Hold ICSA India; target of Rs 165: Bonanza

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Hold ICSA India; target of Rs 165: Bonanza

Bonanza Research has recommended hold rating on ICSA India with a target of Rs 165.

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Bonanza Research has recommended hold rating on ICSA India with a target of Rs 165.

"The management in its discussion with media has stated that the company plans to maintain it margins at 19%-22% for  FY11, which is inline with our estimation. The high margin embedded domain currently contributes only 35% to the  revenue and the contribution is expected to remain at similar level in FY11 too. But post FY11, the company would be able to achieve the mix of 50:50 for Embedded and infrastructure domain, which it had witnessed in FY09. We, in our earlier reports have estimated this trend. Therefore, we maintain a target of Rs 165 in the medium term for ICSA," says Bonanza Research report.

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