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Buy Rolta, target Rs 417: Prabhudas Lilladher
Prabhudas Lilladher has maintained buy rating on Rolta India with target price of Rs 417. We expect its earnings to grow by 34.2% and 41.7% over the same period.
Prabhudas Lilladher has maintained buy rating on Rolta India with target price of Rs 417 in its April 17, 2008 report. "Rolta India reported its Q3FY08 results in line with estimates. Consolidated revenue for the quarter (including two-month revenue of TUSC, acquired in January 2008) stood at Rs 2,884 million growing 19.3% QoQ (and at 7% excluding TUSC) and 55.4% YoY. EBITDA for the quarter grew by 8.6% QoQ to Rs 1,008 million, while EBITDA margin declined sequentially by 340bps. Dilution in margins was mainly on account of lower margins of TUSC, which depressed consolidated margin. Net profit for the quarter grew by 9.1% sequentially to Rs 657 million, while net margin declined 210bps to 22.8%. We expect Rolta to report 46.30% and 35.2% revenue growth in FY09 and FY10 respectively. We expect its earnings to grow by 34.2% and 41.7% over the same period. We maintain BUY rating on the stock with a target price of Rs 417 (14xFY10E earnings)." says Prabhudas Lilladher.
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