Neutral Mphasis Ltd For Target Rs. 2,550 by Motilal Oswal Financial Services Ltd
* 4Q is expected to be the best quarter QoQ in the past three years as guided by the company in the previous quarter. We expect 3% QoQ CC growth as the reversal of furloughs will play out in 4Q.
* BFS and Insurance shall grow in 4Q as a gradual recovery is being observed in mortgage business. We anticipate the company can also close good deal wins in 4Q.
* We expect a gradual margin increment of 10bp in 4Q, due to workforce optimization and stable amortization. We anticipate continued investment in leadership for large deal cohorts
* While logistics and TMT may remain dull, commentary around sub-verticals in logistics such as Airlines will be worth tracking.
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