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Mphasis – 3QFY2011
Mphasis is slated to announce its 3QFY2011 results today. We expect the company to
record revenues of US$293mn with 4.0% qoq growth. In rupee terms, the revenue growth
will stand lower at 3.7% qoq to `1,303cr. The Application services business is expected to
lead the growth at 5.6% qoq whereas growth in ITO business is expected to be at 4.4%
qoq. The EBITDA margin is expected to decrease by 371bp qoq to 15.4% due to wage
hikes given in the quarter. The PAT is expected to be at `156cr, negatively impacted by
wage hikes and higher tax rates. We continue to maintain Buy rating on the stock with a
target price of `482.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Result preview
Mphasis – 3QFY2011
Mphasis is slated to announce its 3QFY2011 results today. We expect the company to
record revenues of US$293mn with 4.0% qoq growth. In rupee terms, the revenue growth
will stand lower at 3.7% qoq to `1,303cr. The Application services business is expected to
lead the growth at 5.6% qoq whereas growth in ITO business is expected to be at 4.4%
qoq. The EBITDA margin is expected to decrease by 371bp qoq to 15.4% due to wage
hikes given in the quarter. The PAT is expected to be at `156cr, negatively impacted by
wage hikes and higher tax rates. We continue to maintain Buy rating on the stock with a
target price of `482.
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