Buy Rolta India, target of Rs 350: Khandwala

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Buy Rolta India, target of Rs 350: Khandwala

Khandwala Securities has maintained its buy rating on Rolta India with a traget price of Rs 350. The strong order book of Rs 13.8 billion gives decent growth confidence in the coming quarters.

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Khandwala Securities has maintained its buy rating on Rolta India with a traget price of Rs 350 in its April 22, 2008 research report. "Rolta India's revenue for the quarter was at Rs 2,883.7 million as against Rs 1855.9 million in Q3FY07, a yoy growth of 55.4% and sequential growth of 9.3%. Profit after tax for the quarter has shown yoy growth of 44.2% to Rs 656.8 million, as against Rs 455.4 million in the Q3FY07, qoq growth of 9.1%."

"Rolta is well positioned to tap opportunities arising from the core infrastructure development and increased usage of geospatial data in the infrastructure development projects. The rising input costs mainly employee cost and lower margin acquisitions would likely to impact margin in near future. However, higher blended billing rate, gain arising from improvement in employee productivity and redeployment of IPRs would offset it to some extent. The strong order book of Rs 13.8 billion gives decent growth confidence in the coming quarters. The stock is currently traded at 16x FY09E earnings. We maintain BUY on the stock with a target price of Rs 350 at 18x FY2009E earnings," says Khandwala's research report.

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