Karvy's research report on eClerxeClerx has posted 4.8% QoQ and 42.5% YoY INR revenue growth and 3.2% growth in US$ terms in Q3FY16. Rollover of one short term project and some extensions during Q3 have driven the growth. Q4 revenue growth would largely remain flat versus Q2FY16 due to roll-off of short term projects in due course. We continue to maintain our positive outlook for the company, despite the flattish growth expected in revenue and margins in Q4FY16E, we expect the growth in cable business segment and progress in cross sale of services between eClerx and CLX clients in digital market segment. We maintain our “BUY” rating with a target price of Rs.1617 per share. For all recommendations, click here Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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