Visit http://indiaer.blogspot.com/ for complete details Given the (a) strong business outlook across services lines, verticals and geographies and (b) BPO business turnaround, we believe the strong volume growth momentum experienced over the past two quarters will be sustained in FY11E. We have thus raised our FY11E revenue and earnings estimates by 6% and 6.6%, respectively. We continue to worry about margin erosion, however, and forecast a 330bps yoy decline in operating margins for FY11E. Maintain Hold with a revised target price of INR410 based on a P/E multiple of 15xFY11E/09
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