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Buy Mphasis; target of Rs 3550: ICICI Direct

ICICI Direct is bullish on Mphasis recommended buy rating on the stock with a target price of Rs 3550 in its research report dated January 24, 2022.

January 31, 2022 / 11:49 AM IST

"India’s specialty chemicals industry is a decadal growth opportunity and it is still not too late to participate in the value creation process. We prefer CRAMS/CSM players Navin Fluorine (Navin) and PI Industries (PI) as they provide long-term earnings visibility. We also like UPL due to robust growth outlook and reducing debt concerns and SRF due to rising contribution from the chemicals business," JM Financial research report.

 
 
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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 international revenues have grown 22.5% YoY in FY21 and is expected to grow at a healthy pace in coming years • OCF, EBITDA of 75% and double digit return ratio (with RoCE of 20%).

Outlook

We change our recommendation on the stock from HOLD to BUY. We value Mphasis at Rs 3550 i.e. 32x P/E on FY23E EPS.