PV volume market share trends, Rakesh said that M&M gained YoY while Maruti Suzuki, Tata Motors, and Hyundai lost. As for the two-wheelers, TVS Motor, Royal Enfield (Eicher Motors) gained domestic volume market share Yo,Y while Bajaj Auto likely lost. Also Read: Private lenders disappoint in Q4FY25, but small and PSU banks impress. HDFC Bank, SBI among 16 stocks to buy Ghawalkar of said that challenges such as a slower PV growth outlook and regulatory uncertainties in the electric bus space remain, notwithstanding industry fundamentals looking strong. - Nuvama has a buy rating on the stock with target price of up to Rs 13,900 - Choice Broking has an 'Add' rating on the counter. - InCred has a 'Reduce' rating on the stock for a price target of Rs 642 - Motilal Oswal remains Neutral on the counter. M&M: Buy | MOFSL | Target: Rs 3,482 Hyundai Motor | Buy | Target: Rs 2,050 Hero Moto | Buy | Nuvama/Jefferies/Bank of America/MOFSL | Target: Up to Rs 5,650 Bajaj Auto | Buy | Anand Rathi/Axis Securities | Target: Rs 9,890 - HDFC Securities has an 'Add' rating on the stock - Axis Securities has a 'Hold' rating for the price target of Rs 2,670 Eicher Motors | Sell | MOFSL | Target: Rs 4,649 MOFSL has a buy view on ancillary stocks like Apollo Tyres, CEAT, Endurance Technologies, Happy Forgings, CIE Automotive, Samvardh Motherson, Motherson Wiring and Tube Investments. Meanwhile, MOFSL has a sell recommendation on MRF. (Data inputs by Ritesh Presswala) (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
Time of India
04-06-2025
- Automotive
- Time of India
Auto Q4FY25 Wrap: Two-wheelers lead PAT surge with TVS Motor, Eicher in front; top 13 counters to buy
The Indian auto sector reported a mixed Q4FY25 with two-wheeler majors and select OEMs stealing the spotlight, while several leading tyre and auto ancillary firms reported sharp declines in profitability, revealing a distinctly bifurcated performance across the board. Among the most notable laggards, Tata Motors posted a steep 52% year-on-year (YoY) fall in Q4 net profit while its revenue barely grew by 0.53%. The stock has also dropped 5% in CY25 so far. Similarly, Apollo Tyres and Tube Investments of India struggled with declines in their profit after tax (PAT) at 48% and 42%, respectively, even as they reported modest growth in January-March quarter sales. These underwhelming showings are reflected in their stock performances too, with all three names delivering double-digit negative returns this calendar year. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Elegant New Scooters For Seniors In 2024: The Prices May Surprise You Mobility Scooter | Search Ads Learn More Undo Tyre manufacturers and ancillary firms faced particular headwinds. Balkrishna Industries' PAT fell 24% and Bosch saw a marginal 2% decline, despite decent topline growth. Both stocks were down 16% and 8%, respectively, in CY25 as of Tuesday, June 3, 2025. In contrast, two-wheeler manufacturers delivered a strong show, with TVS Motor leading the pack by clocking an impressive 71% YoY growth in Q4 PAT, supported by a 16% rise in revenue. Its stock has returned nearly 16% in CY25 so far. Eicher Motors ' 19% PAT growth and Bajaj Auto 's 11% uptick in bottom line were other notable performances. Also performed well. Eicher's stock also delivered over 11% returns on the YTD basis. M&M and Hero MotoCorp too reported positive earnings growth, with M&M registering 14% PAT growth on the back of robust 20% revenue expansion. Hero MotoCorp's profit rose nearly 8%, though its CY25 return stands at just 1%. Live Events Auto ancillaries such as UNO Minda and Sundram Fasteners saw their profits dip marginally, despite a healthy 19% revenue growth in the case of UNO Minda. Overall, the Q4 trend reveals a strong divergence between vehicle manufacturers and component suppliers, and also between two-wheeler firms and other categories like CVs and tyres. This divergence is mirrored in stock price performance for CY25, where only a handful of auto stocks have posted double-digit returns. Among them are TVS Motor with 16% returns, Maruti Suzuki at 12% and Eicher Motors at 11%, being the top three. Commenting on the auto sector's performance, 'Om Ghawalkar, Market Analyst, said that the domestic automobile sector achieved historic growth in FY2024-25, posting a 7.3% rise in domestic sales and a robust 19.2% jump in exports, signaling strong momentum across both local and global markets. Citing SIAM data, Ghawalkar said that the passenger vehicle sales hit a record 4.3 million units, led by utility vehicles comprising 65% of the segment. 