![]() Improving attrition, absence of client specific issues, stable revenue profile and margin upside should drive continued upside in the stock in our opinion.ĭeal intake is expected to be on the weaker side in Q3FY20 and potentially decline YoY as some deals get deferred to Jan’20, but visibility on these deals eventually closing is very high. ![]() ![]() Industrialisation of digital services should be a key margin lever as well. Though pyramid optimisation is a structural margin lever, we would expect improvements across other key operating metrics as well like productivity, G&A optimisation, profitability improvement in acquired entities as well as higher offshoring. Revenue growth is expected to be stable at around 9% over FY20- 22 with EBITDA margin to increase from 13.3% in FY20 to 16.3% in FY22. We expect dollar revenues in Q3FY20/Q4FY20 to increase by ~2% QoQ each, though we expect the EBITDA margin to increase by a sharp 150bps QoQ in Q3FY20, to be followed by another 100bps QoQ in Q4FY20. Tech Mahindra, Coforge, Nalco, ONGC among 104 stocks that hit 52-week highs today 19 touch 52-week lows
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