Emkay Global Financial Services Opines Mphasis as Adequately Priced
Emkay Global Financial Services is recommending its clients to reduce the exposure in Mphasis. Operating performance missed expectations with below par revenue growth (down 4 per cent QoQ in US dollar terms) while margins declined by 150 basis points QoQ to 17.9 per cent aided by weak currency, improvement in utilization. Profits at Rs 180 crore (down 5.5 per cent QoQ) missed estimates and was driven by lower operating performance and lower than expected forex gains ( Rs 20 crore versus estimates of Rs 46 crore). Emkay has raised its October 2012 earnings estimates by 9 per cent to Rs 35.4 aided by lower currency resets despite further cut to modest revenue growth expectations. Maintain reduce.
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