Buy Hexaware Technologies Ltd For Target Rs. 900 by Motilal Oswal Financial Services Ltd
* HEXT is expected to deliver 3.3% QoQ CC growth in 3Q (organic 1.7%).
* FS and Travel & Transportation should lead growth, while Manufacturing and Consumer stay weak; Banking to grow in line with average.
* EBITDA margin (17.3% in 2Q) to remain flat or inch up, led by tapering ERP costs and better offshore mix; guidance should be maintained at 17.1-17.4%.
* Consolidation deal ramp-ups on track, including a large banking engagement; small deals provide steady support. Commentary on demand trends, key accounts’ growth, BFS ramp-ups, and SMC contribution will be key monitorables.
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