Buy Mphasis; target of Rs 2730: ICICI Direct

The research firm ICICI Securities believes earnings of apparel brands and retail companies under their coverage may surprise positively from Q3FY22E as the likely demand recovery may result in better than expected margin performance. Some of the costs savings achieved during pandemic may sustain and coupled with high operating leverage may lead to higher than pre-covid margins from Q3FY22E.  Stocks like Trent, V-Mart and Aditya Birla Fashion and Retail are the preferred picks backed by their strong and consistent track record of execution.

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ICICI Direct's research report on Mphasis

Mpahsis Ltd (Mphasis) offers application services, BPO and infrastructure services, BFSI, Technology, communication & logistic services. The company’s direct revenue increased 35.7% YoY on a reported basis & 34.4% in CC terms in FY22 • OCF, EBITDA of 75% and double digit return ratio (with RoCE of 20%).

Outlook

We maintain BUY rating on the stock. We value Mphasis at Rs 2730 i.e. 24x P/E on FY24E EPS.

More Info

At 11:14 hrs MphasiS was quoting at Rs 2,172.90, down Rs 4.45, or 0.20 percent.

It has touched an intraday high of Rs 2,220.00 and an intraday low of Rs 2,151.10.

It was trading with volumes of 9,964 shares, compared to its thirty day average of 30,658 shares, a decrease of -67.50 percent.

In the previous trading session, the share closed down 6.28 percent or Rs 145.90 at Rs 2,177.35.

The share touched its 52-week high Rs 3,659.75 and 52-week low Rs 2,071.60 on 19 October, 2021 and 15 July, 2022, respectively.

Currently, it is trading 40.63 percent below its 52-week high and 4.89 percent above its 52-week low.

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Mphasis - 250722 -icici