Buy Vakrangee Softwares, target of Rs 304: Emkay Research

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Buy Vakrangee Softwares, target of Rs 304: Emkay Research

Emkay Research has maintained a buy rating on Vakrangee Softwares with a target price of Rs 304. At current market price of Rs 207, VSL is trading at 5.8x FY09E and 3.8x FY10E EPS of Rs 35.8 and Rs 54.6 respectively.

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Emkay Research has maintained a buy rating on Vakrangee Softwares with a target price of Rs 304 in its April 9, 2008 research report. "Vakrangee Softwares (VSL) ended the fourth quarter with 95.4% YoY increase in revenues to Rs 746 million on account of its entry into the private sector. For the full year, it reported a topline of Rs 2,238.6 million which is marginally ahead of our expectations. We expect VSL's growth impetus to sustain over the next couple of years, on the back of strong order book position and healthy pipeline of projects for which bids have already been made".

"On the basis of sound track record, we believe that the company will be able to bag larger size contracts. We maintain our financial estimates for FY09E and FY10E and expect the company's topline and bottomline to grow at a CAGR of 69.5% and 53.3% during FY08A-10E. At current market price of Rs 207, VSL is trading at 5.8x FY09E and 3.8x FY10E EPS of Rs 35.8 and Rs 54.6 respectively. We maintain BUY on the stock with a target price of Rs 304. At our target price, stock will be valued at 8.5x FY09E EPS" says Emkay's research report.

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