'Exports also surged, particularly to Latin America, Africa, and developed economies, reaching 770,000 PV units. The two-wheeler segment saw 9.1% growth domestically, driven by scooters, while exports totaled 4.2 million units, dominating India's overall vehicle exports, he said. Auto Sales Data Auto companies announced May automotive sales figures which reflected a mixed trend of dispatches across segments. The passenger vehicle segment's domestic wholesale volume growth moderated although UV (utility vehicle) players reported healthy growth. All other segments, however, saw a recovery on a YoY basis. Kumar Rakesh of BNP Paribas Securities in a note said that the 2W domestic wholesale growth improved and was similar to retail trends. The 2W exports continued to post double-digit growth YoY, helped by expansion in new regions by OEMs. "CV dispatches were flat YoY, but MHCVs saw improvement MoM. Tractors saw healthy growth YoY, largely driven by M&M," he said. Decoding the PV volume market share trends, Rakesh said that M&M gained YoY while Maruti Suzuki, Tata Motors, and Hyundai lost. As for the two-wheelers, TVS Motor, Royal Enfield (Eicher Motors) gained domestic volume market share Yo,Y while Bajaj Auto likely lost. Also Read: Private lenders disappoint in Q4FY25, but small and PSU banks impress. HDFC Bank, SBI among 16 stocks to buy Stocks to buy, sell or hold Ghawalkar of said that challenges such as a slower PV growth outlook and regulatory uncertainties in the electric bus space remain, notwithstanding industry fundamentals looking strong. Maruti Suzuki - Nuvama has a buy rating on the stock with target price of up to Rs 13,900 - Choice Broking has an 'Add' rating on the counter. Tata Motors - InCred has a 'Reduce' rating on the stock for a price target of Rs 642 - Motilal Oswal remains Neutral on the counter. M&M: Buy | MOFSL | Target: Rs 3,482 Hyundai Motor | Buy | Target: Rs 2,050 Hero Moto | Buy | Nuvama/Jefferies/Bank of America/MOFSL | Target: Up to Rs 5,650 Bajaj Auto | Buy | Anand Rathi/Axis Securities | Target: Rs 9,890 MOFSL is Neutral on this stock. TVS Motor - HDFC Securities has an 'Add' rating on the stock - Axis Securities has a 'Hold' rating for the price target of Rs 2,670 Eicher Motors | Sell | MOFSL | Target: Rs 4,649 MOFSL has a buy view on ancillary stocks like Apollo Tyres, CEAT, Endurance Technologies, Happy Forgings, CIE Automotive, Samvardh Motherson, Motherson Wiring and Tube Investments. Meanwhile, MOFSL has a sell recommendation on MRF. (Data inputs by Ritesh Presswala) ( Disclaimer : Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
Time of India
29-05-2025
- Business
- Time of India
Turnaround stocks: IFCI, Shree Renuka Sugars among six BSE 500 stocks to swing to profit in Q4
Mixed CY2025 stock returns Live Events What to do with them? (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel As the Q4FY25 earnings season is set to culminate this week, six listed companies in the BSE 500 index have scripted a strong turnaround, reporting profits in the reported quarter after losses in the previous quarter. The notable names which have delivered a remarkable shift in performance include CreditAccess Grameen Mahindra Lifespace Developers , Nuvoco Vistas, and Shree Renuka Sugars As of May 28, 2025, 461 companies in the BSE 500 index declared their quarterly Grameen saw a striking reversal, posting a profit of Rs 47.21 crore in Q4FY25 compared to a loss of Rs 99.52 crore in Q3. IFCI also swung to a profit of Rs 260.43 crore from a loss of Rs 8.74 crore. Similarly, Graphite India turned profitable with Rs 49 crore versus a Rs 21 crore QoQ loss. As for Mahindra Lifespace Developers, the real estate company reported Rs 85.09 crore in earnings after a Rs 22.47 crore and building material company Nuvoco Vistas posted Rs 165.54 crore in Q4 profits against a loss of Rs 61 crore, while Shree Renuka Sugars recovered from a massive Rs 203.70 crore loss in Q3FY25 to post Rs 93.10 crore in net profit in the quarter under their strong quarterly turnarounds, stock market performance in CY2025 has been mixed for these companies. CreditAccess Grameen has rewarded investors with a 33.69% return so far this year, and IFCI is up 12.78%. However, others have lagged—Graphite India is down 5.84%, Mahindra Lifespace Developers has slipped 20.57%, Nuvoco Vistas is nearly flat with a marginal 0.06% uptick, and Shree Renuka Sugars has declined 15.89%, indicating investor caution despite earnings Bathini, Director-Equity Strategy at WealthMills Securities, summed up the Q4 season as a decent quarter with no negative surprises considering the domestic and global uncertainties. In his view, all six stocks are "decent" CreditAccess, he said that the company's performance is improving. "BFSI as a sector is doing well, and NIMs are gradually getting better. The RBI policy announcements could act as a trigger if rates are cut," he said. He declined to recommend the Mahindra Life and Nuvoco, he suggested accumulation with a long-term view. As for Renuka, he said his top bet in the sugar sector is the "sector bellwether" Balrampur Chini. He has an 'Avoid' view on state-run on the growth story of IFCI, Share. Market expert Om Ghawalkar said that the turnaround came on the back of strategic divestments and a capital infusion by the government. Although the revenue of this state-run company dropped 41.6% YoY due to elevated NPAs and ongoing consolidation, the improved bottom line has powered a strong market reaction with the stock rallying 60% this for Shree Renuka Sugars, growth in ethanol sales and tighter cost control were key drivers, this analyst said. "Despite a slight decline in annual revenue, operational improvements helped narrow full-year losses. The stock is in a clear uptrend and has gained nearly 20% while trading above key moving averages," he added.: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
Time of India
20-05-2025
- Business
- Time of India
Moody's US downgrade, a fresh jolt for IT stocks after stellar 30% rally – Buy or Avoid?
