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Aug 17, 2010, 04.10 PM IST | Source: Moneycontrol.com

Buy Core Projects; target of Rs 325: Anand Rathi Securities

Anand Rathi Securities is bullish on Core Projects & Technologies and has recommended buy rating on the stock with a target of Rs 325, in its August 16, 2010 research report.

Ashish Chaturmohta

Vice President Retail Research (Derivatives and Technical Desk)

Expertise : Equity - Technical

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Anand Rathi Securities is bullish on Core Projects & Technologies and has recommended buy rating on the stock with a target of Rs 325, in its August 16, 2010 research report.

“Core Projects & Technologies’ (CPTL) 1Q revenue grew 17.5% yoy. It now has an order book of Rs 6.5 billion. Higher-than-expected product/ license revenue resulted in higher blended margin, which expanded 844 bp yoy. We re-iterate our Buy rating and target price of Rs 325. CPTL’s 1QFY11 revenue was Rs 2201 million (+17.5% yoy; -8% qoq). Margins of 36.3% (+844bp yoy;- 114bp qoq). Revenue in the Education business came at Rs 1694 million (+25.1% yoy; -8.3% qoq). This was chiefly led by product / license sales of Rs 610 million (+49% yoy; -20.9% qoq). Consolidated net profit was Rs 433 million (+7.2% yoy; -21% qoq). At our target price of Rs 325, the stock would trade at 16x FY11e earnings. At this valuation, CPTL would trade at a ~20% discount to Educomp and the industry average.,” says Anand Rathi Securities research report.

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