Buy Mphasis; target of Rs 780: PINC Research - Moneycontrol.com -

PINC Research is bullish on Mphasis and has recommended buy rating with a target of Rs 780, in its August 26, 2010 research report.

“Mphasis reported Q3FY10 with USD revenue growth of 1.8%QoQ. Revenues grew 4.8%QoQ to Rs 1279 million driven by strong volume and pricing growth in the ITO segment. EBIDTA margins dipped 112bps to 24.7% on the back of higher salary costs, lower pricing in the application segment. PAT improved 1.5%QoQ to Rs 2712 million led by lower tax rates. Mphasis reported an EPS of 12.8 (PINCe of Rs 11.5). We have revised our estimates marginally upwards for FY10 and FY11 on the back of higher volume growth and lower tax rates. We maintain our ‘BUY’ recommendation on the stock with a price target of Rs 780 on the basis of 14x FY11 earnings,” says PINC Research report.

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