Moody's downgrade of the US credit rating has sparked concerns for Indian IT stocks, heavily reliant on US revenue. While the sector experienced a recent surge, driven by factors like tariff pauses and strong earnings, the downgrade triggered a market correction. Analysts advise caution, suggesting investors monitor stop losses and focus on companies with diversified client bases and AI capabilities. Tired of too many ads? Remove Ads IT stocks returns Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads What to do with IT stocks? US' credit ratings downgrade by Moody's could create a short-term setback for the IT stocks, which have enjoyed a formidable run on the D-Street over the past month, rising by up to 30%. A glimpse of which was seen on Monday where tech counters fell sharply.'Moody's downgrade comes following Fitch's earlier action in August 2023, and it has created short-term challenges for Indian IT stocks, which depend heavily on the US for 60–70% of their revenue. The market reacted swiftly, reflecting investor concerns over a potential slowdown in US client spending,' Om Ghawalkar, Market Analyst at Share. Market Friday cut by one notch to Aa1 follows a change in 2023 in the agency's outlook on the sovereign due to wider fiscal deficits and higher interest payments. Earlier, Fitch was the second major rating agency to strip the United States of its top triple-A rating, after Standard & Poor's did so after the 2011 debt ceiling crisis.A combination of factors like President Donald Trump's tariff pause in April and decent Q4FY25 earnings by the tech companies have augured well for the markets and IT big positive was the US-China tariff truce, which immediately triggered a positive response from large US banks like JP Morgan and Goldman Sachs, who cut back the recession forecasts for the world's largest said that the rally in IT stocks has come after a sharp correction in their price-to-earnings (P/E) ratio, which made valuations attractive to investors. Additionally, Indian IT companies have secured several Generative AI projects, further boosting sentiment and contributing to the sector's recent positive performance, he the 12-stock Nifty IT index , 8 have delivered double-digit returns. The highest returns are from tier-2 IT counter Coforge at 31%. A strong rally in it could also be attributed to the stellar Q4FY25 earnings, where the company reported a 33% year-on-year net profit growth and a 47% revenue uptick. Tech Mahindra and Persistent have also delivered over 20% returns in the same period. They reported a strong set of numbers in the January-March quarter of FY25 with PAT growth of 74% and 26%, like Infosys and Tata Consultancy Services (TCS) have rallied 13% and 9% despite weak earnings. While Infosys' net profit growth fell 12% YoY, TCS saw a 2% decline in Q4 over the corresponding quarter of the previous financial like LTIMindtree, HCL Technologies Mphasis and Oracle Financial Services Software (OFSS) have returned between 18% and 10% in the one month period as on May 16, stocks reacted sharply on Monday following the Friday development, falling by up to 3% while the Nifty IT index went down by 1.3%. On Tuesday, IT was the best performing sector in an otherwise weak market with Coforge as the top Rakesh, Analyst – IT and Auto at BNP Paribas , decodes the outperformance of tier-2 IT stocks over their largecap peers. "The growth of some of the midcap IT services companies have structurally improved in recent years. Part of the reason is enterprises breaking down large contracts into smaller projects, in which midcap companies can also now participate, unlike earlier. This has resulted in an increase in the addressable market for midcap IT services companies, driving their growth higher. Also, some of the enterprises now prefer to bring in a good quality mid-cap IT services company as a challenger to their large-cap IT vendor, both for cost reasons as well as technological innovations," Rakesh Institutional Investors (FIIs) have also remained averse to the IT pack, withdrawing over Rs 14,000 crore in April. The fortnightly inflow/outflow data for the period between May 1 and 15 is due to be released by institutional investors have reallocated funds to domestic-oriented sectors such as BFSI and real estate, taking out money from India's tech companies, the expert said, adding that a 20 bps rise in US treasury yields post-downgrade could weigh on tech valuations by raising financing costs for US a headwind, Shah said that AI monetisation may not translate to higher revenue for IT services companies in FY26 due to macroeconomic uncertainty and cost constraints on enterprise advice to investors is to trail stop losses on IT stocks which look overextended. At the same time, for a fresh purchase, one should focus on companies which are inclined towards Generative AI, cloud computing and also have a diversified client base so that their revenue doesn't get too impacted due to global geopolitical tensions, this analyst said.: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
