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Buy Birlasoft; target of Rs 500: Anand Rathi

Buy Birlasoft; target of Rs 500: Anand Rathi
August 05
00:24 2021

Anand Rathi is bullish on Birlasoft has recommended buy rating on the stock with a target price of Rs 500 in its research report dated July 29, 2021.

Broker Research

August 04, 2021 / 04:37 PM IST

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Anand Rathi’s research report on Birlasoft

Birlasoft had a steady quarter both in growth and margins. TCV was flattish sequentially (on an LTM basis) but management commentary was positive regarding client engagements and on resumption of discretionary expenditure. Healthcare, weak so far, on large deal achieving steady state, is likely to accelerate. Manufacturing (up 9% q/q), the largest vertical, grew fast, pulling up company growth. The company lost ~1% on supply disruptions, likely to be recouped in Q2. Margins are likely to inch up further in H2 from Q1, despite wage hikes in Q2.

Outlook

Net, we raise FY22e/23e margins 12%/15% to derive a Rs500 (25x FY23 PE) target.

For all recommendations report, click here

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