Neutral Mphasis Ltd For Target Rs. 3,000 by Motilal Oswal Financial Services Ltd
* We expect 1.5% QoQ CC growth, aided by ramp-up in BFSI and TMT verticals. However, steady TCV-to-revenue conversion is key to tracking execution from hereon.
* Expect notable improvement in TCV win rate in FY26; this could improve growth visibility for the next 4-6 quarters.
* Margin is likely to be flat, with utilization to hold steady and no material change in amortization or SG&A ratios. EBIT margin to be within guided band of 14.75-15.75%.
* Commentary around demand environment, volume recovery for its mortgage business, deal TCV & revenue conversion and logistics vertical will be worth tracking.
For More Research Reports : Click Here
For More Motilal Oswal Securities Ltd Disclaimer
http://www.motilaloswal.com/MOSLdisclaimer/disclaimer.html
SEBI Registration number is INH000000412
