Moneycontrol
Feb 17, 2017 10:50 AM IST | Source: Moneycontrol.com

Accumulate Infibeam Incorporation; target of Rs 1461: KR Choksey

KR Choksey has recommended accumulate rating on Infibeam Incorporation with a target price of Rs 1461 in its research report dated February 14, 2017.

Accumulate Infibeam Incorporation; target of Rs 1461: KR Choksey


KR Choksey's research report on Infibeam Incorporation


Infibeam reported revenue of INR 1027 Mn, up 14% yoy but below our estimate of INR 1,316 Mn in Q3FY17. Services revenue was robust and stood at INR 402 Mn, up 20% qoq. Product revenue stood at INR 625 Mn, down 1% yoy, largely attributable to withdrawal of Cash on Delivery services due to demonetization.


Outlook


We also believe that entrance into MEA region is positive for the Revenue per merchant parameter as realizations in the foreign markets are much higher comparatively. We have “ACCUMULATE” rating on the stock to arrive at a price target of INR 1,461.

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